Monetary Literacy Group Meeting.

On Wednesday, January 30, 2013, the Monetary Literacy Group will continue its discussion on Modern Monetary Theory (MMT). We will be reviewing and discussing the second half of Warren Mosler's book, the 7 deadly innocent frauds.
Deadly Innocent Fraud # 4: Social Security is Broken. Fact: Federal Government Checks Don't Bounce.

Deadly Innocent Fraud # 5: The trade deficit is an unsustainable imbalance that takes away jobs and output . Fact: 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, not because of imports.

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

Deadly Innocent Fraud # 7: It's a bad thing that higher deficits today mean higher taxes tomorrow. Fact: I agree - the innocent fraud is that it's a bad thing, when in fact it's a good thing!