Simon Twist

83-86 Rome 89-90 90-93 @BSNetherlands 95-00 @VIS_Austria GRE Quant170 Verb170 FmrEmergingVoice @iiea Exports are a cost. Gov rates are a gov choice

[Simon Twist @_SimonTwist]

If you are looking at my profile, this is a good overview of MMT:
https://t.co/jYMz93ULOl

You can also find the first 65 pages of the MMT textbook in the next tweet:

[Philip Cunliffe @thephilippics]

Mandation is necessary if this country is going to be able to invest in itself and not be at the mercy of foreign investors as your lot would like.

[Dario Perkins @darioperkins]

Tbh the fiscal rules dont interest me. The market is trying to forecast the BoE response, not UK "fiscal risk". And the BoE has been openly offering the UK govt a deal - tighter fiscal policy for lower interest rates...

[Warren B. Mosler @wbmosler]

@BillGates unemployment is always and necessarily the evidence that the federal deficit is too small

[Pavlina R Tcherneva @ptcherneva]

Unemployment is a policy choice.
Accepting it as a perennial feature of the economy and an unfortunate but unavoidable situation IS a self-imposed intellectual handicap.
It causes so much pain and devastation.
We can choose differently:
https://t.co/p7s83GAM6X

[Warren B. Mosler @wbmosler]

Remind the new Congress that if they cut spending they need to cut taxes even more, as the problem is the deficit is too small

[Warren B. Mosler @wbmosler]

@Ashtonica Their intention is to 'support' the economy with rate cuts. But cycles end when the gov deficit gets 'too small' and demand collapses, and rate cuts don't help. Recovery comes after the gov deficit goes back up.

[Lord Keynes @Lord_Keynes3]

The growth was a result of parasitic finance capitalism, which destroyed Britain as a manufacturing nation. Thatcher also caused the worst unemployment since the 1930s.

[Alejandro🌹🇵🇸 @AlexDemSoc_161]

With Burnham replacing Starmer today after Starmer electorally destroyed the Labour Party, it's worth noting that the inevitable has happened in Germany as well: the SPD is now the country's fifth-largest party.

Just like the French Socialists, the SPD and Labour have all been devastated by embracing centrism, the Third Way, and trying to be friends with capital.

Burnham still has a chance to save the Labour Party. Whether he takes it is up to him—but he won't get another one.

And yes, I'm absolutely delighted to see Die Linke continue to grow. Hopefully, after what I expect will be a strong set of elections in September, they'll be polling around 15%.

Always supporting a bold left.

[Malcolm Reavell @malcolm_reavell]

@Peston None of the chancellors of the last 40 years have any idea how the money system works. None understand the government issues the currency, that taxes and “borrowing” are not a funding mechanism, and that markets are not in charge; they are.

[Irish Times Opinion @IrishTimesOpEd]

Prof Brendan Kelly: Ireland’s attitude to a ‘flutter on the horses’ is wrecking lives https://t.co/8PBM3iStQD

[Theo McDonald @tbald101]

The idea Irish neutrality is somehow an accident of history due to a mix of happenstance and opposition to any alliance with Britain ignores the fact of it being rooted in the belief that small nations like ours should not get enmeshed in the conflicts of larger powers

🇮🇪👇

[Kathleen Tyson @Kathleen_Tyson_]

This is brilliant and should be studied by central bankers everywhere! Peoples Bank of China was the first to deflate a massive, leveraged housing bubble without a single quarter of economic contraction or loss of growth momentum in the real economy.
A success for the history books.

[The Irish Times @IrishTimes]

Ireland punishes tax evaders. Pollution should be just as risky https://t.co/gfaRAbUs8E

[Richard Murphy @RichardJMurphy]

We do not need a strong economy to pay for the NHS. We need a strong NHS as a pre-condition of a strong economy. Government spending always comes before tax revenues can flow in. Never more true than the moment we are in now.

[Paul Stevens 🥀💚 @paul_d_stevens]

@CrewkerneMan Thatcherism is (still) the problem, not the solution.

[New Left EViews @NewLeftEViews]

“…but for a beautiful moment we meet a lot of arbitrary self-imposed fiscal targets.”

[Simon Twist @_SimonTwist]

https://t.co/uOJ18akLaF

The above is a very good expansion on the interesting Wolfgang Münchau article below.

[Policy Tensor @policytensor]

The bomb episode is a good model for the fantasies. Even Bertrand Russell wondered about a preventive nuclear war on the Soviet Union.

In reality, destroying the Soviet Union was not militarily feasible during the period of US atomic monopoly. The US did not even have enough atomic bombs to destroy Moscow. Moscow, ofc, could be evacuated. And the US simply did not have the technical reconnoissance capability to map the interior.

We hear similar fantasies about AGI. There is no decisive win because a decisive win requires eliminating the enemy, which is not possible. If you’re going to bet the house on a single technology, then the onus is on you to spell out the channel through which it can yield any lasting advantage.

Jeff Ding’s core argument is quite correct. It is trend productivity growth that controls the outcome of the race. And that depends far more on adoption and diffusion that origination. The power that will diffuse and utilize it across industries will win the long-term competition. And that is China.

We are going to lose because our system cannot adapt fast enough, while China has the greatest state capacity in the world. The Chinese state is capable of planning and executing transformative long-term programs at vast scales. Meanwhile, we can’t produce enough 155mm shells!

Can any cold warrior explain to me how you propose to win the cold war? I just do not see how there is any possibility of putting up a fight at all. Not with this political economy. Forget about it.

[Simon Twist @_SimonTwist]

https://t.co/uOJ18akLaF

The above is a very good expansion on the interesting Wolfgang Münchau article below.

[john milbank @johnmilbank3]

Outside the EU we lack France’s protections re debt. Socialists need economics. But I favour the left scenario of re-controlling Bank of England and in extremis threat of debt default. Yet perhaps AB devolution/investment strategy *can* boost production. https://t.co/SUHcdOuH4I

[James Meadway @meadwaj]

Yet more scenes from the death of neoliberalism