Discover and read the best of Twitter Threads about #MMT

Most recents (24)

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
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A thread reflecting on recent #MMT discussion/debate/name calling in Aus Twitter.

I've been watching detractors and critics of MMT battling it out with proponents and it has led me to hate the internet even more and spend less time on Twitter lately. #auspol #ausecon
My feed seems full of people on both sides calling each other names and weaponising quote tweets in what appear to be mindless attempts to win the internet, and generally assuming the worst of each other. Often these are people whose values are 90% aligned.
It's easy to discredit a body of thought; just criticise it, then engage & amplify those who defend it badly. Constructive critical engagement involves engaging the thoughtful, considerate and open proponents. In #MMT examples of such people are @StevenHailAus & @StephanieKelton.
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#MMT & #Inflation One more time for the people in the back (or without a search engine). #Thread
Read this @FTAlphaville piece by @stf18 @NathanTankus & @rohangrey:…
Here's my way of framing the conversation. 1/n
If you've been in a coma for the last 12 years, you need to catch up on your central banking a bit:
"Fed has no reliable theory of inflation, says Tarullo"
In other words, mainstream econ has no idea what causes inflation, let alone how to deal with it. #MMT does. As an MMTer, I am obsessed with the risk of #inflation. 3/n
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“It’s unsafe and irresponsible to reopen schools in non-green zones”

Keeping open schools in non-green zones, as is the case in Australia currently, is unsafe & irresponsible.

#get2zero #lockdownNSW #elimination #SchoolsMustShutdown #JustRecovery #covid19nsw #covid19VIC #MMT
Australia is currently a red zone, VIC, - NSW is likely on the same trajectory if policy makers continue to resist implementing effective measures - have dangerously high numbers of community transmission. Schools should not be open.
Here’s how green, yellow and red zones differ - here’s the website link

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I seem to have time this summer to read another intriguing book by a #MMT scholar. So, what follows is some remarks on @ptcherneva's "The Case for a Job Guarantee".

1) From the top a very readable and eloquent presentation - I like the compactness of this book series.

2) It is difficult to find more timely subject for non-fiction book. @ptcherneva portrays nicely why everbody should be interested in #JobGuarantee proposal. Everyday examples in the introduction bring the unemployment question to right level of abstraction.

(To be continued...)
3) Why do we need #JobGuarantee? Because the current policy regime relying on the idea of natural unemployment (NAIRU) is theoretically flawed and morally questionable. The relation between inflation and employment is at best shady. The RIGHT level of unemployment is zero.

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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. 🤣
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Daily Bookmarks to GAVNet 07/23/2020…
Opinion | How to Fix America: Spend. Spend. Spend. - The New York Times…

#america #MMT
Considerations for a Safe Return to Campus | by Charles N Haas | Jul, 2020 | Medium…

#coronavirus #return #campus
Read 6 tweets
Some remarks on @StephanieKelton great book "The Deficit Myth".

1) It is a fabulous popularization of #MMT (neo-chartalism).
2) The division between Currency-User and Currency-Issuer is explained in a very clear manner - will be THE eye-opener for many.

(To be continued...)
3) Key principle (of #MMT) is to redefine "balanced" in economic policy and move the focus from balancing government spending and taxes to "balancing" full employment and price stability.
4) Changing NAIRU oriented policies to Job Guarantee is the main tool.

(To be continued.)
5) Ditching the NAIRU (or any natural unemployment rate) concept is very important also theoretically. #MMT claims that there is not straightforward relation between unemployment and inflation, the latter being much more complex phenomenon than mainstream view assumes.

Read 13 tweets
A large collection of examples demonstrating the #MMT view of class conflict/class struggle, and where specifically MMT addresses it.

