PUBLIC DEBT HYSTERIA IN ITALY ЁЯЗоЁЯЗ╣
Each passing day, I'm more and more astounded at the hysteria surrounding public debt in Italy. This hysteria has country-specific peculiarities. In Italy it's somehow different from the US, the UK or Germany. 1/18

This hysteria is due not only to ideology, but also to provincialism, pusillanimity, rancor towards the State and disregard for legitimate national interest. Let's analyse these issues. 2/18
IDEOLOGY. The Italian free-marketers ("liberisti all'amatriciana") are often a parody of their American and British counterparts. They seem to lack (or pretend to lack) basic understanding of the functioning of government bonds. 3/18
There's no such thing as a free market of government bonds. Or better: a free mkt of gov't bonds can exist only in a monetary union where the central bank doesn't guarantee that single national governments will not fail. We've seen the negative effects of such architecture. 4/18
However, thanks to PEPP, the @ecb implicitly prevents governments' failure. At least for the moment.
This means that the mkt for gov't bonds is controlled by a public authority:it's what usually occurs(and should occur) in every well-functioning modern economy(and democracy) 5/18
Italian free-marketers seem unable to grasp this. Being the mainstream in Italian media, academia and public debate, they deeply influence with their opinions the ideas of common people.
"Public debt is bad! It needs to be repaid! It's a burden on future generations!" FALSE
6/18
PROVINCIALISM. Italian free-marketers claim to be cosmopolitan and well-traveled, but they are filled with provincialism. They don't recognize that public debt hysteria is being abandoned in most foreign countries. 7/18
This international cultural shift has been happening for some years. Just try and listen to the likes of @ojblanchard1, Paul Sheard or even Warren Buffett!
Blanchard: https://t.co/XlmW8kdJ70
Sheard: https://t.co/cAuYmyY0A4
Buffett: https://t.co/9WgTO7HVPX 8/18
This shift has intensified during this crisis: https://t.co/2rrlnn61SO 9/18
Reasoning about g>r is not the purpose of this thread. What I want to stress here is that many are *discussing* about public debt and don't blindly believe anymore in Reinhart&Rogoffology. 10/18
PUSILLANIMITY. Abandoning outdated beliefs on public debt requires courage and intellectual independence. True, it is hard to repudiate what they taught you from the first undergrad microeconomics course. But Dante would have slammed these timid compatriots of his. 11/18
RANCOR TOWARDS THE STATE. The obsession with public debt in Italy is often the result of "hatred" or rancor towards Italian State, usually depicted as the main responsible for the Italian economic decline. 12/18
However, as @heimbergecon has clearly explained, the Italian government has never overspent at least for the last 30 years. If anything, it has underspent. 13/18
https://t.co/BHdDT1d8oC
DISREGARD FOR NATIONAL INTEREST. Many Italian economists, policy-makers and intellectuals simply don't care about Italy and their fellow citizens. Their neglect for legitimate national interest is absurd. 14/18
@EuroBriefing has often underlined this. 15/18
https://t.co/ObFrc8JN6k
The neglect by many Italians for national interest leads them to see public debt and deficit spending as useless or even dangerous. They don't recognise them as means to promote full employment and economic prosperity at home, which would make their country stronger abroad 16/18
So, to understand the attitude towards public debt in ЁЯЗоЁЯЗ╣, one should take into account these issues:
-ideology
-provincialism
-pusillanimity
-rancor towards the State
-disregard for legitimate national interest
They all count. They all need to be addressed. 17/18
To conclude, claiming that obsession with public debt is outdated is not the result of a particular theory.
"After all, this is only the plainest common sense", to quote Keynes. 18/18

More from Society

The UN just voted to condemn Israel 9 times, and the rest of the world 0.

View the resolutions and voting results here:

The resolution titled "The occupied Syrian Golan," which condemns Israel for "repressive measures" against Syrian citizens in the Golan Heights, was adopted by a vote of 151 - 2 - 14.

Israel and the U.S. voted 'No'
https://t.co/HoO7oz0dwr


The resolution titled "Israeli practices affecting the human rights of the Palestinian people..." was adopted by a vote of 153 - 6 - 9.

Australia, Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No' https://t.co/1Ntpi7Vqab


The resolution titled "Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan" was adopted by a vote of 153 тАУ 5 тАУ 10.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/REumYgyRuF


The resolution titled "Applicability of the Geneva Convention... to the
Occupied Palestinian Territory..." was adopted by a vote of 154 - 5 - 8.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/xDAeS9K1kW
IтАЩll address every nonsense argument and lie used to defend the suicidal gender ideology Thats in vogue today:

3:45 - тАЬSo what if you donтАЩt have gametes?тАЭ

ItтАЩs called a birth defect. YouтАЩre still male or female.


~5:00 *nonsense trying to say the sexes of seahorses could be swapped coz male carry the eggs*

male doesnтАЩt produce eggs, he produces the sperm. HeтАЩs still the male. If I impregnated a chick then carried the amniotic sac in a backpack тАШtil the baby was done IтАЩll still be maleЁЯджтАНтЩВя╕П

5:10 - we could say thereтАЩs 4 sexes of fruit fly cause thereтАЩs 3 producers of different sized sperm

No. TheyтАЩre still producing sperm. TheyтАЩre males. This is idiotic. Is this whole video like this? (Probably. 99% likely. Abandon hope.)

~6:10 - hermaphroditism and sequential hermaphroditism exists therefore....

No. Some animals being hermaphrodites, which is meaningless w/o the existence of binary sex to contrast it to, still doesnтАЩt make gender ideology or transgenderism valid.

Intersex тЙа transgenderism ЁЯЩД

6:20 - bilateral gynandromorphism is a disorder in some species (not in humans). Has nothing to do w/ тАЬgenderтАЭ or transgenderism.

Ova-testes in humans are also a disorder, usually found in those w/ the karyotype disorders that you ppl also try to appropriate (extra XтАЩs/YтАЩs).

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I hate when I learn something new (to me) & stunning about the Jeff Epstein network (h/t MoodyKnowsNada.)

Where to begin?

So our new Secretary of State Anthony Blinken's stepfather, Samuel Pisar, was "longtime lawyer and confidant of...Robert Maxwell," Ghislaine Maxwell's Dad.


"Pisar was one of the last people to speak to Maxwell, by phone, probably an hour before the chairman of Mirror Group Newspapers fell off his luxury yacht the Lady Ghislaine on 5 November, 1991."
https://t.co/DAEgchNyTP


OK, so that's just a coincidence. Moving on, Anthony Blinken "attended the prestigious Dalton School in New York City"...wait, what? https://t.co/DnE6AvHmJg

Dalton School...Dalton School...rings a

Oh that's right.

The dad of the U.S. Attorney General under both George W. Bush & Donald Trump, William Barr, was headmaster of the Dalton School.

Donald Barr was also quite a


I'm not going to even mention that Blinken's stepdad Sam Pisar's name was in Epstein's "black book."

Lots of names in that book. I mean, for example, Cuomo, Trump, Clinton, Prince Andrew, Bill Cosby, Woody Allen - all in that book, and their reputations are spotless.