"It is easy to confuse what is with what ought to be, especially when what is has worked out in your favor."
- Tyrion Lannister

"Lannister. Baratheon. Stark. Tyrell. They're all just spokes on a wheel. This one's on top, then that's ones on top and on and on it spins, crushing those on the ground. I'm not going to stop the wheel. I'm going to break the wheel."

- Daenerys Targaryen

"The Lord of Light wants his enemies burned. The Drowned God wants them drowned. Why are all the gods such vicious cunts? Where's the God of Tits and Wine?"

- Tyrion Lannister

"The common people pray for rain, healthy children, and a summer that never ends. It is no matter to them if the high lords play their game of thrones, so long as they are left in peace. They never are."

- Jorah Mormont

"These bad people are what I'm good at. Out talking them. Out thinking them."

- Tyrion Lannister

"What happened? I think fundamentals were trumped by mechanics and, to a lesser extent, by demographics."

- Michael Barone

"If you want to know what God thinks of money, just look at the people he gave it to."
- Dorothy Parker

Thursday, November 17, 2011

Nick Rowe asks why isn't NGDP targeting a lefty thing?

Yglesias has been pushing it. MMTer Dan Kervick believes it's a ploy to let Obama off the hook. He calls it fadish. He just makes up stuff about QE1 and QE2 not working and then turns around and asserts that runaway inflation will hurt the vulnerable.

The Ur-troll of econoblogs is the one who goes on about inflation when we're facing deflation. My gas and rent is going up!!! The have to be brainless conservative dittoheads.

The Popular Front of NGDP targeting consists of "market monetarists" who don't believe in fiscal policy and Keynesians who do. The output gap is our fascist enemy.

Rightwingers want tax breaks to spur demand. Monetarists want cheaper credit distributed by the Federal Reserve to banks to lend out to businesses.

Leftwingers want the government to bypass banks and invest in infrastructure to create demand.

Or better yet, create a 21st century WPA to create jobs and add demand that way.

Tax breaks don't work well in my opinion and are too unequal in their impact on creating demand. Anything else will do. We need to close that output gap.

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