Gobernuak infinitu diru dauka

The Government Has Infinite Money

ooo

Transkripzioa:

0:00

this episode is brought to you by ground

0:01

news

0:03

we begin with the deal to raise the debt

0:05

ceiling the agreement raises the debt

0:07

ceiling until 2025. there’s not a

0:09

hundred percent of what everybody wants

0:11

but when you look the country is going

0:12

to be stronger this is going to be

0:13

transformational Congress just passed an

0:16

agreement to increase the debt ceiling

0:18

if you didn’t hear about it after the

0:19

big Panic Congress has not prudently

0:22

done its job they’re off the rails well

0:24

that’s done now

0:27

Republicans and Democrats came to an

0:29

agreement they’ll raise the debt ceiling

0:30

for two more years and in

0:33

exchange work requirements for food

0:36

stamps and Welfare are going to get

0:37

worse there’s going to be a 1.5 trillion

0:39

dollar spending cut over the next 10

0:40

years which will put a ton of strain on

0:41

programs like affordable housing new

0:43

fossil fuel projects we’ll have an

0:44

easier time getting permits meaning more

0:45

pipelines and you gotta love that and of

0:47

course the student loan payment

0:48

moratorium will be coming to an end the

0:50

government is just spending too much

0:51

money and we need to tighten our belts

0:53

and make compromises except for the

0:55

military because it’s just cool as hell

0:56

you guys get it it’s so sick man it’s

0:59

awesome with all the guns and the tanks

1:01

and the domestic spying and the

1:03

we got to give those guys more money at

1:06

least 886 billion dollars next year

1:09

three percent more than in 2023 if I’ve

1:11

had to randomly pick a number hey you

1:13

maggots understand that nothing we can

1:15

do about it it’s just the coolest thing

1:17

we can spend money on

1:19

foreign

1:25

[Music]

