Deficit Owls 🦉

Citizens supporting full employment and price stability. Pushing back on deficit hysterians. Modern Money Theory (MMT). @OwlReserveArmy and @ModernMoneyMeme

[Deficit Owls 🦉 @DeficitOwls]

In time for the holidays, the Deficit Owls shop has been revamped and we've got new designs. And they're on sale for the next 2 weeks, 15% off!

Buy MMT clothes and accessories to encourage conversations about fiscal reality (at no profit to us)! https://t.co/AFKS2Vjx0q

[UMKC Econ Club @UMKC_Econ_Club]

Earn a Master’s or PhD in Economics at the forefront of finance research and Modern Monetary Theory. UMKC offers a pluralist economics education taught by a diverse and engaged faculty. Study an economics that can face up to society's urgent challenges. https://t.co/urWTWrlzff

[Deficit Owls 🦉 @DeficitOwls]

@RobinBrooksIIF Robin, I don’t know how else to say this but YOU HAVE ANSOLUTELY NO IDEA WHAT MMT IS.

STOP EMBARRASSING YOURSELF AND DO SOME READING FOR GOD’S SAKES.

Please start here: https://t.co/atb9IfHgMu

[Deficit Owls 🦉 @DeficitOwls]

But MMT adds nothing new to the conversation, they said!! We all knew all that already, they cried!!!

[Burgess Everett @burgessev]

New Manchin statement says he's made clear to Biden and Dem leaders "that spending trillions more on new and expanded government programs, when we can’t even pay for the essential social programs, like Social Security and Medicare, is the definition of fiscal insanity"

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet Nope, did not say that.

[Deficit Owls 🦉 @DeficitOwls]

We issue our own currency. There is no “underlying debt problem.”

[Jessica Riedl 🧀 🇺🇦 @JessicaBRiedl]

All 8 major deficit reductions laws since 1985 were attached to debt limit bills. Congress should raise the debt limit, but attach some good-government reforms to address the debt and budget gimmicks so that we're actually treating the underlying debt problem (3/)

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet Every part of “cyberspace” has a physical correspondence where the data is physically located. Data isn’t just “out there” in the ether. It’s on hard drives, which are in computers, which are generally inside buildings.

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet I have never encountered anybody who had this confusion, so it’s actually a complete non-issue. It’s just you playing word police.

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet I don’t really see the point of this debate if we all agree about the substance here but you’re just mad that we refuse to use your personal definition of the word “at.” So, I’m going to bow out then. You have a great day.

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet “Since the registry is electronic, they're not physically located anywhere.”

That’s not actually how computers work, James. Every piece of data is physically located somewhere.

Nobody is saying they’re on the Fed’s balance sheet. You’re just insisting on hearing it anyway.

[Deficit Owls 🦉 @DeficitOwls]

@HenricCont Probably.

[Deficit Owls 🦉 @DeficitOwls]

Government spending happens FIRST and it only happens with money.

Later, as that money filters into people’s savings, the government sells bonds in order to change those savings into forms that savers prefer, i.e. bonds instead of money.

[Deficit Owls 🦉 @DeficitOwls]

So can you see why the Trillion Dollar Platinum Coin proposal would not be inflationary even though it’s “printing money?”

Levels of government spending and taxing would be the same in either case. We’re only talking about what form savers hold their savings in. #MintTheCoin

[Deficit Owls 🦉 @DeficitOwls]

If prices were going to rise, it would have happened earlier in the story: either when the government bought goods and services, potentially bidding resources away from other uses by offering a higher price; or when private actors spent that money, before it ended up in savings.

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet the Fed then he would have said “they are a liability of the Fed” but of course that’s not true so he didn’t say that.

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet At the level of institutional realism, it is simply 100% true that they are “an account at the Fed.” You do not dispute that they are “an account,” and you do not dispute that they are physically located “at the Fed.” End of story. If he had wanted to say they are a liability of

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet You just completely conceded Mosler’s point. He never said that Treasury securities were a liability of the Fed. It’s about institutional realism here.

[Deficit Owls 🦉 @DeficitOwls]

@WaffleStreet This only makes sense if you don’t understand what a Treasury security actually is. https://t.co/fHH0tmmPL9