Really smart tech people stoop to balancing nominal bookkeeping numbers? beyond belief!!
What part of simple logic don't these people understand? My faith in tech CEOs is demolished.
Their efficiency tactics are all admirable, & to be encouraged - but their stated policy & goal reasoning is so naive it's embarrassing!
We should be spared the shame of hearing them try to speak in public about fiscal policy (not that Obama or Geithner are any better, but .... no further comment).
For god's sakes, someone PLEASE ask them to review the following links before EVER opening their mouths about fiscal policy again! PLEASE!
Sample references on basic monetary operations.
"Almost everybody talks about budget deficits. Almost everybody seems in principle to be against them. And almost no one, literally, knows what [they are] talking about."
http://books.google.com/books?id=jTSddYcGA6gC&printsec=frontcover&dq=Robert+Eisner,+The+Misunderstood+Economy&source=bl&ots=nz6wJ-sCnK&sig=6Vli8JdSQLSwlg9K1rVcdnW2SIc&hl=en&ei=KeQx6AEwAA#v=onepage&q&f=false
Public initiative and the beginning of US currency: A confused electorate can end up pretending to borrow it's own currency, instead of creating it? http://www.monetary.org/briefusmonetaryhistory.htm
Understanding Modern Money [a historical guide] http://books.google.com/books?id=6PMuExCtMe8C&pg=PA18&dq=Understanding+Modern+Money:+The+Key+to+Full+Employment+and+Price+Stability&source=gbs_toc_r&cad=4#v=onepage&q=&f=false
Fiscal sustainability 101, by Bill Mitchell http://bilbo.economicoutlook.net/blog/?p=2943
Teaching the Fallacy of Composition: The Federal Budget Deficit, by Randy Wray http://www.cfeps.org/pubs/pn-pdf/PolicyNote2006-1.pdf
The 7 Deadly, Innocent Frauds of Economic Policy, by Warren Mosler http://moslerforsenate.com/wp-content/uploads/2010/06/7DIF.pdf
"ECCLES: We [the Federal Reserve] created it.
PATMAN: Out of what?
ECCLES: Out of the right to issue credit money.
PATMAN: And there is nothing behind it, is there, except our government's credit?
ECCLES: That is what our money system is."
- Federal Reserve Board Governor Marriner Eccles in testimony before the House Committee on Banking and Currency in 1941, during questioning by Congressman Wright Patman about how the Fed got the money to purchase two billion dollars worth of government bonds in 1933. http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=Federal+Reserve+Board+Governor+Marriner+Eccles+in+testimony+before+the+House+Committee+on+Banking+and+Currency+in+1941
http://en.wikipedia.org/wiki/Marriner_Stoddard_Eccles
“When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and [pretends to pay]interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks. I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue.”
John Wright Patman, US House (1929-1976), Chairman, House Committee on Banking and Currency (1963-75)
On a fiat currency standard, taxes are NOT fiscal revenue. http://tinyurl.com/y3dkda3 http://en.wikipedia.org/wiki/Beardsley_Ruml
"If there were no [nominal] debts in our money system, there wouldn't be any money [in private circulation]." Marriner Eccles, Federal Reserve Chairman, 1941 http://en.wikipedia.org/wiki/Marriner_Stoddard_Eccles
Scott Fulwiler: Modern Monetary Theory—A Primer on the Operational Realities of the Monetary System http://www.moslereconomics.com/wp-content/graphs/2010/08/MMT-Scott-Fullwiler.doc