1:30

this whole episode is about government

1:32

spending which is a very familiar theme

1:34

in American politics with the 2024

1:37

election season starting like every

1:39

cycle one of the things you’ll

1:40

inevitably hear is the how are you going

1:42

to pay for that question like with the

1:45

debt ceiling stuff this question will

1:46

never come up for defense spending

1:48

obviously that money is special and

1:50

totally different and unrelated and stop

1:52

worrying about it we’ve got hospitals to

1:54

bomb come on now but over the next 14 or

1:56

so months every single Progressive

1:58

candidate proposing Universal Health

2:00

Care will without fail get scrutinized

2:03

for their budgeting despite the fact

2:05

it’s estimated that Universal Health

2:07

Care would save Americans 450 billion

2:09

dollars a year and less importantly tens

2:12

of thousands of lives but none of that

2:15

matters what matters is if it would

2:17

create a budget deficit more money going

2:19

out than money coming in in taxes and

2:22

therefore more debt and this sucks this

2:26

selective scrutiny for Progressive

2:27

spending I mean it creates doubt in a

2:30

lot of people’s minds about the

2:31

viability of good projects like free

2:32

health care and this doubt rarely ever

2:34

gets resolved by the truth the truth

2:37

being that the government can absolutely

2:39

afford these programs more than a Ford

2:42

the government has a long long list of

2:44

good reasons to spend money like this

2:45

and almost no reason not to as you’ll

2:48

see throughout this video

2:50

these questions about government

2:51

spending create a lot of Doubt though

2:53

and keep us from embracing Progressive

2:55

policies we believe in including me for

2:57

a while social programs like free

3:00

healthcare always sounded good to me but

3:02

they also sounded expensive and for a

3:04

long time constantly being told that the

3:06

government spending so much already that

3:08

the debt is in trillions of dollars made

3:10

me believe we actively needed to give up

3:11

on stuff like free health care and scale

3:13

back our spending and in short

3:16

no we don’t and in Long

3:18

that’s what the rest of the video is for

3:22

what I’d like to explain today is that

3:25

government spending isn’t a bad thing

3:27

there’s no debt your kids will have to

3:29

pay back nor is it Reckless spending by

3:31

well-intentioned but ultimately kind of

3:32

careless bureaucrats we can afford to

3:35

pay for social programs like Universal

3:36

Health Care and Welfare and new

3:38

infrastructure and High-Speed Rail and

3:40

sustainable energy because government

3:42

spending is a not funded by taxes so

3:45

more government spending doesn’t mean

3:47

less money in your pocket and B there is

3:50

no hard limit on government spending so

3:52

long as the government spends money on

3:54

something the real constraint on

3:56

government spending isn’t money that it

3:58

has an unlimited Supply the constraint

4:00

is physical resources

4:03

it isn’t more responsible to spend less

4:06

because all that spending less means is

4:08

not taking advantage of the resources at

4:10

our disposal it wouldn’t cause massive

4:12

problems if we spent more because for a

4:14

country like the US which has something

4:15

called currency sovereignty increasing

4:18

the national debt isn’t the same thing

4:20

as when you and I go into debt it isn’t

4:22

even really debt at all

4:24

let me explain

4:26

the federal government of the U.S has

4:28

currency sovereignty it has a fiat

4:30

currency meaning its currency isn’t tied

4:32

to anything like gold and IT issues debt

4:35

mainly in said currency when the

4:37

government spends more than at taxes

4:39

this is called a deficit this deficit is

4:42

a gap the government fills at the moment

4:43

through debt and the US gets this debt

4:46

by selling bonds

4:48

this is easily the most confusing part

4:51

of the video so bear with me for a

4:53

second what are bonds

4:56

well the private sector lends the US

4:58

money and in return the US issues them

5:01

an IOU a bond that the government

5:03

promises to pay back with interest at a

5:05

later date maybe 5 10 15 years later the

5:08

government doesn’t really need this

5:10

money remember it can print more at any

5:12

time because it has a fiat currency so

5:14

this is less of an actual loan and more

5:16

of a savings account for the private

5:18

sector a risk-free asset that the

5:20

government lets people mostly the

5:21

wealthy store some of their money in but

5:24

anyway these bonds are held by a lot of

5:26

people including some foreign

5:28

governments but the vast majority are

5:30

held by Americans the government itself

5:32

and the Federal Reserve which will often

5:34

buy back bonds as a way to introduce

5:36

more currency into the economy we call

5:38

this debt but it’s more like an

5:41

accounting system for the government and

5:42

a way for it to give some value to its

5:44

currency by making sure people want to

5:45

store their wealth in dollars instead of

5:47

something else

5:48

unlike you and me the government will

5:51

always be able to pay this debt back to

5:54

return the money on the ious it created

5:55

because because it’s issued everything

5:57

in dollars which the government can

