wgoggin.bsky.social
Macro, Money, and Fiscal Policy
218 posts
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Sorry, this has the macro and money completely backwards — as does most of Pettis’s stuff.
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I've read this three times and still have no idea what it means. Bet Wolf doesn't either.
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'Increased investment will always be accompanied by increased saving, but it can never be preceded by it. Dishoarding and credit expansion provides not an alternative to increased saving, but a necessary preparation for it. It is the parent, not the twin, of increased saving.'
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'investment financed by savings' - loanable funds fallacy discredited by Keynes nearly a century ago and inconsistent w endogenous money
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Selection bias is a hell of a drug.
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Foreboding quote from a previous piece:
“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?”
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Tie it ALL together.
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This being destroy the best of America.
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And stimulate the economy?
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👍🏻
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Not for long.
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We are *changing out* the machine — from what now exists (democracy?) to dictatorship (autarchy?).
The tariffs (as potential revenue source and replacement for the income tax) are key to the transition.
Key to centralizing spending with the dictator, away from the Congress.
Unitary executive.
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Growth requires redistribution?
That’s backwards.
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One step up, two steps back.
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Chris Rock. 😎
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“When you meet somebody for the first time, you're not meeting them, you're meeting their representative.”
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Nullify and also sabotage / tilt and also cancel.
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And promise.
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Law is for sale just like everything else.
Lose the power of the purse, lose everything.
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To buy time for it all to be dismantled.
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Like law is going to matter. Good luck with that.