Tim

Armchair philosopher, muni bond analyst, Huskies/Boston fanatic

[Tim @tim_purtell]

@DKThomp The federal government does not need capital. It is the monopoly supplier of the reserves that purchase treasuries. The cash that banks have to buy treasury issuance comes from the deficits that trigger the need for issuance, dollar for dollar. Crowding out is a fiction.

[Tim @tim_purtell]

@mattyglesias The MMT folks do not argue for taxing wealth to free up real resources, they argue for taxing wealth to reduce the democracy warping power of elites.

[Tim @tim_purtell]

@joeroganhq Stephanie Kelton and Jason Furman

[Tim @tim_purtell]

@wbmosler @RoKhanna He was literally the keynote speaker at Bard last summer, I guess he should have stayed for the sessions because clearly he learned nothing.

[Tim @tim_purtell]

@BillAckman @realDonaldTrump Imagine being enough of a tool to not only craft the most boot licking response possible to an astounding act of executive overreach but to also conclude that response with a quote from...Gladiator.

[Tim @tim_purtell]

@mattyglesias Talking to @wbmosler or @StephanieKelton or any of their colleagues would be a great benefit to you and your audience.

[Tim @tim_purtell]

@ratlpolicy @BalderdashianLA Once you understand that the monopoly supplier of the currency can never be short of funds and is under no obligation to pay interest on its balance sheet, you'll start to get it.

[Tim @tim_purtell]

@MittRomney Imagine thinking that swapping bonds for reserves would cause hyperinflation.

[Tim @tim_purtell]

@StevenHailAus One argument against MMT I've always struggled to counter is the view that paying zero return on the government's liabilities while other developed countries are offering a positive return could crush the currency, which could import meaningful inflation. Any thoughts on this?

[Tim @tim_purtell]

@EMaggiori_ @3ris9 @DanielaGabor @ZackPolanski The government could absolutely overdraw the TGA if it wanted to, and it has in the past. It would just have to revise the relevant statute and internal Fed policy. It's a policy choice, not some ironclad law of physics.

[Tim @tim_purtell]

@StephanieKelton This is more succinct and compelling from a platform perspective than anything Democrats have come up with in decades. And MMT brings the intellectual rigor to back it up.

[Tim @tim_purtell]

@SavageSports_ If they took Campbell or Membou at 4 and then came up for 24 for Simmons (who has played extensively on both sides) you've either fixed the tackle position or left side of the line for a decade. Not bad for what I view as the worst possible outcome at 4.

[Tim @tim_purtell]

@acjohnston0 Get out of the bond business. Leave the reserves in the system. Set the interest rate to zero. “Catastrophe” averted. Woo.

[Tim @tim_purtell]

@acjohnston0 So the entity that is the monopoly supplier of the currency AND controls whether its IOU’s take the form of bonds, reserves, or some combination thereof AND directly sets the interest rate on those IOU’s (reserves) can be laid low by rising interest costs? How can this be?

[Tim @tim_purtell]

@mattyglesias I'm begging you to read Kelton and Mosler and the other MMT folks. You're too smart to be thinking so anachronistically about monetary operations and fiscal constraints.

[Tim @tim_purtell]

@MMTmacrotrader Doesn't all the additional interest income just provide the money to buy the Treasuries that were issued to match the additional deficit caused by the additional interest?

[Tim @tim_purtell]

@MMTmacrotrader Hasn't it long been part of mainstream thought that a period of fiscal and/or credit expansion would be supportive of risk assets? Is this just putting a finer point on that notion? Happy to be disabused of my ignorance.

[Tim @tim_purtell]

@NoEscalators I really don't understand what about this graphic makes you think a team couldn't jump up a line with quad 1 wins over the weekend, especially if someone you're competing with for seeding loses. UConn beating Marquette, especially if Tennessee loses, likely locks in 3-East.

[Tim @tim_purtell]

@BpenfieldJ Frozen tailgate in F lot let's go!!!

[Tim @tim_purtell]

@asymmetricinfo I think you have to start the analysis at the point when the lights come on, aka when consciousness begins. Anything before that isn't a possible position to occupy. Call it 15 weeks or so?