There’s a lot of commentary in the blogosphere (see for example here here here and here) on the two prominent GIGO posts by Paul Krugman concerning MMT (Modern Monetary Theory). I won’t add my 2 cents as I’m busy searching a Sympathy Card for Paul.
Update: Jamie Galbraith responds to Paul Krugman’s fear of US insolvency. Reads like an adult takes a child Nobel laureate by the hand to walk him through some basic facts.
I already wrote that the two GIGO posts of Paul Krugman on MMT (Modern Monetary Theory) produced a lot of response by the MMT ‘sect’. Among the stuff I read was a post »Dear Paul Krugman: You Do Not Understand Modern Monetary Theory« by Cullen Roche on seekingalpha.com. Going through the comments I found this GIGO comment pearl of wisdom by a Prof. Daniel P. Remy.
A few days ago, sporting enthusiasts announced the start of the annual fox hunting season. The fox hunt is important because this is how the nation procures the population’s meat supply.
On a related note, the nation also recently just concluded the annual tax season. Tax is important because this is how a sovereign, fiat-issuing nation pays for its spending.
