- File Size: 784 KB
- Print Length: 215 pages
- Publisher: EIS WebPress; 2 edition (January 13, 2014)
- Publication Date: January 13, 2014
- Sold by: Amazon Digital Services LLC
- Language: English
- ASIN: B00BNWB5HQ
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Enabled
- Amazon Best Sellers Rank: #1,142,514 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
Fixing the Debt without Breaking America: Austerity, the Trillion Dollar Coin, and Ending Debt Ceiling, Sequester, and Budgetary Crises Kindle Edition
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The correct equation for Aggregate Demand is AG = Private Income + Change in Private Debt. Taking the first derivative (calculus operation), we have:
[Change in Aggregate Demand] = [Change in Private Income] + [Acceleration of Private Debt]
With private income stagnate (as it has been since the 70's, in real terms), an economy MUST have an accelerating private debt to grow! There are no other possibilities! The only problem with this is that it is unsustainable. How can an accelerating level of private debt be paid with stagnate incomes? There is a limit to how much we citizens and businesses can borrow! Now that the US has reached ~300% of GDP in private debt, we have gone as far as we can go. Now we are trying to pay down our debt, and because of where our money comes from (debt-based private bank issued $), paying down debt reduces our money supply!
Dr. Firestone takes the above facts and proposes simplified solutions to the "problems" of our economy (almost all of which are created as a result of our self-imposed monetary constraints). We are not, nor cannot, run out of money. We have the productive capacity to handle higher aggregate demand and I do not know of a single business that would claim they are "maxed out" in terms of how much they wish to produce. Economic production is claimed to be around 2/3 of capacity currently. So, stimulating the economy with higher deficits does NOT cause inflation in our case!
THE ONLY TIME THERE IS A DEFICIT PROBLEM IS IF THERE IS AN INFLATION PROBLEM and we do not have that!
Well done, Dr. Firestone. Your work in this book and in the blogosphere are greatly appreciated by those not brainwashed by the 0.1%. One day I hope the understanding on which your work is based becomes common knowledge.
He rightfully points out that a country that issues its own currency, and only has debt that is denominated in that currency faces no obstacles in affording that debt. He also points out that using the Platinum Coin Statute, the entire debt can be "retired" in no time even in the current legislative environment.
The book is a searchlight shining on the dark paths being trodden by the austerity mongers and the deficit hawks
Firestone and his MMT colleagues are doing a great service in keeping the spirit of JMK alive.
If only one could wave a magic wand and thereby equip the American public with a reading comprehension level that would enable the typical citizen to understand the ideas given to us by Keynes, Simon Kuznets, Morris Copeland, the MMT crowd and their followers, perhaps cancerous growth on our body politic as represented by Rupert Murdoch and his associates in the Republican party and Fox News would whither and die!
I admire Joe’s intellectual effort and his work for the Commons and the Common Good. Chapeau! For me, he has now joined the ranks of those other MMT-celibrities: Warren Mosler, Bill Mitchell, Randall Wray, Marshall Auerback, Scott Fullwiler, Stephanie Kelton, Pavlina Tehernevea, etc. In short, I recommend this great read!
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