The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
The MMT'ers are right when they talk about the financial side of things. But I find that they sometimes get so caught up in debunking financial BS that they pay too little attention to the needs of the physical economy.
In particular, a few of them argue that the US' foreign balance is of no particular concern since its import costs are all denominated in US$. I disagree with that position, because the US' foreign balance position means that if other people start demanding hard currency for their stuff, they risk cutting off the flow of goods and services on which the American society depends to be in a state of not-revolution. Since I rather like my society to be in a state of not-revolution, and since I assume that this disposition is shared by most well-fed, reasonably affluent people, knowing that my society's continued being in a state of not-revolution depended on the largess of foreign powers with possibly divergent geopolitical interests...
... would not improve the quality of my sleep.
Austerity can only be implemented in the shadow of a concentration camp.
by A swedish kind of death - Sep 15 7 comments
by ChrisCook - Sep 14 47 comments
by Frank Schnittger - Sep 11 129 comments
by Luis de Sousa - Sep 9 69 comments
by Crazy Horse - Sep 6 10 comments
by Migeru - Sep 4 38 comments
by Metatone - Aug 30 5 comments
by gmoke - Aug 26
by A swedish kind of death - Sep 157 comments
by ChrisCook - Sep 1447 comments
by Frank Schnittger - Sep 11129 comments
by Luis de Sousa - Sep 969 comments
by Crazy Horse - Sep 610 comments
by Migeru - Sep 438 comments
by Metatone - Aug 305 comments
by Xavier in Paris - Aug 293 comments
by gmoke - Aug 26
by Metatone - Aug 227 comments
by eurogreen - Aug 2133 comments
by afew - Aug 1965 comments