Discover and read the best of Twitter Threads about #LearnMMT

Most recents (24)

💵) How many times do you need telling?
It's exactly the same in the UK. The government cannot run out of money! Tell the people about Modern Monetary Theory and change the world!! #MMT #LearnMMT #JobGuarantee #GreenNewDeal
💷💷) The UK government is *not* short of money!
And they do *not* need 'taxpayers' money' to spend!!
💷💵💷) And they do *not* need to borrow!
The UK government can create as much money as necessary to ensure full employment and that everyone's normal needs are met!! They just choose not to do so!!!
Read 5 tweets
State based medicare... under the best of circumstances, is a TERRIBLE idea, why?

Your state would create an unsustainable blue print set to fail and prove "socialism don't wurk" and it would kill healthcare.

There is no exception. It's simple economics.
The Feds issue the money. Healthcare is super expensive when you arent the currency issuer.

Pensions are Super expensive when are not the currency issuer.
Earthquakes are super expensive when you are not the currency issuer

Wildfires are super expensive when you are not the currency issuer.

This isnt a feelings game.
Read 6 tweets
To tax or not to tax... that is not the question.

Thread 1/x
The issue is not whether the rich should be taxed more... of course they should... for a host of reasons from income and wealth inequality to access to scarce real resources that should serve the public and to mitigate their influence within the public sphere.
But the real question is why do folks attach tax wars to programs that save lives? Like #M4All or #CancelStudentDebt. It is allowing people to die fighting a tax war to pay for life saving progs when taxes dont fund those progs at all. I call those who do that murderers by proxy.
Read 6 tweets
Pretend you understand #MMT (Modern Monetary Theory) and look down at your child, knowing we have less than 12 years to substantively reduce our carbon footprint massively to stave off some of the more deleterious effects of climate change heading towards us.
1/x
You know that Congress and other sovereign currency issuing nations can simply spend what must be spent to save us all from disaster. (Same with Healthcare and education amongst a host of basic needs left unmet)
Now... pretend that the major parties are both corrupt and 3rd parties are steeped in economic illiteracy that edges up on at worst criminal negligence and the very least incompetence.

What do you do?

Now stop pretending.

