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At the federal level, taxes do not and cannot pay for anything because they are a removal of the currency from the money supply and destroyed. #LearnMMT

"No matter how many times we respond to a particular critique, another critic tries to use it again"

The key takeaway from the Global Tipping Points Conference at the University of Exeter, where I've been this week, convening over 500 earth-system & other scientists: Global heating over 1.5C risks setting off tipping points that would destroy the world. The hotter, the more danger. 1/

"There are two kinds of (economic) forecasters: those who don't know, and those who don't know they don't know." -John Kenneth Galbraith

Austerity IS murder

One more time, just for good luck….till next time: the government is the monopoly issuer (creator) of the £, it needs neither tax nor borrowing to do so.

"the government is the monopoly issuer (creator) of the £, it needs neither tax nor borrowing to do so"

The MMT Bottom Line Does US benefit from its trade deficit? Yes Would US benefit more if it were higher? Yes Should US pursue a policy of trade deficits? Not necessarily Could large persistent trade deficits pose problems? Possibly Does MMT recommend a trade deficit? No

"Inflation as a Weapon of Class Power"

Warren Mosler once said that a lack of understanding of the monetary system is the worst enemy of the progressive agenda. He was right. If we think the issue with Trump is the deficit, or argue wealth taxes will pay for stuff in the UK, we need to learn MMT or we will never win.

It doesn’t. It sells bonds to mop up excess liquidity or influence interest rates.

July 4th, 2025

Professor John Hearn Sectoral Balances (Wynne Godley). If you have a economic black hole, (account(s) thats being drained of money) then somewhere else, there must be a white hole (accounts(s) that are being filled of money). This is a truism, An identity. How will lower tax patch the white hole?

Neoclassical economics as an academic discipline is much more like an organized religion, with the unfortunate drawback that its practitioners think they are scientists, not priests reciting dogma.

Ironic that we believe we are the most intelligent species yet it’s our stupidity that will have finished us off

ipolitics.ca/2025/07/02/its…

"... and it’s not “borrowing”."

The very engine of our economic system runs on supremacy and inequality narratives, because these are the drivers behind the lowest wages, greatest exploitation and maximum profit. open.substack.com/pub/georgetsak…

Richmond Fed president asks business leaders about Trump’s tariffs and learns that firms are “raising prices not because they have to, but because they think they can get away with it.” wsj.com/economy/tom-ba…

France and Spain are dealing with an extreme heat wave, with temperatures soaring to 40 °C plus in many regions. Climate change makes these heatwave events up to 10x more likely. This is not normal, this is not "summer" No time to wait. #ActOnClimate #climate #energy Peter Dynes