Why Anarchist Anthropologists Shouldn't Make Economic Policy
Anarchist anthropologist David Graeber explains why we needn't worry about deficit spending in the New York Daily News. It's all wrong to imagine that governments, like households, must be concerned by debt, he argues. Why? Five reasons:
1. Households can't levy taxes.
2. When households owe money, they owe it to other people. The U.S. debt is owed mainly to ourselves.
3. When households owe money to other people, they can't just print it. The government can.
4. When someone in your household writes a check, the recipient tends to cash it. Not so when the U.S. sells Treasury bonds to banks in Brazil or China.
5. If a household doesn't pay its debts, creditors can take them to court or call the cops. Internationally, we are the cops.
Feel reassured now?
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Comments :
Apr '11
Re: Why Anarchist Anthropologists Shouldn't Make Economic Policy
This is bad even by the low standards one might expect of an "anarchist anthropologist" (stop giggling). To the extent points 1-3 aren't nonsense, they're just reasons why government debt should be watched *closer* than household debt (except your own). Points 4 and 5, are irrelevant, since all our creditor nations have to do in order to throw the US into turnoil is NOT to haul us into some court, or sic the international authorities on us, or even sell the bonds they've already bought, but simply stop buying new bonds. Unfortunately, our finances are so out of whack that, even if we implement Ryan's "extreme" plan, we don't actually stop borrowing and start paying back our debt for another 15 years or so. What does our anarchist anthropologist (I really mean it, STOP GIGGLING) think will happen when China says the financial equivalent of "No thanks, we're full"?
Jul '10
Re: Why Anarchist Anthropologists Shouldn't Make Economic Policy
tabula rasa: Did someone change the definition of anarchist when I wasn't looking?
· Apr 24 at 11:45am
Edited on Apr 24 at 11:57 am
Someone smarter than me once pointed out that most "anarchists" these days are just socialists with poor vocabulary skills.
On the other hand, "Anarchist Anthropologist" sounds like a great name for a band. Prog-rock, most likely.
May '10
Re: Why Anarchist Anthropologists Shouldn't Make Economic Policy
One more item...I found this when searching for something else.
Direct from that infamous, evil NeoCon, Bill Clinton. Circa 2000 OMB's "A Citizen's Guide to the Federal Budget":
"In a typical American household, a father and mother might sit around the kitchen table to review the family budget. They might discuss how much they expect to earn each year, how much they can spend...and how much they might be able to save for their future needs.
If they do not have enough money to make ends meet, they might discuss how they can spend less, such as by cutting back on restaurants, movies, or other entertainment. They also might consider whether to try to earn more by working more hours or taking another job. If they expect their shortfall to be temporary, they might try to borrow.
Generally speaking, the Federal Government plans its budget much like families do. The President and Congress determine how much money they expect the Government to receive...and how much to spend to reach their goals..."
The best part is....in 2000, Clinton's OMB was run by Jakob Lew. In 2011, the OMB is again run by Jakob Lew....