thank you, so true! I'm interested in your thoughts on modern monetary theory - is the demonification of debt really not necessary? if govt debt is always equivalent to private savings (the bit I have trouble getting my head around), and effectively governments can write money into existence and use it for any common good (housing, roads, health care, schools, universities, food) - then, have we won the lottery and we're just too stupid / confused by our incorrect understanding of money to see it?? See for example: https://realprogressives.substack.com/p/classroom-warfare-decimating-the
I'm pretty sympathetic to it. I think the big reality is that today we have the resources to meet everybody's basic needs--food, housing, clothing, healthcare, education--and we're not providing them equally because we are beholden to an outdated view of money (which, as the writer in the link you shared noted, is very closely associated with power). What needs to change is how we see money and how we use it and what we can do with it and I think there are few people today who get that. Stephanie Kelton is one of them.
thank you! apologies if you have already covered this issue as I haven't yet read your book and have only just discovered your writings, but the biggest eye opener for me was understanding that country debt is not the same as/ not at all analagous to household debt. Yet all our economic news is framed that way!
thank you, so true! I'm interested in your thoughts on modern monetary theory - is the demonification of debt really not necessary? if govt debt is always equivalent to private savings (the bit I have trouble getting my head around), and effectively governments can write money into existence and use it for any common good (housing, roads, health care, schools, universities, food) - then, have we won the lottery and we're just too stupid / confused by our incorrect understanding of money to see it?? See for example: https://realprogressives.substack.com/p/classroom-warfare-decimating-the
I'm pretty sympathetic to it. I think the big reality is that today we have the resources to meet everybody's basic needs--food, housing, clothing, healthcare, education--and we're not providing them equally because we are beholden to an outdated view of money (which, as the writer in the link you shared noted, is very closely associated with power). What needs to change is how we see money and how we use it and what we can do with it and I think there are few people today who get that. Stephanie Kelton is one of them.
thank you! apologies if you have already covered this issue as I haven't yet read your book and have only just discovered your writings, but the biggest eye opener for me was understanding that country debt is not the same as/ not at all analagous to household debt. Yet all our economic news is framed that way!