MMT on CNBC, Oil sale, Growth forecast

by WARREN MOSLER

Well done Professor Kelton!

Stephanie Kelton explains Modern Monetary Theory

This is particularly ridiculous:

U.S. offers up to 6 million barrels of oil from emergency reserve

(Reuters) The U.S. Energy Department said on Thursday it is offering up to six million barrels of sweet crude oil from the national emergency reserve in a sale mandated by a previous law to raise funds to modernize the facility. A law U.S. President Donald Trump signed last year requires the department to hold sales to fund $300 million improvements including work on shipping terminals to the Strategic Petroleum Reserve, or SPR, which is held in caverns on the coast of Texas and Louisiana. Previous laws have also mandated sales from the reserve, which currently holds more than 649 million barrels.

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