I am returning from the frozen tundra of Boston to a snow storm in DC. Not a bad time for a good book... bell hook's All About Love: New Visions looks to be next on the list.
Now
Stephanie Kelton gave me quite a few mind-bending economics lessons in her book: The Deficit Myth. Our taxes are never used for anything. She's worried not about the national deficit growing too large, but instead, she is worried that Congress will allow the deficit to become too small. The US government cannot default on its debt.
This book is an introduction to Modern Monetary Theory (MMT), with an opinionated and scathing review of US fiscal policy specifically following the Great Recession. By exploring several myths surrounding our understanding of a national deficit, Kelton illustrates how MMT is a better lens through which we should be viewing Congress' spending.
Relying on the fact that (since Nixon took the US off of the Gold Standard) the United States was a monetarily sovereign currency issuer (it has a monopoly on creating the US dollar) of a freely floating fiat currency, Kelton introduces some wild ideas. I will preview one mind-bender here, but to truly appreciate and this statement and more, please get the book.
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"The national debt poses no financial burden whatsoever."
Kelton, Stephanie. (2020) The Deficit Myth: Modern Monetary Theory and the birth of the People's Economy
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With each chapter beginning with a foot-stomping myth-buster like this, I am confident you will burn through this book as I did.
This book easily tops my 2020 list. MMT is not mainstream, and Kelton lays plain how difficult it was as the chief economist on the US Senate Budget Committee to have those around her become comfortable with these ideas. As noted on the blog she started, making the ideas contained within MMT mainstream remains a political problem.
Shoutout to the team at Civic Ventures for introducing me to such a fantastic read.
July 17th, 2020
I finished This Land is Our Land: An immigrant's manifesto by Suketu Mehta, in the Logan Circle grass - with other well separated quarantine-pods. The world is different, but some things never change: a passionate author can captivate you. Few books have opened my eyes in the way this one has.
Reading this book felt like living on Elysium. A faraway place, where those born on one side of a border will dare feats of fantasy and fiction to reach the other side, another place, a better place.
His sections say it all..
- Part I: The Migrants Are Coming
- Part II: Why They're Coming
- Part III: Why They're Feared
- Part IV: Why They Should Be Welcomed
Mehta's book emphasizes the privilege of living in the United States, the privilege of opportunity, the privilege of work, the privilege of safety. I have taken these privileges for granted, but hundreds of millions of immigrants have not.
Despite its 'rage and sadness', Mehta's message is one of hope - hope for a world that sees immigrants for their tenacity, entrepreneurship, and ultimately, their humanity.
May 1st, 2020
I just finished Tightrope, by Nicholas D. Kristof and Sheryl WuDunn. I can't help but see similarities between my hometown of Radford, Virginia and Kristof's hometown of Yamhill, Oregon.
Tightrope brought into focus just how fortunate I was to grow up with the life my parents' provided. And how fortunate I was to be tapped, just as my sister had been, to work on "advanced" material in grade school. While this "advanced" material amounted to an hour sitting at a tiny table in Ms. Thompson's side office, it was the most engaging hour of any school day. If Educated and Glass Castle weren't convincing enough, it's worth reiterating - education empowers.
I have recently fallen in love with Notion. I found myself late at night looking for something to track, write down, or check off just because it is such a joy to use.
Facing an end of sorts to ALMA's startup adventure, I am looking to new opportunities.