The word “deficit,” when applied to the Government financial accounting of a monetarily sovereign nation, that is, one that issues a non-convertible fiat currency, with a floating exchange rate, and no debts in a currency it doesn't issue, is a problem, because the label “deficit” when applied to such a Government doesn't mean what most people think it means. As Michel Hoexter points out: Read more about Government Financial Asset Addition = “Deficit”; Government Financial Asset Destruction = “Surplus”
(Author's Note: This post updates Part Three of a series reviewing Warren Mosler's book: The 7 Deadly Innocent Frauds of Economic Policy. The updating is prompted by a post by Hannah at DailyKos offering a “. . . a Review Sort of” of Warren's book. Read more about Myths, Scares, Lies, and Deadly Innocent Frauds, Updated: Part Three
In the previous two posts in this series I've examined four ideas that Warren Mosler has called “deadly innocent frauds,” (difs) and that others have variously referred to as myths, scares, and lies. Read more about Myths, Scares, Lies, and Deadly Innocent Frauds: Part Three
Take a hard look around you, boys and girls. The GOP is going to shut down GM if they can, and maybe Ford. How come? Autoworkers. Union labor. Kill the Big Three (Chrysler's already gone) and you can stamp out the next-to last vestiges of not-serfdom in the US.
"Clean coal" programs will, in all likelihood, lead us back to company towns. The middle class might be doomed -- but the skills of our grandparents, great-grandparents, and for those of us of a certain age, parents and selves might prevent our kids from suffering too much, if we gather them up and pass them on. Read more about Depression skillz -- who has them?