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harset
12-21-09, 06:14 AM
The Seven Deadly Frauds of Economic Policyffice ffice" /


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By Warren Mosler<O:p</O:p


Deadly Innocent Fraud #1:<O:p</O:p
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The government must raise funds through taxing or borrowing in order to spend. <O:p</O:p


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In other words <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:p</O:p</B>

Deadly Innocent Fraud #2:<O:p</O:p
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With government deficits we are leaving our debt burden to our children.<O:p</O:p
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Fact: <O:p</O:p
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Collectively<st1:PersonName>,</st1:PersonName> in real terms<st1:PersonName>,</st1:PersonName> there is no such burden possible.<O:p</O:p

Deadly Innocent Fraud #3:<O:p</O:p
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Government budget deficits take away savings.<O:p</O:p
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Fact:<O:p</O:p
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Government budget deficits ADD to savings.<O:p</O:p

Deadly Innocent Fraud #4:<O:p</O:p
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Social Security is broken.<O:p</O:p
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Fact:<O:p</O:p
Government Checks Donít Bounce.<O:p</O:p

Deadly Innocent Fraud #5:<O:p</O:p
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The trade deficit is an unsustainable imbalance that takes away jobs and output. <O:p</O:p
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Facts:<O:p</O:p
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Imports are real benefits and exports are real costs. Trade deficits directly improve our standard of living. Jobs are lost because taxes are too high for a given level of government spending<st1:PersonName>,</st1:PersonName> not because of imports.

Deadly Innocent Fraud #6:<O:p</O:p
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We need savings to provide the funds for investment.<O:p</O:p
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Fact:<O:p</O:p
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Investment adds to savings<O:p</O:p

Deadly Innocent Fraud #7:<O:p</O:p
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Higher deficits today mean higher taxes tomorrow.<O:p</O:p
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Fact:<O:p</O:p
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I agree<st1:PersonName>,</st1:PersonName> <O:p</O:p
the innocent fraud is that itís a bad thing<st1:PersonName>,</st1:PersonName> <O:p</O:p
when in fact itís a good thing!!!<O:p</O:p


http://www.moslereconomics.com/wp-content/graphs/2009/10/SDF.doc

Any light on the above claims by Warren Mosler.........

ThePythonicCow
12-21-09, 03:39 PM
Microsoft doc format adds some sort of mark, I think it is a pair of colon-P's, at each hard newline, which ends up as a pair of :p smilies. This makes copy and paste of such documents rather unpleasant to read. Sorry. I'd recommend either finding some way to move this text over without these many dozens of smilies, or removing them by hand.

metalman
12-21-09, 06:06 PM
The Seven Deadly Frauds of Economic Policyffice ffice" /




Any light on the above claims by Warren Mosler.........

downloaded it an read up to the point where he confuses the fed's double entry booking with fed gov't tax revenues & borrowing vs expenditures. fed can't go broke... true. gov't can't go broke... false. the fed reserve balance sheet & the fed gov't balance sheet are not the same. if he can't even get that simple fact right, what else did he get wrong? book's a waste of time.

harset
12-22-09, 12:52 AM
Thanks metalman for clarifying the things.....