5:59

produce in Unlimited Supply the

6:01

government can never go bankrupt it’s

6:03

not waiting for more gold to come in or

6:05

something the government debt is just

6:07

the way the government monitors and

6:08

holds on to a part of the money supply

6:10

if that was a little Technical and

6:12

complicated here’s a more practical way

6:14

to think about it

6:15

governments spend first and tax later

6:18

they create money and then they destroy

6:21

some of it with taxes you already knew

6:23

that we all know that governments create

6:25

money without the government there would

6:27

be no dollars because somebody needs to

6:29

print them out or credit bank accounts

6:31

with digital dollars and you and me

6:32

we’re just not allowed to do that

6:37

but we often forget this fact when it

6:39

comes to government spending we know

6:40

that governments are responsible for

6:42

money creation and yet most of our Lives

6:44

we’re told that the government gets a

6:45

big pile of money through taxes and then

6:47

spend some of it and that’s how Federal

6:48

budgeting works

6:50

but that’s not true they spend first by

6:54

creating money and spending it somewhere

6:55

and then they tax later according to how

6:58

much they need to why are taxes part of

7:00

this process well the government has a

7:02

rule we all need to pay our taxes in

7:04

dollars no one’s allowed to do it in

7:06

Bitcoin or elegantly crafted poems no

7:09

matter how moving they may be

7:11

so people need dollars for their taxes

7:13

which the government gives them

7:15

sometimes by buying bonds or more

7:17

directly by funding new projects that

7:19

money goes from one business to another

7:21

and eventually ends up in your pocket as

7:23

your paycheck and that way you can pay

7:24

your taxes this process of creation and

7:27

Taxation allows the government to fund

7:29

projects generate demand and value for

7:31

its currency and ultimately control the

7:34

money supply in its economy

7:38

now that you understand that things get

7:41

a bit more complicated

7:44

in practice the government doesn’t

7:47

create all the money itself it lets

7:49

private Banks do most of it and it’s

7:51

mostly happy just kind of monitoring

7:52

what’s going on when a private business

7:54

gets loans from a bank that bank isn’t

7:57

taking money from your savings and

7:58

giving it to the business owner it’s

8:00

creating new money out of thin air and

8:02

the government is cool with some private

8:04

Banks doing this so long as they follow

8:06

a couple rules and the economy works the

8:08

way the government wants it to

8:10

money is created out of thin air all the

8:13

time instead of letting private Banks

8:15

create new money more government

8:16

spending is just the Federal Government

8:18

funding things itself instead of private

8:21

businesses taking out loans it’s why

8:23

when we say that the government could

8:24

fund Universal Health Care

8:25

infrastructure the green New Deal

8:27

whatever it’s true the same way private

8:30

Banks could fund basically anything so

8:32

long as the government doesn’t call them

8:33

a counterfeiter there are no Financial

8:35

constraints when you can create and

8:37

Destroy money at will

8:39

so what’s the limit well the only real

8:42

constraint you have to consider is what

8:44

economists call the real economy there’s

8:47

money and then there’s the real economy

8:49

the actual resources that this new money

8:51

can be spent on in the case of Universal

8:54

Health Care for example the government

8:56

would be paying doctors and nurses

8:57

salaries the salaries of the workers who

8:59

make medical equipment pills and other

9:01

Pharmaceuticals the hospital’s

9:03

electricity bills and all the other

9:04

things that keep medical centers running

9:06

the real constraints on what a

9:08

government can do aren’t coming from the

9:10

budget remember the budget is infinite

9:13

the constraints are the real world

9:15

resources at its disposal when the

9:18

government isn’t spending on Health Care

9:19

like this either the private sector will

9:21

and profiteer or those resources will go

9:24

unused this is the reason government

9:26

spending doesn’t break everything

9:28

because when new money is created it’s

9:31

to do new stuff the money supply grows

9:34

but so does the real economy which

9:36

government spending mobilizes when the

9:39

government funds a new Endeavor it’s

9:40

getting more use out of the resources

9:42

available and therefore having more

9:44

money floating around isn’t a problem

9:49

but I know you’re thinking about

9:50

inflation because we’re often told that

9:53

inflation happens when the government

9:54

spends too much but that’s not true

9:56

either countries like Japan for example

9:59

have some of the highest debt to GDP

10:01

ratios in the world and still the

10:03

country can’t get out of deflation more

10:05

government spending does not

10:07

automatically lead to inflation or

10:09

hyperinflation

10:11

all it really takes for inflation to

10:13

happen is for enough businesses to start

10:15

raising their prices your grocery store

10:17

might raise their prices if they’re a

10:19

market leader for example and you will

10:21

feel the pain of inflation without the

10:23

government having changed the money

