Just a teaser; read and listen to the rest at the link...
Eric and I had a great time talking with financial mastermind Karl Denninger about the "fiscal cliff" on yesterday's episode of ECOMINOES Radio. (Archive here: segment is about 1hr and 30mins in.) In our discussion, Karl made the excellent point that the optimal outcome of the negotiations would be for no compromise to be reached and the automatic spending cuts to be enacted. His reasoning: the national debt poses such a threat to the economy and Social Security and Medicare are so close to insolvency that there's no more time to "kick the can down the road". Indeed, despite being characterized as draconian, the automatic cuts would still be woefully insufficient given the colossal size of the federal deficit and national debt. (Infographic at the end of this post.) But, at least the cuts would be a step in the right direction. I hadn't heard this argument before...that's why I consider Karl a mastermind.
Why thank you, despite your later comment that you don't like the layout of my blog 
Or just listen in the embedded player (Note: Segment is about 1:30 into the show; roughly 3/4 of the way in.)
http://www.youtube.com/watch?v=wmDYU7UV3kc&feature=youtu.be
This one is good; I went after an "MMT" apologist full-throttle this afternoon.
What is it with these guys who cannot be bothered to reconcile their theories with the canonical economic equation?
You know -- MV = PQ
That's not a suggestion, it's an equality.
M (Money and Credit) * V (Velocity) = P (Price) * Q (Quantity)
So if you emit "M" in the form of deficit spending then PQ must rise, but this does not change the actual amount of output, only the price.
Here you go Mike: 
