Marshall Auerback appears on the Thom Hartman Program. Topics of discussion include the budget follies. (Marshall appears at about the 5:00 minute mark)
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The only problem is that repeated “hostage taking” taking by Tea Party fascists doesn’t go down well with the nation let alone within the Republican Party as a whole (why did they give in?) so its hard to see what leverage the Tea Party will come up with in the future:-
http://www.theguardian.com/commentisfree/2013/oct/16/republican-rulerigging-shutdown-subverted-democracy?commentpage=1
As Marshall Auerbach says the real danger is a Democratic Party that will give in to fiscal consolidation because most of its elected representatives are clueless how the country’s monetary system works or at worst get bribed for ignoring it.
Thom Hartmann is a liberal loser. He’s been briefed on the basics of MMT by both Mrs. Kelton and Mr. Wray, I believe he’s also interviewed Mr. Hudson and Mr. Keen and yet every day on his program he still talks about the Govt needing to balance its budget and the horrors of the national savings in T-bonds. He just wants to raise taxes to pay for everything. That will never work in this country. Culturally, we will simply never accept (nor should have to) 30 to 40 % of GDP tax extractions from the economy in order to support a generous social spending paradigm. He even pitches for gold because the dollar’s value is going to collapse due to all our deficit spending. This guy is a complete joke and specimen 101 for why we can’t have a well informed fiscally responsible public.
He frustrates me too, but not as much and cooper and mccabe. There is one thing though, at least two times I’ve heard Thom tsay that “Public debt can be looked at as private equity. We stash our savings in treasuries. There’s an argument to be made that the debt’s not a problem at all.” But he doesn’t actually make the argument. He needs to put up the sectoral balances chart on tv everyday until it sinks in.
Great job, Marshall.