Atown @arateof
walk-on Joined September 2017-
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Atown retweeted
$3 trillion in excess reserves. That is 10% of America's GDP sitting in bank accounts at the Federal Reserve. Before 2008, banks kept reserves as close to zero as possible. Why hold an asset that pays no interest and cannot be traded? Then quantitative easing happened and reserves exploded from effectively 0% of GDP to 10%. Now think about what that means for bond auctions. There are roughly 300 auctions a year, nearly one every day. Even if the government ran a deficit of 10% of GDP, each auction would need about 0.1% of GDP. That is 100 times less than the reserves already sitting there. Banks are offered bonds that yield more than reserves and can be traded on secondary markets. The comparison is not even close. Every auction is oversubscribed. Every single one. The people telling you nobody will buy government bonds are ignoring $3 trillion in the room. For a more comprehensive understanding, refer to the full video presentation given in the comments. #SteveKeen #QuantitativeEasing #BondMarket #Economics #MonetaryPolicy #FederalReserve
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@KemtrupTweets "habitat" might be expanded to "natural and human altered habitat" including technology, energy access, agriculture, etc. "habitat dependent" means changing as habitat changes.
@KemtrupTweets Gender: A system of sex role conventions for efficient reproduction and tribal stability which is highly habitat dependent.
Welcome Alec Neel! Alice Neel (American, 1900–1984). Mother and Child, c. 1962. Oil on canvas, 40 × 27 ¼ in. (101.9 × 69.2 cm). Private collection © The Estate of Alice Neel.
@fakehistoryhunt Did you survive endless images of the Norwegian National team fans wearing cow horns for 3 weeks in the USA? If I could have cut them all off for you, I would have.
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Atown retweeted
11 years ago the Bank of England admitted the textbooks are wrong about how money is created. The people advising Congress still have not read it. In 2014, the Bank of England published a paper confirming what critics like me had been saying for decades. Banks do not lend out deposits. They create money when they create debt. The loanable funds model that fills every economics textbook is fiction. That matters because the GAO's entire debt warning is built on that fiction. Their framework assumes a government deficit borrows from the private sector and drains money available for investment. Double entry bookkeeping shows the opposite. A deficit creates money in private bank accounts. It adds to the economy, it does not subtract from it. The Bank of England said it. I have been saying it for 20 years. And every government adviser is still using the model that was proven wrong in 2014. For a more comprehensive understanding, refer to the full video presentation given in the comments. #SteveKeen #MoneyCreation #BankOfEngland #Economics #PrivateDebt
Atown retweeted
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