On a recent podcast, Elon Musk and Senator Ted Cruz discussed Musk’s “bombshell” discovery that the federal government had “magic money computers” that could issue payments from “nothing”. To anyone who has spent little time thinking about how money is created, this might seem astounding. In fact, money has always been created from nothing. Throughout […]
Magic Money Computers and Hidden Agendas Read More »
Here’s a great introduction to MMT and how federal finance works: https://vocal.media/education/you-know-nothing-about-economics
Don’t take my word for it! Read More »
If you think the so-called Department of Government Efficiency (DOGE) is saving some of your hard-earned tax dollars, then you don’t understand money. The federal government, being the issuer of the U.S. dollar, creates new dollars from thin air every time it spends. It does this by using a computer to mark up the size
DOGE Is Not Saving Any Tax Dollars Read More »
Republicans in Congress are proposing cuts to many programs that benefit Americans: Social Security, Medicare, Medicaid, the Affordable Care Act, etc. They cite the national debt, currently over $34 trillion, as the reason we must reduce that debt. If we don’t, they’ll say, we’ll leave an overwhelming burden for our grandchildren. You might share that
The National Debt Is Nothing to Worry About Read More »
Lacking action by the U.S. Congress, Social Security and Medicare will face funding shortfalls within the next ten years. Both parties claim they won’t cut the programs, but their past “reforms” to strengthen them have been cuts under different names: raising the eligibility age, taxing benefits, limiting COLAs, etc. Social Security’s OASI (old age and
Saving Social Security and Medicare From Their Saviors Read More »
Economist John Kenneth Galbraith said: “The process by which money is created is so simple that the mind is repelled.” If you ask most people where money comes from, they’ll say they get it from their employer. The employer, in turn, gets it from customers who get it from their employers who get it from
Money From Thin Air Read More »
Since the start of the pandemic, I and many other people have become accustomed to meetings on Zoom. Whether for business or personal gatherings, Zoom has been a great way to safely stay in touch. I recently attended a family reunion that normally convenes every summer. Because of the pandemic, we had not met in
Creating a Portable Zoom Room Read More »
Congress is currently debating ways to “save” Social Security and Medicare. As has been reported repeatedly, the programs’ trust funds will soon be depleted. Should you be concerned? Absolutely, but not in the way you might think. Social Security and Medicare comprise two trust funds each. The former has the Old-Age and Survivor’s Insurance (OASI)
Saving Social Security? Read More »
Social media was supposed to bring everyone closer together. Over the past decade or so, it’s done exactly the opposite. Combined with other forces, it has brought us to the brink of social and democratic collapse. In this incisive article, Jonathan Haidt explains how it happened. More importantly, he presents some specific steps that might
Why the Past 10 Years of American Life Have Been Uniquely Stupid Read More »
This 2014 article from David Graeber is still just as relevant today as it was then: https://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity
The truth is out: money is just an IOU, and the banks are rolling in it Read More »
The U.S. national debt has surpassed $30 trillion. Should we be worried? Like many people, I used to view the national debt the same way I viewed my personal debt. My household can borrow only so much money before we get into trouble. If we’re unable to make payments on time, we could get hit
National debt surpasses $30T – should you be worried? Read More »
Here’s an excellent talk by Bill Mitchell about how most progressives fall into the trap of using neoliberal framing, usually without realizing it. He also gives some examples of how to change the conversation to avoid that trap and to make positive change more likely.
Most Progressives are Neoliberals in Disguise Read More »
George Monbiot has a good write-up on neoliberalism (2016).
Neoliberalism – the root of all problems? Read More »
Here’s an excellent editorial from Raúl Carrillo & Jesse Myerson on the myth of “taxpayer money”. When it came to explaining money, Margaret Thatcher was either a doofus or evil. I don’t think she was a doofus.
The Dangerous Myth of ‘Taxpayer Money’ Read More »
This is a concise list of recommended practices to ensure the security of your computer(s). Use an unprivileged account for normal activities. Every system needs at least one administrator account, but that account should not be used for anything other than administrative functions. (By default, the first account created will be an administrator.) Users should normally
Computer Security Best Practices Read More »
“Smart” devices are all the rage these days, and you might have some in your house. They are connected to the Internet so that you can do whatever with them from anywhere. What’s not to like about that? Unless they aren’t really as smart as they should be. Here’s a story about a “smart” coffeemaker
Stupid smart devices Read More »
If Forbes can get behind the Green New Deal, then so can you. Also, your federal taxes don’t pay for anything. Read and learn.
I understand why 2016 voters might not have liked Hillary Clinton. I thought she was about the worst possible candidate the Democrats could have put up. The fact that a know-nothing blowhard like Donald Trump beat her supports that view. I also understand why many voters would give up on both parties and vote for
Explaining Trump Supporters Read More »
Stephanie Kelton isn’t worried in the least about trillion-dollar deficits. Nor should she be.
Deficit? Schmeficit! Read More »
CBC Radio posted a discussion of MMT in the midst of the COVID-19 pandemic. It was generally well done, and I recommend you listen to it (37 minutes). The reporter provided a decent overview of economics from Keynesianism through monetarism to the present day. On the whole, he was fair and objective. However, I heard a