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wgoggin.bsky.social
Macro, Money, and Fiscal Policy
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The No Kings protests were the largest in the country's history and the media lied about them, this is a huge problem substack.com/home/post/p-... We need better media if democracy is to survive.

With respect to @judah-grunstein.bsky.social, he's mistaking this for something it's very much not. Thread.

we already live in a world of corporate coins the future is already here, it’s just unevenly distributed for example, kids around the world learn about not just money, but “value,” by playing video game that involve payments denominated in multiple corporate units of account

“The unitary executive theory has long been a darling of the Republican legal movement.” Make that the “IMPERIAL unitary executive” and you have the driving force behind it all. Failure to recognize and push back the plan will be our doom.

“It’s hard to even think about what 80 trillion dollars of obligation to pay U.S. dollars even means. It shouldn’t surprise us then, given the size of these numbers, that whatever is going on with the dollar is found in the ‘dollar swap market’.”

That’s the plan.

“But the ‘Don’ is guilty of something more dangerous than the disruption of the global trading system. He is also threatening the stability of the global financial system.” The real danger is that he doesn’t care. Indeed, blowing it up, is consistent with his ultimate desire for regime change.

Make no mistake: It’s not about tariffs, or trade, or industrialization, or China. Or efficiency, or fraud, or making us wealthier. It’s about settling scores, amassing and centralizing power, and total regime change. Until the battle is engaged on those terms, there is no hope of stopping it.

Great conversation. I would add only that “they” have decided that their two fears — falling birth rates and AI — cannot be addressed within existing democratic structures and institutions, the administrative state, laws, and norms. And can only be addressed with an imperial unitary executive.

“We are at a moment right now where people are asking themselves why can’t the Democratic Party defend this assault on democracy . . . and I would submit to you that if you can’t draw the line at genocide, you probably can’t draw the line at democracy.” — Ta-Nehisi Coates

“Why would Trump want to cut off the rest of the world until they end their trade deficits with the United States, as well as cut off foreign aid, but be okay with Jay Powell and the Federal Reserve lending trillions of dollars to foreign central banks?”

Pretty funny to see a Republican president boasting about imposing the largest tax increase on American workers ever www.nytimes.com/2025/04/08/u... They've come a long way from "read my lips, no new taxes."

As it’s been from the beginning.

Imperial Unitary Executive “I don’t care what any of you think, I can shut it all down, here and everywhere, and I will for any reason, and there’s nothing you can do about it. “Displease at your peril.” Make no mistake: That’s where we’re rapidly headed folks.

“I still think, as insane and dangerous as these tariffs are, that the tariff story is still less important and less dangerous than what is happening on the payment system side of the Trump administration’s chaos.”

“Well-positioned” = “Trapped”

If the U.S. had an opposition party that opposition party would have a bill rolling back these tariffs and radically reducing executive discretion over tariffs already written and would be targeting individual republican congresspeople to pressure them into voting for the bill

Just a Brick in the Wall Tariffs based on lies, inviting a trade war and recession, are a *key* step in tearing down every last vestige of a liberal, diverse, egalitarian, knowledge society. Foaming the runway toward fascism. Ignore their ultimate purpose at the nation’s peril. Think it through.

Unfortunately, backwards.

The worst part of the “compliance in advance” is the business community pretending that this is all an “economic” debate when, in fact, it is a purely “political” project that sacrifices domestic and international wellbeing for a racist, misogynistic, xenophobic future where *everyone* is worse off.

True but not sure it’s exactly the right message at this point.

If we could just get them to use the right apps!

National Debt Hypocrisy No more destructive and evil hypocrisy than for the finance sector that holds and greatly benefits from the safe and liquid US securities comprising the national debt to slander it as “unsustainable fiscal crisis” in order to slash social spending. Absolutely disgraceful.

Great from Richard Murphy. It doesn’t go quite far enough in explaining where “fiscal rules” truly come from to begin with. They derive from a myth VERY broadly shared, even among the strongest *progressive* critics of fiscal rules: that government must and does borrow to spend. Both are FALSE.

Hide the Salami Redux Think the tariff back-and-forth is a policy debate about trade policy? Best dig a little deeper. It’s actually about how to avoid recession while making working class American consumers “pay for” extending trillion$ in tax cuts to billionaires. He’s WAY ahead of you.

All part of the plan.

Yes, Trump says insane shit and we waste time discussing the merits. But Trump is not insane. Or senile. He has a plan that all of the individual elements of insane shit fits into. That’s what we should be discussing. His plan for America and how it’s quickly and scarily coming to fruition.

How Stupid Are We? The “national debt” can be paid off any day with minimal negative consequences. Why then are we hell bent on slashing government spending on everything from Medicare to Social Security to Poverty to Education to Climate Change by $2T. Are we really that stupid? Apparently so.

There is no state of the world where the US violently invades and annexes Canada and there are free and fair elections in the United States These two states of the world are incompatible

The important bit here is that Jason Furman is going to make it impossible for any Democrat to support economic stimulus, and we're going to immiserate millions of people needlessly in a future recession. democracyjournal.org/arguments/tr...

The *mainstream and bipartisan* mischaracterization of the national debt as burden has played a central role in persuading the majority of Americans that our economy requires *drastic* structural change. A destructive, right-wing, austerity MYTH, it drove us to where we are today. SO depressing.