10:24

supply at all businesses that can’t

10:26

change their prices like this either

10:28

because they’re in a more competitive

10:29

market or can’t move their prices as

10:31

fast we’ll simply lose profits and might

10:33

even go under

10:35

we tend to think of inflation as

10:37

everything getting more expensive and

10:38

having more money in the economy seems

10:40

like it would cause that but if

10:42

everything did get more expensive at

10:44

once inflation wouldn’t be a problem if

10:47

everything suddenly got more expensive

10:48

your salary would automatically go up

10:50

too it’s because things move

10:53

asymmetrically in the real world that

10:55

inflation is so devastating and all it

10:57

takes is a few businesses leveraging

10:58

their Market position for it to happen

11:00

if anything government spending on

11:03

something like Universal Health Care

11:04

might even be deflationary in all

11:07

likelihood it would lower the prices of

11:09

health insurance and your prescriptions

11:10

by cutting out the profits for the

11:12

middlemen of the private insurance world

11:14

I’ll say it again government spending

11:17

has nothing to do with inflation and in

11:19

the real world almost all cases of

11:21

hyperinflation didn’t happen because of

11:23

more money printing but as the result of

11:25

productive capacity collapsing or an

11:28

over Reliance on foreign currency not

11:30

government spending taken altogether

11:33

this is why the government has this kind

11:35

of Liberty to spend

11:37

this framework of understanding money

11:39

creation and destruction generally

11:41

referred to as modern monetary Theory or

11:44

mmt is why more spending and even more

11:47

debt is fine so long as the government

11:49

finds something to spend money on it can

11:52

do it it already does this anytime the

11:54

Pentagon comes running for more money or

11:56

during the pandemic when the FED

11:57

injected five trillion dollars into the

12:00

economy the problem with government

12:02

spending is profit in a capitalist

12:05

economy the prime directive that private

12:07

business owners are operating under is

12:08

profit making the more the government

12:10

finances directly which it can do

12:12

without worrying about profit and only

12:14

focusing on the real world outcomes the

12:16

less private businesses can extract

12:18

profit from that thing if the government

12:20

spends on Health Care a private business

12:22

can’t and therefore won’t get the

12:25

opportunity to skim a little off the top

12:26

business owners also don’t like getting

12:29

taxed this approach to government

12:31

spending partly relies on the ability of

12:33

governments to delete money business

12:35

owners who accumulate money by paying

12:37

their workers less than what they bring

12:39

in for the company would very much like

12:41

to keep that stolen wealth and don’t

12:42

care at all about public projects that

12:44

benefit everybody so they Lobby

12:46

governments and pay accountants to find

12:48

ways to not pay taxes and store their

12:50

wealth somewhere else even when they are

12:52

taxed because these capitalists these

12:54

business owners are in charge of setting

12:56

prices and wages any taxation on

12:58

businesses can often just be passed on

13:00

to workers and consumers through price

13:02

hikes wage Cuts extended hours lower

13:05

benefits and on and on and these here

13:08

are the limits of mmt and the point

13:10

where a little Marxism comes in mmt

13:13

accurately describes the power of the

13:15

government to spend but it doesn’t take

13:17

into account the power of the capitalist

13:19

class to be upset about it and in a

13:21

class Society like ours that’s a problem

13:23

the government can’t go bankrupt it can

13:26

spend money on all sorts of cool stuff

13:28

but when it does it has to get its

13:31

permission slip signed by the ruling

13:32

class first if anything it does gets in

13:35

the way of profit the big chunk of money

13:37

that only a few people get to keep it

13:39

will only do it if there’s fire in the

13:41

streets and it doesn’t have a choice

13:45

the government can feed the Homeless

13:46

Free People of debt fund renewable

13:48

energy reduce working hours by law

13:50

without cutting pay but these kinds of

13:53

things suck for profit Seekers they’re

13:55

great for Humanity but they’re terrible

13:57

for capitalists the small percentage of

13:59

humanity that benefits when people are

14:01

forced to work and buy at an inflated

14:03

price Universal Health Care is great it

14:06

might even save businesses money but it

14:09

makes workers less desperate and that

14:11

small percentage of business owners has

14:13

the power and the wealth to stop the

14:15

kind of spending that would make people

14:17

less desperate I’ll summarize this video

14:20

another way

14:21

take away the need for profit take away

14:23

the power of the ruling class in short

14:26

take away capitalism and the only limit

14:28

to doing cool stuff becomes the

14:30

resources available we have the doctors

14:33

for Universal Health Care the housing

14:35

for free homes the Farms to feed

14:37

everyone the machines for infrastructure

14:39

the technology to switch away from

14:41

fossil fuels we can spend on these

