ADAM TOOZE

@Frances_Coppola @NathanTankus @jonsindreu But why be grumpy? I am struck by how @StephanieKelton frames much of her narrative (so far) as a Bildungsroman, acknowledging her own learning process, her sources & her conversations with others. It’s quite winning.

@JoMicheII @StephanieKelton Yeah. I was struck by the dualism too. Money "doesn’t matter”, until it does, and the moment is decided by the (real) speed limit. This is what we can grasp when we rid ourselves of the deficit myth. Fair enough, but surprisingly conventional. I suspect this is a tactical point.

I know @NathanTankus et al were thinking hard about how to elaborate the MMT model of inflation. In fact that is how our paths first crossed I believe. @jonsindreu too I seem to remember. twitter.com/JoMicheII/stat…

Deficit hawk =/= military hawk As I argue in Deluge this is one of ways of understanding the otherwise mysterious alignment on LEFT-wing in interwar period between gold standard, budget balance & disarmament internationalism. Constrain militarism @thor_ribeiro @StephanieKelton https://t.co/jdJ4yBPqAA

Sometimes, as Mark Twain put it, “it’s easier to fool people than to convince them that they have been fooled.” Stephanie Kelton, On why The Deficit Myth persists. https://t.co/mLwUGwJAp5

@JoMicheII Thanks. I am struck by @StephanieKelton use of the concept of a “speed limit” as the “real” inflationary constraint.

@StephanieKelton Not sure I’m following you. Are you saying: "Hawks on Dem side are already prone to invoking prudential concerns about fiscal policy (Rubin et al). Whereas “deficits-don’t-matter” Republicans play fast and loose with IS-LM?" Did I get that right? Twitter not ideal for this 😉

@doobeedoo2 @StephanieKelton In fact Buchanan and co are unabashed in their appreciation for the true radicalism of Abba Lerner. The problem is failure to really follow through to a politics that was adequate to functional finance. The problem is to be caught in a halfway house …

"They loved US Treasuries, as long as they thought of them as financial assets … But they hated the very same securities when they considered them obligations of the federal government.” It would be good to have an edition of Stephanie Kelton, The Deficit Myth for the eurozone! https://t.co/mbdTLp8tJj

"the notorious debt-shaming front group Fix the Debt” – love the concept of debt-shaming! H/t @StephanieKelton The Deficit Myth Which is both VERY useful and thoroughly enjoyable whatever disagreements one might have. https://t.co/wAFLj9Lv6q

MMT promises to turn your head & @StephanieKelton certainly had me turned around as she laid out risks of Congress making fiscal policy without concern for inflationary consequences. I get it, IFF you eliminate all deficit rules, otherwise, OMG consider the play this gives hawks https://t.co/D9liCsFlzs

"MMT reckons that since its the gov that imposes the tax that causes people to look for ways to earn the currency, the government should make sure that they have a way to earn the currency.” From chartalism to jobs guarantee! Kelton Deficit Myth PublicAffairs. Kindle Edition. https://t.co/LR5YQJ5OBv

Although Hyman P. Minsky is best known for his ideas about financial insta­bility, he was equally concerned with poverty & the question of how to create a stable full employment economy. @LevyEcon H/t @StephanieKelton Deficit Myth levyinstitute.org/publications/e… https://t.co/iGfoIMd7nh

By way of Vickrey, Kelton’s Deficit Myth has led me to the group of Columbia economists who redesigned Japan’s tax system post WWII and this fascinating-looking book on Political Economy of Transnational Tax Reform. cambridge.org/core/books/pol… https://t.co/XaFaximGD3

In passages like this Kelton’s book has a really Keynesian flavor.

"Even as scientists innovate, creating new medicines, technologies & techniques to eradicate diseases & solve human problems, the majority of economists remain wedded to a fifty-year-old doctrine (NAIRU) that relies on human suffering to fight inflation." Kelton, The Deficit Myth https://t.co/dlI99hCaaP

@values_surplus Mike Davis is a very smart guy.

@danhind @FriederZaspel We are at cross purposes. Im not comparing MMT to barter theory. Im asking whether, given a chartalist starting point, MMT’s account of the politics of money is convincing.

RT @RobinBrooksIIF: The Jackson Hole shift to AIT & de-emphasis of NAIRU is speeding the drop in US real interest rates to Euro zone levels…

Aug 2019: “a recent hoax circulating on internet asserts that the Fed maintains accounts for individuals that are tied to the individual's SSN, and that individuals can access these accounts to pay bills and obtain money. These claims are false." federalreserve.gov/faqs/does-the-… https://t.co/1G4rOPuaL0

@FriederZaspel @danhind Of course you are right about barter view of money. The question, is how MMT thinks the politics of the state & of ideology, or what Kelton refers to as myth.

Moneyfactory.com is the name of the website of the BUREAU OF ENGRAVING AND PRINTING U.S. Department of the Treasury The folks that actually print money. I kid you not! Something I learned from Stephanie Kelton’s Deficit Myth https://t.co/5y0bOGykQg

Peter Fritzsche really is one of the most brilliant historians of Germany check out his thoughts from last year. news.illinois.edu/view/6367/8020…

Lets say it loud, the historian in question is the brilliant Peter Fritzsche! twitter.com/SmithHelmut/st…

RT @SmithHelmut: For those wondering if we are slipping into fascism, a short interview with the historian who knows the German case better…

@datawriterzero @NathanTankus For sure. Will get back you on that.

@StephanEwald I think I have a way of fixing your problem for you.

@NathanTankus The problem may be that the way that this is set up it is hard to avoid the conclusion that the main reason x isn’t being done is that we believe a myth. Which in some cases may and in others may not be true. But let me finish reading the book! 😉

@NathanTankus Oh no doubt. But a certain 19th c. Economist is unlikely to have started with this kind of conception of “myth” as being the main issue at stake.

@StephanieKelton Mock? Proud? Im just pointing out the particular way you suggest that we think about “myth”, the significance you attribute to it in your critique and the way you suggest your readers think about overcoming it.

Have general sense that MMT tends to underexpose the politics of money? Check out intro to Kelton’s Deficit Myth: "Like Dorothy & her companions in The Wizard of Oz, we need to see through the myths & remember once again that we’ve had the power all along.” Audience? Sure, but! https://t.co/vkCsb3MGN6

Very 2020: comparing reactions of US & Brazilian militaries to their respective Presidents. twitter.com/c_harig/status…

We are right back to March 16th and the Imperial College prediction of c. 2.2 million deaths in the US in an unmitigated epidemic. imperial.ac.uk/media/imperial… twitter.com/yabutaleb7/sta…

RT @mossadegh: Thanks to @Coup53 and @NSArchive for unearthing and releasing these papers. mohammadmossadegh.com/video/end-of-e…

@LonesomeJay Agreed. Except in this case it seems that it substantially reduces the chances of an actual coup! Data on officer corps is particularly striking.

Thank you @NateSilver538 The political culture of the market itself was the aspect I thought was missing from @johnauthers discussion of gap between polls and prediction markets here: bloomberg.com/opinion/articl… There are models of political change at stake. twitter.com/NateSilver538/…