One commenter at FireDogLake says:
”. . . we should be exceptionally careful not to jeopardize the hard-fought for benefits (like S.S.) by risking devaluation of the dollar. That would be truly tragic.”
and another at New Economic Perspectives says about Modern Monetary Theory (MMT) and inflation: Read more about Worrying About Demand-Pull Inflation Is A Distraction
What appears to be a belated April Fool's post at Yves' place describes the mysterious death of Prof. Outis Philalithopoulos, with the disappearance of all his work on the "theory of Academic Choice".
Yesterday's must-read! Read more about Sociology of economists, without romance
(Author's Note: Most of this diary was previously published back in January; but I've revised it slightly for these reasons. First, a Government shutdown is now upon us, even though the debt ceiling issue isn't quite at the forefront yet. Second, I'd like more comments and discussion on this proposal, because, at a minimum, it would give the Treasury the wherewithal to pay Social Security interest and benefits without relying in any way on new Congressional appropriations, or on raising the debt ceiling. Read more about Use Coin Seigniorage Now!
Ah.... my fellow Americans, be very, very, afraid of the terrible Social Security crisis that will sink us as a nation. According to Government projections, we won't be able to pay full Social Security benefits, in 2037 and beyond, unless we cut benefits now, because the Social Security “Trust Fund” will be short of money.
The following is a letter to the editor that I put in my local small town weekly. A LTE has to be around 300 words, but they let me get away most of the time with 325. When writing about economic systems, 300 words is very hard. The feedback so far has been good and they liked the fish imagery. So if you've got a local paper, try something like this: Read more about Big Fish and Little Fish
Remember, all the DISemployment numbers are fake, because people who've dropped out of the job market -- "discouraged"MR SUBLIMINAL Completely rational workers -- "don't count." Literally so, eh? They're not part of the story, the narrative. Read more about Normalizing DISemployment considered harmful
If I were King of the World, I would order a massive blog swarm with the subject line JOBS.
It has been a long time since there was a true netroots blogswarm, so long I cannot even remember. But maybe if we picked one day, assuming we could reassemble a long since shattered coalition, and posted about jobs, we could get the attention of our benighted elite.
Just a thought. Read more about Jobs
In the big budget fight going on right now in Congress, the Tea Party conservatives rightly point out that $61 Billion in spending cuts is just a drop in the bucket compared to the $1.6 Trillion predicted deficit, and they react with a great deal of moral fervor to the suggestion that they ought to compromise on $33 Billion in cuts in order to avoid shutting down the Government. That moral fervor sounds perfectly reasonable to me as long as one agrees that Government spending causes inflation, that we now have a huge deficit, debt problem in the United States that we must solve, or face national insolvency in the not too distant future, and also if the people afire with moral fervor would also apply that to the issue of the wealthy paying their fair share of taxes. Read more about Neo-Liberalism Can't Beat the Tea Party: But MMT Can
Or lunch. Or dinner. This past Monday, food writer and New York Times columnist Mark Bittman began a week-long fast in protest of H.R. 1, a heinous piece of legislation that actually starves poor people:
The budget proposes cuts in the WIC program (which supports women, infants and children), in international food and health aid (18 million people would be immediately cut off from a much-needed food stream, and 4 million would lose access to malaria medicine) and in programs that aid farmers in underdeveloped countries. Food stamps are also being attacked, in the twisted “Welfare Reform 2011” bill. (There are other egregious maneuvers in H.R. 1, but I’m sticking to those related to food.)
I'll be visiting my nation's longest war next week in Afghanistan, thanks to a wonderful organization called Voices for Creative Nonviolence which seeks to build friendship and understanding between countries. I'll be meeting with ordinary and prominent Afghans and reporting on what they think of their country's future -- often a more complex view than will fit into a television sound byte. Read more about On Visiting an Unwinnable War