Freedom of assembly is a Constitutional right, Mayor Bowser.

“Jeffrey Epstein companion” - right.

Meanwhile, China can't seem to stop throwing its citizen journalists in jail. Never mind the Muslim concentration camps.

President Trump speaking momentarily.

The purpose of this thread will be to transcribe his remarks live to the extent possible.

View of the crowd.

Photos

God be with you all.

I am bemused by those who demand that we repay the UK government’s debt. It makes me wonder, do they know what it is? And how do they think it can be repaid? And do they appreciate the consequences? A thread is coming on......bear with me, because I think you need to know this.

First, what is the UK government’s debt? I’ve immersed myself in this issue and can confidently say the Office for National Statistics’s figures are wrong, most especially because they claim that the UK government is in debt by owing money to itself. That’s not possible.

Whatever the Office for National Statistics like to claim, money you owe yourself is not debt, and so quantitative easing cancels about £800 billion of UK national debt right now. There are other mistakes in their numbers, but I’ll just stick with this one for the moment.

So, if the ONS claim the national debt is around £2.1 trillion at present, it isn’t. Allowing for the UK government owning around £800 billion of its own debt the figure reduces to maybe £1.3 trillion, give or take a bit. But that, I hasten to add, is not the end of the story.

It’s important to understand that the ONS includes some things few would think of as debt in their figures. For example, around £200 billion (£0.2 trillion) of National Savings balances are included in the national debt. Whoever knew Premium Bond holders were such a burden?

Thread:
I'm thinking about Tim Keller's influence.

There is the curious fact that Keller is well-regarded among the culture elite (or at least has not suffered the sort of vilification one might expect given his influence). How can we explain this?

Looking at Prodigal God and other writings, you see that his approach to urban ministry is deeply political in a way that appeals to Democrat-heavy cities. It involves two moves:

1) equalizing sins: elevating the sin of hypocrisy, "moralism," and "religion" (the sins of "conservatives") and equating these with the sins tolerated among liberal (e.g., homosexuality)
&
2) emphasizing "self-righteousness" as a sort of chief sin (the sin of "red states").

Keller effectively downplays the sins that liberals tolerate while elevating the sins of their political enemies, the red state conservatives.

But the greatest appeal to liberals is that critiquing the "self-righteous" vilifies political action, particularly the action of social conservatives (e.g., anti-gay marriage). And the equalization of sins eases concerns over changes in social policy (e.g., gay marriage).

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While debt-to-GDP ratios already have a limited but very misunderstood use, it seems economists are finding bright new ways of misunderstanding them. Now we say that when nominal interest rates are lower than nominal growth rates, the

2/9

downward pressure on the debt-to-GDP ratio makes rising government debt and larger government deficits more sustainable and more easily justified.

This is totally confused. When the nominal interest rate is lower than the nominal GDP growth rate, it only means that net...

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borrowers are getting a disproportionate share of growth relative to net lenders. This in and of itself changes the comparability of the debt-to-GDP ratio, so the fact that the ratio may decline tells us nothing about its sustainability which, I'm glad to say, isn't...

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a mistake Olivier Blanchard makes in this article.

At least three things matter. First, whether or not rising debt is sustainable depends almost wholly on underlying conditions in the real economy, and only trivially on the arithmetical relationship between...

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the interest rate and the growth rate. Second, this approach simply assumes away financial distress costs, in which case debt capacity is infinite anyway and the interest rate becomes irrelevant. And third, it assumes that the nominal debt level matters independently...

Last week, @CleCityCouncil started reviewing Mayor Frank Jackson’s proposed city budget for 2021. There was robust discussion, and Documenters were there to cover it. Here’s a thread of what we learned last week about the #CLEBudget

First, it helps to know where we are in the budget process. From today through Feb. 24, the council will meet about the General Fund budget. The council will then agree on a budget with their changes (if any); 15 days after doing so, they can vote to make the budget official.

In other words, there’s still time to use your voice! The #refundcleveland tool can help. Create the #CLEBudget you want and send it to your council member. Click “Change the Budget” on the homepage and follow the on-screen instructions from there.

Want to know the budget basics? Our #CLEBudget primer details the timeline, different types of budgets and the funds involved, and defines budget-related terms. It can be a helpful guide during City Council’s discussions.

And don’t forget: all these meetings are livestreamed on City Council’s YouTube channel. They’re slated to start at 9 a.m. every business day from today through the 24th. You can also follow along with #CLEDocumenters live-tweet threads and