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Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ
09 April 2018 | Pago Pago, American Samoa
An Informed Atheist Re-Addresses Christianity
10 March 2018 | Pago Pago, American Samoa
A Progressive Reform Program for America
10 March 2018 | Pago Pago, American Samoa
Supply Side and Libertarians Are Wrong and Not Supported by the Data
10 March 2018 | Pago Pago, American Samoa
How Income Inequality Injures People and the Economy
22 August 2017 | Pago Pago, American Samoa
A Democratic Reform Program for America
22 August 2017 | Pago Pago, American Samoa
The Supply Side Libertarians Are Wrong and Not Supported by the Data
22 August 2017 | Pago Pago, American Samoa
The Rise of Economic Ignorance
22 August 2017 | Pago Pago, American Samoa
The Rise of Corporate Dominance and the Rise of Income Inequality (Part VI)
22 August 2017 | Pago Pago, American Samoa
The Rise of Corporate Dominance and the Rise of Income Inequality (Part V)
22 August 2017 | Pago Pago, American Samoa
The Rise of Corporate Dominance and the Rise of Income Inequality (Part IV)
22 August 2017 | Pago Pago, American Samoa
The Rise of Corporate Dominance and the Rise of Income Inequality (Part III)
22 August 2017 | Pago Pago, American Samoa
The Rise of Corporate Dominance and the Rise of Income Inequality (Part II)
22 August 2017 | Pago Pago, American Samoa
The Rise of Corporate Dominance and the Rise of Income Inequality (Part I)
22 August 2017 | Pago Pago, American Samoa
Racial Hatred Is Confused
22 August 2017 | Pago Pago, American Samoa
What To Do About North Korea
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On Neoliberalism
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Ban Hate Marches and Assemblies
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On Miss Piggy and Mr. Pork
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The Demise of the Democratic Party
09 August 2017 | Pago Pago, American Samoa
On Elitism

Why the Critics of MMT Fail

22 December 2016 | Pago Pago, American Samoa
Kimball Corson
Professor Watchlist, launched recently, is a project of Turning Point USA. The group’s mission is to “identify, educate, train and organize students to promote the principles of fiscal responsibility, free markets and limited government” by reporting on college professors who teach anything perceived to be wrong, that is, propaganda different from or inconsistent with that position.

In response to learning about that, one conservative reactionary wrote, “Excellent. Maybe they can expose alt-left economics professors, who espouse the lies of MMT. Stephanie Kelton comes to mind.”

The key MMT “lie” often railed against by conservatives is the positive economic assertion, (which is correct), that “In a country with a sovereign fiat currency system and flexible exchange rates, there is no natural government income or budget restraint or any restraint on government expenditures except ultimately that of inflation, so that government revenue from tax collections and bond sales is unrelated to and disconnected from government expenditures.”

This is claimed to be a lie by conservatives and those opposed to MMT. They cite the US as an example of such a country with a fiat currency, saying revenues are tied to expenditures, and in saying they are correct, too. So professors on which side get reported correctly to the Professor’s WatchList? The anti-MMT group, I submit, absolutely contrary to the quoted reactionary above. Here is why.

MMT is describing such an economy operating in its natural state, politically unrestricted and looking only to inherent economic limitations and restrictions. The anti-MMT group is describing the US economy where the political, exogenous restriction that expenditures must equal revenues is superimposed on government by Congress and the Treasury Department, probably because they don’t understand how the economy works and mistakenly think it is subject to an income or budge restraint, like households and businesses are.

So who is mistaken now, the MMT or anti-MMT group?
Arguably neither, but the anti-MMT group is laboring under a false assumption which manifests itself in the politically superimposed requirement -- independently of and exogenous to the economy and how it operates -- that revenues must equal expenditures. If any group gets reported here, it should be the anti-MMT group for not understanding that and not understanding the MMT position.

This is an example of why and how the critiques of the anti-MMT people of MMT are actually based on their misunderstanding of MMT. It is a long, continuing and very tiresome story and ever and always a question of misunderstanding economics.
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Vessel Name: Altaira
Vessel Make/Model: A Fair Weather Mariner 39 is a fast (PHRF 132), heavily ballasted (43%), high-aspect (6:1), stiff, comfortable, offshore performance cruiser by Bob Perry that goes to wind well (30 deg w/ good headway) and is also good up and down the Beaufort scale.
Hailing Port: Lake Pleasant, AZ
Crew: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
About:
Kimball Corson: I am a 75 year old solo sailor, by choice. However, I did take on a personable, but high maintenance female kitten, now a full grown cat, named KiKiPoo when she is sweet, or KatKatPo after she has just killed something like a bird or bat. [...]
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Although I was a lawyer and practiced law with good success for thirty years, creating significant new law, I never really believed in the law, the politics of law or in the over reaching self-interest of most lawyers I met. Too much exposure to Nietzsche and other good and seriously thoughtful [...]
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Profile

Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