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View Diary: "Deficits don't matter." True or False? Both. (19 comments)

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  •  If you subscribe to Modern Monetary Theory, then (2+ / 0-)
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    PatriciaVa, Lujane

    OK, but no sane person in Congress is willing to take us there. Sometimes, common sense prevails over the convenient.

    "If the past sits in judgment on the present, the future will be lost." Winston Churchill

    by Kvetchnrelease on Thu Oct 04, 2012 at 07:28:09 AM PDT

    •  There is no sense in ascribing value to something (3+ / 0-)

      that is worthless.
      That said, we do not elect representatives to take us anywhere. They are elected to be servants, faithful stewards of public resources and assets.  If they are poor stewards, they need to be sacked.

      We organize governments to provide benefits and prevent abuse.

      by hannah on Thu Oct 04, 2012 at 07:52:08 AM PDT

      [ Parent ]

      •  Common sense is worthless? Leadership is not (0+ / 0-)

        slavish devotion to constituent polls. Leadership is voting your convictions. You describe cronyism, which is the reason we are in the dumpster. MMT would be the opposite of being a steward of the publics assets and resources, namely the value of their earnings.

        "If the past sits in judgment on the present, the future will be lost." Winston Churchill

        by Kvetchnrelease on Thu Oct 04, 2012 at 11:25:19 AM PDT

        [ Parent ]

        •  See, that's a signal difference. (3+ / 0-)

          Democrats are not looking for leaders, temporary rotating rulers. Democrats are looking for stewards, managers of resources and assets for the public welfare. Republicans, at least the current variety, are royalists at heart.  They just don't want the king to be hereditary and like the idea of choosing one from among their midst, because that give more people a chance to be it.
          Common sense is valuable.  However, it is not to be found in leadership.  Common sense is shared knowledge, not special or esoteric.
          Leaders are attractive to insecure people who are afraid to make mistakes and prefer to be directed. Perhaps Republicans used to select experts to public office, but since Reagan they've been provided with figureheads behind whose thrones all sorts of mischief went forward (Nicaragua, Chile, Iran, Iraq, Colombia, etc.) usually at the behest of some banana or oil or mineral barons.
          The Republican party has become the home of the ex-men:

          to exploit
          to extract
          to extort
          to export
          to exterminate
          to exact
          etc.

          We organize governments to provide benefits and prevent abuse.

          by hannah on Thu Oct 04, 2012 at 12:27:28 PM PDT

          [ Parent ]

          •  I didn't see X-men, but history of civil rights (0+ / 0-)

            movement in congress belies your assertion of slavish constituent stewardship. Moreover, leaders can overcome the exploitation of MONEY in politics. I suggest you read Bass's Handbook of Leadership.

            "If the past sits in judgment on the present, the future will be lost." Winston Churchill

            by Kvetchnrelease on Fri Oct 05, 2012 at 06:12:27 AM PDT

            [ Parent ]

        •  Not at all (0+ / 0-)

          MMT would be the opposite of being a steward of the publics assets and resources, namely the value of their earnings.

          Not at all. MMT in the USA would surely be highly disinflationary. Earnings would easily maintain their value. And more people would earn more. IMHO, the MMTers misunderestimate how much more efficient & anti-inflationary a MMT economy would be.  Disemploying people is not being a good steward of their assets & resources. It is squandering them for no purpose whatsoever. Having everybody work gets more work done than not having everybody work. This is deflationary, not inflationary.

          MMT is just old-fashioned, real Keynesian economics, with some garbage removed. Nothing really new. All it is, is just accounting. The whole world ran on (half-baked) MMT for decades, until the dark age of economics fell in the 70s. There was probably less inflation back then.

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