Years ago, I wrote that the "Federal Debt" was neither federal nor debt. It is deposits, much like bank safe-deposit accounts, not a debt owed by the bank. The fact that our government representatives don’t or won’t understand Monetary Sovereignty is a disgrace.
The political potency of the debt narrative is very high. I remember listening to Warren Mosler talk about how he briefed President George W. Bush about it only to be told it wasn’t appropriate to inform the electorate about it. But they sure used it for the Capital class and Oligarchs ☹️
A bit of history you might with to look up. Stephanie Kelton (a rare pen pal of mine) once was the leading economic voice for the Democratic party, but even from that position she was unable to convince the pols to abandon the "we can't afford it" myth about Medicare for All. They insisted on trying to prove we could have it because it saved the government money. The public rightly didn't believe it. Randy Wray has written extensively about MMT from an academic perspective, but who reads academics, right? (I once gave a lecture at his class at UMKC) Warren Mosler, a non-academic, ran for political office, but the public didn't believe his message.
I was pretty involved with MMT around COVID time and have met Wray and Kelton- I’ve read Wray’s books and the one he wrote with bill mitchell and watts. I also read keltons books and used to engaged with the community on social media. I even went to MMT summer school in Poznan, Poland.
The politics around austerity and oligarch attack is real, potent and effectively destructive. I don’t see any other way but to help people understand and that is why I write and have joined in the fight. I try to contextualize and make the ideas practically connected and understandable with the knowledge that the probability of having an impact is microscopic.
Yes, I all it an “investment product” offered by the government, but I think we’re on the same page. But we do have to bridge public understanding to what it actually is…
The wealth transfer started under the incredibly moronic Woodrow Wilson, imo. The Bank of England was created in 1694. It’s the oldest central bank, I think.The Rothschilds made their first fortune during the American revolution in their involvement selling Hessian mercenaries to King George.
The fall of Napoleon led to the Rise of Rothschild, and the modern day cabal. Notable Agents of the Rothschilds who operated in the US are JP Morgan, Rockefeller’s, Jacob schifff, Kuhn Loeb, Paul Warburg, Herbert HooverJ Henry Schroeder Augustus Belmont and more. However, once they “mobilized the country’s credit”, in the words of Paul Warburg, it was constant war, deficits, and wealth extraction.
Welcome to the battle. I’ve been saying exactly the same thing for the past 20 years on my blog, mythfighter.com. Rodger Malcolm, Mitchell.
I’m with you! Thanks for being here too! Blog captured, thanks for sharing and paving the way.
Years ago, I wrote that the "Federal Debt" was neither federal nor debt. It is deposits, much like bank safe-deposit accounts, not a debt owed by the bank. The fact that our government representatives don’t or won’t understand Monetary Sovereignty is a disgrace.
My favorite example is the board game Monopoly, where one of the rules is that the Bank cannot run short of money. See: https://mythfighter.com/2021/04/29/the-genius-of-the-board-game-monopoly/
The game was designed for those 8-years-old and above, yet today's thought leaders pretend (?) ignorance of the identical concept.
The political potency of the debt narrative is very high. I remember listening to Warren Mosler talk about how he briefed President George W. Bush about it only to be told it wasn’t appropriate to inform the electorate about it. But they sure used it for the Capital class and Oligarchs ☹️
A bit of history you might with to look up. Stephanie Kelton (a rare pen pal of mine) once was the leading economic voice for the Democratic party, but even from that position she was unable to convince the pols to abandon the "we can't afford it" myth about Medicare for All. They insisted on trying to prove we could have it because it saved the government money. The public rightly didn't believe it. Randy Wray has written extensively about MMT from an academic perspective, but who reads academics, right? (I once gave a lecture at his class at UMKC) Warren Mosler, a non-academic, ran for political office, but the public didn't believe his message.
I was pretty involved with MMT around COVID time and have met Wray and Kelton- I’ve read Wray’s books and the one he wrote with bill mitchell and watts. I also read keltons books and used to engaged with the community on social media. I even went to MMT summer school in Poznan, Poland.
The politics around austerity and oligarch attack is real, potent and effectively destructive. I don’t see any other way but to help people understand and that is why I write and have joined in the fight. I try to contextualize and make the ideas practically connected and understandable with the knowledge that the probability of having an impact is microscopic.
But I try.
We might begin by not calling it "debt." Perhaps "investment"?
Yes, I all it an “investment product” offered by the government, but I think we’re on the same page. But we do have to bridge public understanding to what it actually is…
The wealth transfer started under the incredibly moronic Woodrow Wilson, imo. The Bank of England was created in 1694. It’s the oldest central bank, I think.The Rothschilds made their first fortune during the American revolution in their involvement selling Hessian mercenaries to King George.
The fall of Napoleon led to the Rise of Rothschild, and the modern day cabal. Notable Agents of the Rothschilds who operated in the US are JP Morgan, Rockefeller’s, Jacob schifff, Kuhn Loeb, Paul Warburg, Herbert HooverJ Henry Schroeder Augustus Belmont and more. However, once they “mobilized the country’s credit”, in the words of Paul Warburg, it was constant war, deficits, and wealth extraction.
Very few understand the history of this country