Wednesday, Jan 02, 2013
Michael Hudson's 'How I learned to love the right kind of govt deficit'
A continuation of M Hudson's article I posted yesterday @11.13. Lots of MMT - he claims that government surpluses have coincided with depressions, and discusses the difference between 'good' deficits - spending that gets the economy moving - and 'bad' deficits from govt spending not on goods and services and hiring employees but on buying (or taking liability for) mortgages and bank loans, insurance default bets and arbitrage gambles, thus subsidising financial losses by keeping the debts in place so that banks can “earn their way” out of negative net worth by lending again to support the prices of their assets.
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