Why do people like EV so much if his economic theories are so.... unique?
He's got this perfect "tone" to his posts where he's just straight dismissive of your uninformed opinion that's filled to the brim with neoliberal propaganda caused false consciousness. And you should quite frankly be ashamed of it.
And he doesn't crack. Ever. I remember a Chavez thread where he was basically saying the AP and Reuters were not valid sources because their reporting comes from a neoliberal Western prism so their stories about shortages in Venezeula shouldn't have been believed over the government saying there weren't any, and if there were it was because of capitalist hoarders not price controls or anything Chavez did. And if you think there is that's just because he doesn't bow down to U.S. foreign policy like other nations.
And then his creepy explanation about how the state is society is us and individuals don't exist without the pleasure of the state or something.
Now that's somebody who makes a revolutionary wave of terror interesting, not those mushy "I'm a socialist or social democrat but I don't want to call myself that so I just say liberal or maybe left-liberal, really, I'm practically a conservative liberal" types.
Plus, MMT!
So let’s demonstrate how deficits do ADD to savings, and not
just shift savings:
1. Start with the government selling $100 billion
in Treasury securities. (Note: this sale is voluntary,
which means that the buyer buys the securities
because he wants to. Presumably, he believes that
he is better off buying them than not buying them.
No one is ever forced to buy government securities.
They get sold at auction to the highest bidder who is
willing to accept the lowest yield.)
2. When the buyers of these securities pay for them,
checking accounts at the Fed are reduced by $100
billion to make the payment. In other words, money
in checking accounts at the Fed is exchanged for the
new Treasury securities, which are savings accounts
at the Fed. At this point, non-government savings is
unchanged. The buyers now have their new Treasury
securities as savings, rather than the money that was
in their checking accounts before they bought the
Treasury securities.
3. Now the Treasury spends $100 billion after the sale
of the $100 billion of new Treasury securities, on the
usual things government spends its money on.
4. This Treasury spending adds back $100 billion to
someone’s checking accounts.
5. The non-government sector now has its $100
billion of checking accounts back AND it has the
$100 billion of new Treasury securities.
AND THERE'S NO DOWN SIDE! EVER!
