PEGS Institute

Pragmatic and Empirically Guided Solutions Institute.
Explaining the truth behind some misunderstood realities of the modern world.

[PEGS Institute @PEGSInstitute]

Just in case you had any doubt that poverty is a policy choice, here's @JEChalmers lying to the face of @phonakins, saying there's too much debt & deficit for poverty relief, meanwhile @AlboMP is promising to "spend whatever is necessary" on the military.
https://t.co/OK2LcL0nG5

[PEGS Institute @PEGSInstitute]

@Christo81105888 @animefan295 @PaulHelms @theserfstv Uh huh... so socialism is when the government uses it's unique financial power to influence national production, rather than just starting a war and hoping the market produces the bullets for them as a gift?

Literally every country for as long as we've had states has done this.

[PEGS Institute @PEGSInstitute]

@Jackat19 @StrewthQueen No, you really don't. Currency-issuing federal governments do not have financial constraints. There are limitations, but funding isn't one of them.
https://t.co/nbNrgte42l

[PEGS Institute @PEGSInstitute]

@Xie3Darcy @hamletto1 @AltMediaWatch @NovaPeris How do you even construct this thought in your mind without realising how much you've become removed from reality? They're children.

[PEGS Institute @PEGSInstitute]

@ringsau @steele_sports @purplepingers You must not have dealt with a lot of real estate agents then.

[PEGS Institute @PEGSInstitute]

@Markyles @LilahTheyPG @potcalling @MobileInfantry @PRGuy17 There was a time before the Australian dollar, and every single dollar since then has been created by the authority of the federal government. There's no impediment to them creating more as needed, only that they seem adamant that people should continue to suffer in poverty.

[PEGS Institute @PEGSInstitute]

@Markyles @LilahTheyPG @potcalling @MobileInfantry @PRGuy17 It doesn't print it, it's a number in a bank account. The same way that banks create new money when their customers take out a loan. The RBA does not include the CRF in any measure of money. It is, by operational definition, new money that didn't previously exist in the economy.

[PEGS Institute @PEGSInstitute]

@Markyles @LilahTheyPG @potcalling @MobileInfantry @PRGuy17 They're all the same thing. The only reason the government doesn't raise jobseeker above the poverty line, or intervene to fix the housing crisis is not because they have a financial constraint, they don't. The constraint is that they choose not to.

[PEGS Institute @PEGSInstitute]

@Markyles @LilahTheyPG @potcalling @MobileInfantry @PRGuy17 The federal government has no requirement to ever issue debt, but if it chooses to do so, it can issue Treasury Bonds or any other security at whatever rate it chooses.
The federal government creates currency when it pays interest on bonds, or buys submarines, or pays politicians

[PEGS Institute @PEGSInstitute]

@Markyles @LilahTheyPG @potcalling @MobileInfantry @PRGuy17 Money in the bank for the federal government just means they removed more money from the economy than they spent in. It serves absolutely no benefit for the government or the population. It's just a political tool to convince us the federal government is financially constrained.

[PEGS Institute @PEGSInstitute]

@Markyles @LilahTheyPG @potcalling @MobileInfantry @PRGuy17 The government does not and can not possibly have money in the bank. When money is received by the government it is operationally deleted from the economy. It's literally not money anymore. Conversely every time the government spends it is creating new money into the economy.

[PEGS Institute @PEGSInstitute]

@soloyopee @malcolm_reavell @KelliherNHS @jimmiananderson @adrianin87 Since I was just reading it, can you please explain how the example of inflation in Greece in 1941 was caused by money printing? I'll wait.

[PEGS Institute @PEGSInstitute]

@KarenLorre @FindingMoneyDoc He spoke unedited for over a minute in this clip. The entire unedited clip is in the documentary if you want to verify this.

[FINDING THE MONEY Film @FindingMoneyDoc]

CLIP: We hear a lot about the national debt.
But do currency-issuing governments really ‘borrow' their own currencies?
The answer might surprise you.

Watch FINDING THE MONEY documentary, In Theaters and On Demand TOMORROW May 3: https://t.co/H1e5fEuV7t

[PEGS Institute @PEGSInstitute]

@SJRichmond89 @garyseconomics @abd1allah @ModernMoneyScot https://t.co/mrLdGPQYCl

[Stephen Richmond 🔶💛 @SJRichmond89]

@PEGSInstitute @garyseconomics @abd1allah @ModernMoneyScot I'd phrase that differently.

In my experience the extent to which MMT arguments rely on the listener not knowing any economics are... err... shall we say: "very conspicuous"!

[PEGS Institute @PEGSInstitute]

@SJRichmond89 @garyseconomics @abd1allah @ModernMoneyScot It might not be getting discussed here, but if you're interested in economics, then can I suggest the platform with the character limit isn't the best place for that anyway?

There's plenty of much deeper literature available.

[PEGS Institute @PEGSInstitute]

@SJRichmond89 @garyseconomics @abd1allah @ModernMoneyScot Because we still have the orthodoxy saying we can't pay for things because of the scary debt and deficit.

I tell you what, you convince everyone to stop pretending like money is a finite resource we extracted from the earth, then we can stop talking about that, ok?

[PEGS Institute @PEGSInstitute]

@SJRichmond89 @garyseconomics @abd1allah @ModernMoneyScot I'm not saying either of those things

[PEGS Institute @PEGSInstitute]

@SJRichmond89 @garyseconomics @abd1allah @ModernMoneyScot You're doing it again. The orthodoxy does not reflect reality. If it did then old mate Gary wouldn't have a book to sell.

https://t.co/qAB5w34K95

[PEGS Institute @PEGSInstitute]

@SJRichmond89 @garyseconomics @abd1allah @ModernMoneyScot Like so much of the orthodoxy I've been reading lately, I'm getting the impression you're looking at the evidence then rejecting anything you didn't already believe. You're not even trying to engage with the point.