That is what we are facing today.
Read 7 tweets
Why do you suppose so many who refuse to actually read MMT literature feel compelled to critique it?
and why do they insist on waxing on about numeraires like the petrodollar or "end of dollar hegemony" when in fact Japan, the UK, Australia and even Canada are case studies that show the vapid nature of these claims?
Japan and China each have a sovereign free floating fiat currency and in the case of Japan have nearly 300% Debt to GDP ratio and they cannot crack 2% inflation and absolutely NO ONE is suggesting to not do business with Japan or that they are broke or anything else.
Read 16 tweets
The U.K. a government is NOT a household OR business, it has the power of the public purse. #MMT exposes the myths and reveals the policy space available for public purpose if we can win the votes to achieve our goals.
Pushing our politicians and policy makers to accept the reality of monetary operations isn’t easy, @StephanieKelton has made it a whole lot easier with her best selling book ‘The Deficit Myth’.
Buy and share a copy and let’s get the U.K. building a better economy.
#LearnMMT Image
The purpose of taxation is for the government provision itself by creating unemployment, driving demand for its currency.
Tax destroys currency returned to the issuer, making space for further spending, it doesn’t pay for anything.
Income & sales taxes are highly regressive.
Read 4 tweets
We have a brand new website, realprogressives.org. It's organized in a way that makes it perfect to #LearnMMT and about progressive issues in general.
On the main page, you see an article from @ALT_JD explaining the transition from the progressive New Deal to the current failed, neoliberal state of the economy in America.
If you notice the top of the page, there's the menu with the sections of the website. The most important menu item is the #MMT section. It breaks down this difficult subject using podcast episodes, videos, and articles. You'll notice this theme elsewhere. realprogressives.org/mmt-basics
Read 21 tweets
A) It’s interesting that Modern Monetary Theory (MMT) is not only the equivalent of the RAF squadrons with their international fighter pilots, the anti-aircraft gun batteries and the Home Guard in the current battle for British welfare but also the... rt.com/op-ed/499549-b…
B)..battle-ready Bomber Command. But *all* of the self-appointed Lefty social campaigners like @NeilClark66 studiously ignore it. Why might that be? It’s like they are all tolerated or even enabled by the Establishment to form an illusion that the oppressed have representatives..
C)..fighting for them - to constantly engender hope, failure, apathy and depression. We are awash with them. Stand up for yourselves! Form an effective guerrilla force. Learn MMT and fight back! #MMT #LearnMMT #JobGuarantee #GreenNewDeal #MythBusting #PeoplesEconomy
Read 3 tweets
A) ‘The Use and Abuse of MMT’. CounterPunch (13.04.2020).
This is a stunning paper from @NatCounterPunch written by Hudson, M., Bezemer, D., Keen, S. @ProfSteveKeen & Öncü, T.S. @t_oncu. The beautiful psychological concept of money which could be used to address the natural...
B)..physical, emotional and intellectual needs of everyone by being democratically controlled to create full employment whilst protecting the environment is being consciously used by the finance industry and neoliberal governments to oppress the people and enrich the few. Their..
C)..aim is to capture the money creation process, destroy democracy, shrink the state to simply guarantee the currency and be an authority for social control and waging war, and create a financial oligarchy. Learn Modern Monetary Theory and fight back! #MMT #LearnMMT #JG #GND
Read 3 tweets
First things first we have a sovereign, non-convertible, free floating fiat currency that is backed by an obligation: taxation.
Second: no one says we can just print da muney... all dollars are merely a tax iou and are created by keystrokes. The birth of a dollar is congressional spending and the death of the dollar is taxation
Third: QE is not "printing money". It is merely swapping debt for liquidity. Banks do not lend reserves...
Read 11 tweets
Economic ignorance has led to millions and millions of people thinking it is their hard earned tax dollar paying for "illegal immigrants" and a lack of a Federal Job Guarantee is what is making the same millions of people think the "illegals" are stealing their jobs. 1/x
And since millions and millions of white Americans are severely impoverished, broken and barely surviving, they feel they are competing with these "damn Mexicans and Muslims", "thugs" and other minority communities struggling even worse for generations.
Millions and millions of people on the left not to be outdone by those "evil people on the right" believe that we have to raise taxes and punish people for the past when neoliberalism has already exacted a HEAVY price on every one that is not part of the Plutocracy.
Read 13 tweets
It’s true. 🤥
There is a god.
Nuns aren’t violent.
There are no myths.
Psychiatry is rational.
Heaven is straight up.
Dreams can come true.
The Sun orbits the Earth.
Everybody envies Britain.
Homeopathy makes sense.
We must reduce the ‘deficit’.
The BBC is a public service.🤫
Depression is a chemical imbalance. 🤥
The Tooth Fairy leaves coins under pillows.
Gentlemen’s hands cannot cause infection.
There is no money except ‘Taxpayers’ money’.
The British have the best everything in the world.
Santa delivers to every home in the world in one night. 🤫
Leprechauns leave pots of gold at the ends of rainbows. 🤥
Our grandchildren will be paying back the ‘Debt’ forever.
We have to tax rich people, tooth fairies and leprechauns so that the government has money to spend or we’ll have to do without the basic necessities of life. 🤣
Read 4 tweets
Why does MMT recommend the job guarantee and ZIRP?

[A layperson tutorial to #LearnMMT v.1]

MMT is fully a descriptive body of knowledge. Once understood, however, it is simply not reasonable *not* to implement the JG and, secondarily, ZIRP.
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If you understand MMT and yet still want neither policy, the burden is on you to justify why large swaths must continue to suffer the ravages of unemployment. MMT demonstrates it is possible to stabilize the economy by keeping all (who want to be employed) *employed*.
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The absolute ravages of unemployment, on individuals, families, and society as a whole. Unchecked, unemployment behaves no differently than a biological plague. From "Unemployment: The Silent Epidemic" (2017) by @ptcherneva: levyinstitute.org/pubs/wp_895.pdf
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Read 10 tweets
1/ Good things to read when first learning #MMT.

[#LearnMMT THREAD v.2.1]

First, a single article explainer of #MMT by @StevenHailAus, economist and lecturer in economics, University of Adelaide. theconversation.com/explainer-what…
2/ A single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU): forbes.com/sites/johnthar…
3/ A single article explainer of #MMT by @jocobmag multimedia editor Rebecca Rojer thenewinquiry.com/the-world-acco…
Read 12 tweets
1/ The #MMT view of inflation. A mega-thread.

This is a layperson tutorial with many papers, lectures, & even podcasts created by (and of) #MMT economists & scholars.