14:44

resources and bring them into action let

14:47

workers control the economy

14:48

democratically and the new money we

14:50

create can be spent well without the

14:52

need to enrich the middleman we don’t

14:54

need to worry about how we’re going to

14:56

pay for that there are plenty of

14:58

resources in our economy waiting to be

14:59

used for the betterment of people’s

15:01

lives the only obstacle left is how much

15:04

improving people’s lives costs the

15:06

capitalist ruling class

15:08

okay I understand that this is a

15:11

horribly complicated topic that probably

15:13

doesn’t make much sense at first in

15:15

about 15 minutes I’ve tried to explain

15:17

something that is in complete

15:18

contradiction with how most of us are

15:19

told government spending Works our

15:21

entire lives so I’m sure this short

15:23

video will have left you with more

15:24

questions than answers to help I’ve left

15:27

a few videos and books in the

15:28

description to help you learn more about

15:29

this topic specifically I want to

15:31

highlight one dimes two fantastic videos

15:33

on Taxation and government deficits they

15:36

were my introduction to this topic and

15:37

one dime was kind enough to enter an

15:39

unreasonable amount of my questions to

15:40

make the video you just watched accurate

15:42

so please show them some love

15:45

this is a really interesting and complex

15:48

topic and funnily enough government

15:50

spending is one thing that both wings of

15:52

the American two-party corporate duopoly

15:54

agree on so I just want to take a second

15:56

and show you what that looks like with

15:58

today’s sponsor ground news here we have

16:00

three examples of news coverage of the

16:02

rise in American poverty one from the

16:04

right one from the corporate center and

16:06

one from what most Americans would

16:08

consider the left notice how each

16:10

article picks a convenient scapegoat for

16:12

the right it’s Joe Biden’s fault for the

16:14

left it’s Joe manchin’s fault and for

16:16

the center it’s thanks to kovid

16:17

regardless of where these Outlets place

16:19

the blame in each case their conclusion

16:22

is that this is just how the system

16:24

works and that government spending can’t

16:26

solve the problem of poverty or would

16:28

even make it worse as we’ve seen in this

16:30

video that’s simply not the case the

16:33

government can spend money on whatever

16:34

it wants and the endless Pearl clutching

16:37

about the deficit is just a convenient

16:39

excuse not to improve things for the

16:40

average person as with anything the key

16:43

here is to recognize who benefits from

16:45

this kind of of coverage and ground news

16:47

goes a long way towards helping the

16:48

reader understand what interests are

16:50

funding each of these Outlets this is

16:52

something I get asked about a lot how do

16:54

I help parents or friends break out of

16:56

their little propaganda bubble it’s

16:57

great to analyze rhetoric like this

16:59

examining wording to look for bias and

17:01

determining who’s behind each outlet but

17:03

that’s a lot of work and none of us have

17:04

time for that that’s why I always

17:06

recommend people check out ground news

17:08

because it has a ton of really useful

17:10

tools to make building media literacy

17:12

skills a lot easier ground news is a web

17:15

and mobile app that Aggregates over 50

17:17

000 news sources and offers intuitive

17:19

easy to understand comparison tools so

17:21

you can do things like what we did here

17:22

see how a particular story is being spun

17:25

by various interests you can also see

17:27

the political leaning factuality rating

17:29

and ownership of every single news

17:31

source right in the app no tedious

17:33

research required now full disclosure as

17:35

a socialist I obviously disagree with

17:37

the placement of some of these outlets

17:39

for example I don’t think CNN should be

17:41

placed as far left as it is but honestly

17:43

this might be a good thing when trying

17:45

to educate your friends and family if

17:47

you come at them with well actually CNN

17:49

is a right wing Network they’re not

17:51

going to take you seriously ground news

17:53

is the perfect first baby step towards

17:55

media literacy if you’re looking for a

17:57

way to give your friends and family a

17:58

great set of tools to understand media

18:00

bias who it serves and how to spot it I

18:03

highly recommend you check out ground

18:04

news at the link below and if you really

18:06

like it they’re currently offering a 30

18:08

discount for their Vantage subscription

18:10

to all second thought viewers you can

18:12

only redeem the discount at ground.news

18:14

second thought so be sure to click the

18:16

link below it really does help support

18:18

me and second thought

18:19

if you enjoyed this video consider

18:21

dropping a like if you hated it a thumbs

18:23

down you can check out my other work by

18:25

following the links on your screen

18:26

thanks for watching and I’ll see you

18:28

next time

18:34

foreign

oooooo

Bideoa: https://x.com/i/status/1891928261430501646

oooooo

MTM-koek askoz hobeto adierazten dute afera hori, inolako bonorik erabili gabe. Moneta airetik kreatzen da, Gaur egunean konputalailu baten teklatu baten bidez.

