Squirrel Patrick

Data Scientist / Macroeconomics
Latest Paper in preprint: The Zero-Equity Identity

[Squirrel Patrick @PatrickSquirrel]

@MMT101DotORG grok gets it:

[Squirrel Patrick @PatrickSquirrel]

@MMT101DotORG The private sector ultimately "funds" (such an ambiguous word, I try to avoid it) by producing resources. There is no 'outside' money, nor 'net financial assets'. The agent domain simply holds claims for resources where it is itself the obligant.

[Squirrel Patrick @PatrickSquirrel]

@MMT101DotORG "Taxes fund spending" may be naive operationally, but it isn't wrong. The recipients of the spending gain claims on resources: the taxpayer releases his. It is much as if the taxpayer pays the funding recipient.

[Squirrel Patrick @PatrickSquirrel]

@Handre I might be more interested to read you @Handre but why the pedophile remark? Because that accusation has no bearing on the economics, even if it were true.

[Squirrel Patrick @PatrickSquirrel]

@malcolm_reavell What happened to, "create a fairer society"?

[Squirrel Patrick @PatrickSquirrel]

@malcolm_reavell The bathtub metaphor breaks down at the level of the individual. We are not all 'drained' by the same amount.

[Squirrel Patrick @PatrickSquirrel]

@Evanshm My issue is that: we use monetary values to account for the second, and "net financial assets" do not really exist, so MMT is not counting correctly.

[Squirrel Patrick @PatrickSquirrel]

@BCdrainoty @carney @BobMurphyEcon The ledger is the money, I love telling people that.

[Squirrel Patrick @PatrickSquirrel]

@DrMShujat @IamRealKelvin That doesn't refute the hypothesis. IV vitamin C can be given safely and without identification of the venom. There is a striking failure to investigate it.

[Squirrel Patrick @PatrickSquirrel]

@carney @BobMurphyEcon Your error is that banks don't transfer 100% of their deposits. They are only required in daily trading to transfer a fraction of their deposits, and that is netted out in clearing with money coming in.
Excepting runs when we know what happens.

[Squirrel Patrick @PatrickSquirrel]

@DeanTTraining women do not like grunting or contorting their faces to get the last rep

[Squirrel Patrick @PatrickSquirrel]

@boriquagato That sounds like a simple question but it is far from straightforward to elucidate.

[Squirrel Patrick @PatrickSquirrel]

@GiaMMacool She just gave the truth away at the end there!

[Squirrel Patrick @PatrickSquirrel]

@malcolm_reavell There is also nothing inherently bad about maximising the value of your international trade as a country, as interpersonal trade is for the everyman.

[Squirrel Patrick @PatrickSquirrel]

@malcolm_reavell Well alas we are all playing monopoly, whether we like that or not, even if we are also appealing to change the rules of the game

[Squirrel Patrick @PatrickSquirrel]

@malcolm_reavell Norway may not be richer for holding Norwegian currency, but it is richer for holding foreign currency and real foreign assets.

[Squirrel Patrick @PatrickSquirrel]

@litewhisperer Then suppose the counterfeiter is actually the king. He just prints himself five pounds. He is five pounds richer. He puts it in his wallet. He's the sovereign, so it's perfectly legal. He promises not to do it again.

Who is poorer?

[Squirrel Patrick @PatrickSquirrel]

@litewhisperer any response to my counterfeiter paradox?

[Squirrel Patrick @PatrickSquirrel]

@litewhisperer I present an example to you. I counterfeit a dollar. It's perfect. I put it in my wallet. My financial equity rises. Who, if anyone, is poorer?

[Squirrel Patrick @PatrickSquirrel]

@litewhisperer Take the 1963 great train robbery, which has the same financial result as perfect counterfeiting. You cannot say that the cash they stole was "worthless". Otherwise they would not have stolen it.