First, in order to (really) understand inflation, we need to understand what it's not.
2/ The academic response to "What is #MMT's theory of inflation?"
Read 5 tweets
A) Very good George @GeorgeMonbiot. Now please advise your readers that the position, power, wealth and privilege of the 950 years old ruling regime in the UK, via their land-grabbing, resources-thieving, genocidal and crusading mindset is based upon nothing more than the self...
B)..-interested application of a psychological concept - 'money'. They have used and continue to use a brilliant human invention, which could have long been used for good and to everyone's advantage, in a hideous, selfish and sociopathic way! Help pull the rug out from under...
C)..the feet of the establishment. Promote the insights of Modern Monetary Theory and expose the main manipulative lies/myths of 'the deficit', 'the national debt' and 'taxpayers' money' and encourage the people to take control of the means of the creation and utilisation of...
Read 4 tweets
A) You keep saying 'we' George @GeorgeMonbiot and assuming we're all complicit but the perpetrators are only a relatively small number of people who have a vile mindset going back 950 years. The Norman-Westminster/City of London Regime treated the people of these islands with...
B)..their land-thieving, resources hoarding, genocidal, crusading mindset and then exercised it around the globe. They have spent centuries establishing a complex structure to reinforce and maintain their power and privilege; including creating a sanitised fantasy of their...
C)..nature, entitlement and crimes. But we aren't all fooled. Some of us sensed since childhood, despite the conditioning and propaganda via the church, curriculum, media (including comics) and the @BBC that it was all a deadly farce. The last myth to be dispelled for me after...
Read 7 tweets
1/ A thread on Art Laffer, his ridiculous island analogy, and the real world, mass suffering caused by both.

[#LearnMMT v.1]
2/ If there are two farmers on an island and NOTHING ELSE, then what does unemployment even mean? Where does the "employed" farmer get that money? What purpose does money serve?

In this scenario, the farmers help each other to survive, or they die.
3/ So the successful farmer can grow his crops just fine but he won’t give any food to the unsuccessful farmer because the latter doesn’t have any "money"? Money is an even more meaningless concept when you imagine an island with ONE farmer & nothing else.
Read 18 tweets
1/ Chartalism

which is also called

The state theory of money

or in #MMT parlance,

"Taxes drive money"

[A layperson tutorial to #LearnMMT, v.1.1]
2/ Central gov'ts don't need your taxes to pay for stuff (state and local gov’ts do). They gave it to you in the 1st place! Why would they need it?

They don’t just "don’t need your money to pay for stuff," they **can’t possibly use** it to pay for stuff.
3/ The central government (or, “the state”), which is the one and only monopoly currency issuer, doesn’t need your money, It needs YOU to need THEIR money, and it does this by imposing taxes.

Why do they do this? So you do stuff that society needs doing.
Read 16 tweets
1/ Banks create the vast majority of money in the economy, but it‘s credit, not currency. Currency doesn’t have to be paid back. Most receive it as a paycheck for doing labor.
2/ Bank credit Is in the form of credit cards or loans, and must be paid back 100% plus interest. Once paid back, it disappears.
3/ The fact that more than 90% of money in the economy is created from banks is (A) a bad thing that the government could change (by regulating or providing more for its people) but doesn’t and (B) does not provide anyone wealth.
Read 4 tweets
1/ Every major hyperinflation in history was the result of a catastrophic supply shock (w no corresponding drop in demand). In a desperate final attempt to stave off the inevitable, lots of money was created – this was a consequence, not cause, of the hyperinflation.
2/ The reality of hyperinflation in 1920s Weimar, Germany, by Modern Money Network (@thepublicmoney) Research Director @nathantankus: nakedcapitalism.com/2013/03/german…
3/ The reality of hyperinflation in general, by American economist L. Randall Wray. nakedcapitalism.com/2011/09/randy-…
Read 7 tweets
If I ask you how the next war will be funded, the answer is: Congress will vote on a defense bill and authorize spending.

Not taxpayer dollars

1/x
So if I ask you how will we pay for Medicare for All... What do you suppose is the answer????

The answer is: Congress will vote on a Medicare for All bill and authorize spending.

Not taxpayer dollars
If I ask you how we will keep the states out of bankruptcy & keep paychecks coming in for every working American & Basic Income paymts for those w/out, how will that be funded???

The answer is: Congress will vote on a Nationalize Payroll bill & authorize spending. Not taxpayer $
Read 9 tweets
2/ A one-pager by economists L. Randall Wray and Yeva Nersisyan
levyinstitute.org/pubs/op_62.pdf
3/ Economist Pavlina Tcherneva (@ptcherneva)'s recommended response to the #coronavirus health crisis: project-syndicate.org/commentary/cor…
Read 14 tweets
A)*Sigh* You keep missing the point Pod. Are there no non-white politicians, commentators and journalists defending, or ignoring the arguments against, ‘austerity’? Osborne and the Eton-CambOx-Whitehall Crew have caused more distress, destruction and death to white people in...
B)..the UK than to others. What’s the point of criticising him because he’s white? The in-group creates and manipulates lots of out-groups to attack each other and leave them alone. You are behaving as programmed. But their wealth, privilege and power is all based upon a fraud...
C).., upon a psychological concept that they have used exclusively for their own benefit - money. You should focus on collating a massive in-group of people of all physical, psychological and social variables and take control of that concept and their excess wealth from them. ...
Read 4 tweets

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