By Dan Kervick
SCROOGE: Cratchit! Cratchit, come here!
CRATCHIT: Yes Mr. Scrooge?
SCROOGE: Cratchit, I need you to work until midnight tonight.
CRATCHIT: Tonight, Mr. Scrooge? On Christmas Eve?!
SCROOGE: Yes, indeed, Cratchit. And you must work every day until New Year’s Day. I’m sorry about this, Cratchit, but we have very important public business to attend to.
Posted in MMT
By William K. Black
(Cross Posted at Benzinga.com)
Everyone now agrees that the so-called “fiscal cliff” is a stupid policy that threatens our economy and our people. Everyone agrees why the “fiscal cliff” is stupid – it inflicts austerity at a time when it is likely to throw the nation into a gratuitous recession. Causing a recession leads to increased unemployment and a larger budget deficit. We have all seen austerity force the Eurozone into a gratuitous recession in which Italy, Spain, and Greece have Great Depression levels of unemployment. Continue reading