Beraz, printzipioz ordenagailu batek infintu maneta sor dezake, tekleatzailearen arabera…

Ikus dezagun lehendabizi aspaldiko bitxikeria oso berezia, marko batean jartzeko modkoa:harritzekoa.

FINDING

oooooo

oooooo

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

ΛЦƧƬΣЯIƬY IƧ MЦЯDΣЯ@sdgrumbine

Gehigarri batzuk

2020 abe. 22

Did you know that one of the ways our government prevents massive recessions, or mitigates them is with automatic stabilizers? Thread 1/x #COVID19

ooooooo

How I Came to Learn MMT

(https://realprogressives.org/2017-12-17-how-i-came-to-learn-mmt/)

December 17, 2017

Steven D. Grumbine

(…)

During this time, I was approached about a revolutionary understanding of how government finance ACTUALLY worked. It didn’t take me long to realize that something was terribly amiss with my understanding of economics, MBA be damned. All the Ron Paul, Austrian bullshit and gold standard idiocy was quickly being exposed for its fallacies. How could I have gotten it so wrong? How could I have been so duped for so long? How could I change when my entire family believed the lies as well… my entire life was unraveling and now my belief system had to unravel as well.

Enter Modern Monetary Theory.

My good friend Bruce Patrick had been breaking the ice with me on the subject of economics for some time. He would take my strong religious beliefs and help me see how they were holding me back from truth. Videos… articles… books… white papers… introductions to people like Warren Mosler, Mike Norman and a host of others gave me further insight into my knowledge deficit… which introduced me to the concept of a New type of deficit: Deficit Owls.

Eventually I grabbed hold of the most important book I have ever stumbled onto… 7 Deadly Innocent Frauds of Economic Policy by Warren Mosler. I also read with fresh eyes L Randall Wray’s “What Taxes Are Really For” in New Economic Perspectives.

I had to overcome my “End the Fed” fetish as well… reality is real… No one said it was easy.

I was introduced to the likes of Stephanie Kelton, Pavlina R. Tcherneva, Scott Fullwiler, Rohan Grey, Nathan Cedric Tankus, Raul Carrillo, Scott Ferguson, Charles Hayden, Rob Steinernomics and too many others to name.

I learned we are NO longer on the gold standard or pegged to any commodity such as oil. That our dollar is a sovereign, free floating, non-convertible fiat currency.

That the Federal Reserve is actually a creature of Congress and not the other way around.

That Congress controls spending through Constitutional authority and fiscal policy and the Fed controls interest rates through monetary policy.

I learned that an economy without full employment meant the government had too small of a deficit.

I learned that the dollar was merely a tax credit.

I learned that the answer to all questions of how will the government “pay for it” was that CONGRESS will authorize spending.

I learned that all Fed spending was keystrokes.

That social security wasn’t broke.

That we never have to “find the money” or cut spending here to create spending there.

That a public sector deficit was a private sector surplus.

That sectoral balances are key to knowing the state of any economy.

That currency users are very different than currency issuers.

And that taxation drives the need for currency but doesn’t pay for spending.

That hyperinflation does not come from government spending.

That inflation isn’t based on money growth but access to real resources.

In the end, I was given hope because I realized that austerity was unnecessary and that if everyone learned how it really worked, the left/right divide would be decimated and we could rise as the 99%. That we could have a New Deal without raising taxes.

That we could have Green Energy TODAY.

That we could have national healthcare as a right TODAY.

That we could get rid of student debt TODAY.

That we could end poverty and homelessness TODAY.

That we could end wars for oil TODAY.

That we could provide our children with a future we would be proud of TODAY.

I gained hope. Genuine hope by learning how economics REALLY worked.

That happened when I learned MMT: Modern Monetary Theory.

ooooo