There is a hypocrisy displayed by the neoliberals. Its ok for the Fed to purchase mortgage backed securities and treasury bonds to raise stock prices, largely benefiting the top-twenty percent of asset holders who own 87% of the wealth. It’s not ok to use the Fed to help finance deficits to repair infrastructure, raise the incomes of workers, and fund social programs. The upshot: keep the wage-laborers unemployed and their incomes stagnant. Make them sweat. Reactionary neoliberals, Nancy Fraser’s term, refuse to raise taxes on the rich to fund social programs. Functional finance provides a viable alternative.

Thank you Jairo for sharing the article.

John P. Watkins
Professor of Economics
Westminster College
1840 South 1300 East
Salt Lake City, UT 84105
Office: 801 832-2628
Cell: 801 550-5834

John Watkins

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Subject: Rogoff on MMT. a clear attack!

Modern Monetary Nonsense | by Kenneth Rogoff<>

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Modern Monetary Nonsense | by Kenneth Rogoff

Kenneth Rogoff

A number of leading progressive US politicians advocate using the Federal Reserve's balance sheet to fund expans...

Jairo J. Parada, PhD.
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