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Yes, Peterson was wrong then and wrong now. I noticed, reading the article that Yglesias slips in a nice little Clinton apologia, as many of our "progressive" friends are wont to do. He says that "crowding out" was a real problem back in 1993, presumably because interest rates were higher. Therefore Clinton's spending cuts were justified. Such is not the case now because interest rates are near zero. Thing is, people bought bonds then and they're still buying them now. Does Yglesias or anybody have any actual evidence for when crowding out is supposed to have occurred?
this book came out about the same time (early 90's) and I bought it and read it (still have the copy)...http://www.amazon.com/Bankruptcy-1995-Coming-Collapse-America/dp/0316282065I didnt quite "get the math" and was a bit concerned then 1995 came and went so I knew it was all BS at that point and continued to try to figure out how the system really operates and eventually came across Mike and then Mike had Warren on his show one time and in like 3 minutes I understood MMT....I seem to possess higher than average math skills, but I would still credit my ability to read this book and listen to the debt doomsday crowd about the "coming collapse" and then when their milestone dates came and went, call BS on them, ignore them, and seek the truth... without that ability, I perhaps could still be hopelessly "waiting for the collapse" like many are still today like Peterson... rsp,
Mike Norman, Can you interview Pete Peterson, and ask his current reflections on this book?
Has everyone seen this italian 'Mosler Economics/MMT' site?It's worth a look - well presented and organised, lots of info.http://memmt.info/site/
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