I will be voting NO on the Rules package with #PayGo. It is terrible economics. The austerians were wrong about the Great Recession and Great Depression. At some point, politicians need to learn from mistakes and read economic history. @paulkrugman @StephanieKelton @RBReichhttps://twitter.com/GunnelsWarren/status/1080318713331617792 …
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First, that is absolutely not true. There is no fixed supply of money for investment; banks create money for loans from thin air. Second, China doesn't just sell bonds and hold dollars instead. They sell the dollars to somebody else, then those people buy bonds with the dollars
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Who said anything about fixed supply of money? When you issue more govt debt to pay for things there is less money to go into other investments if that debt is going to be serviced.. That doesn’t mean there is less supply money.
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Oh, I see, I thought you were talking about private investment, but you're talking about gov investment. That's not true either - the gov is the issuer of the currency, it can always make any size payment. Under current rules, nothing about larger debt service automatically
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I’m talking about both. If you don’t pay for things by cutting or raising taxes, you issue debt. Something has to purchase that sovereign debt whether it’s a country or private like a pension fund. So if rates have to rise to make that debt more attractive to buyers then they....
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