[THREAD v.1]

(With thanks to many.)👇
👆From a 2019 post by Australian economics professor Bill Mitchell (@billy_blog) (👇
👆A thread filled with examples of how MMT addresses class conflict/class struggle by @moneyontheleft’s Scott Ferguson.👇
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Daily Bookmarks to GAVNet 7/11/2020-2…

Mounting clues suggest the coronavirus might trigger diabetes…

#coronavirus #diabetes
How the Coronavirus Short-Circuits the Immune System - The New York Times…

Research on seawater surface tension becomes international guideline…

#tension #oceans
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Daily Bookmarks to GAVNet 7/07/2020-2…

The race for coronavirus vaccines: a graphical guide…

#coronavirus #vaccines #health
The Idea of Entropy Has Led Us Astray - Issue 86: Energy - Nautilus…

#energy #entropy
The Present Belongs to Crowds | The New Yorker…

#crowds #present
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Daily Bookmarks to GAVNet 7/01/2020-2…

CRISPR gene editing in human embryos wreaks chromosomal mayhem…
#human #editing #mayhem #CRISPR #gene
Distributed consent and its impact on privacy and observability in social networks

#distributed #networks #SocialNetworks
Irving Wladawsky-Berger: How Will Covid-19 Transform Urban Life?…

#urban #coronavirus #cities #change
Read 5 tweets
Daily Bookmarks to GAVNet 6/27/2020-2…

New Geometric Perspective Cracks Old Problem About Rectangles…

#geometry #perspective
Detecting Regions At Risk for Spreading COVID-19 Using Existing Cellular Wireless Network Functionalities - IEEE Journals & Magazine…

#detection #network #coronavirus #regions #wireless #cellular
The Dudes Who Won't Wear Masks - The Atlantic…

#coronavirus #masks
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Your all-too infrequent reminder that #MMT has never argued for "printing money" the way you've all read about it in textbooks. Past experience suggests only those who already understand this will read/cite things like this from actual MMT scholars 1/…
Here's a much wonkier piece by @StephanieKelton & me from 2013 explaining this ... 2/…
Here's another from 2013 ... 3/…
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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.
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*.
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:
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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.…
2/ A single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU):…
3/ A single article explainer of #MMT by @jocobmag multimedia editor Rebecca Rojer…
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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?"
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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
Daily Bookmarks to GAVNet 6/15/2020-2…

Can asymptomatic people spread coronavirus? The confusing WHO remark, explained - Vox…

#asymptomatic #spread
Mutated coronavirus shows significant boost in infectivity | Scripps Research…

#mutations #coronavirus
Modern monetary theory says that the state has the ability to create and maintain the value in money and most left of centre economists appear to be repulsed by that…

#money #MMT #value
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Just finished Chapter one of The Deficit Myth by @StephanieKelton and I will never look at taxes, deficits, or government bonds the same way again. Image
Just finished chapter 2, you can now add inflation to my previous list. I was loosely aware inflation related to jobs before but I never considered the cost of too low inflation is unemployment among those who want to work or underemployment among those who want to work more.
Chapter 3 has me wondering if I am a deficit owl! I am also re-thinking the narrative from Canada that says the Liberals in the early 90s stopped economic disaster by bringing down the deficit. Does @StephanieKelton /#MMT advocates have a different interpretation?
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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...
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There's a massive and utterly ill-conceived discussion on "why government debt does not matter".

I and Dr. Olli Ropponen from @EtlaNews used some five years of analyzing economic crises, debt defaults and economic growth.

A thread why government debt DOES matter. 1/18
The line of reasoning of the #MMT crowd goes something like this:

Because government can issue her own currency, she can never go broke (because she can print all the money she needs).

We analyzed 340 default (year/country) episodes of sovereign nations between 1952... 2/
...and 2010 (36 countries).

So, why did these nations resort to sovereign defaults? Why did they not just print the currency they needed?

Well, many tried.

In the dataset, we had 534 observations on inflation crises, with the annual inflation rate 20 percent or higher. 3/
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Daily Bookmarks to GAVNet 6/11/2020-2…

China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System…

#china #digital #banking #trump
Stephanie Kelton: MMT Simply Describes Monetary Reality In The US – Heisenberg Report…

Erosion of the Himalayas governed by tectonic movements, limiting climate change impacts on landscape formation…

#landscape #Himalayas #ClimateChange #erosion
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Daily Bookmarks to GAVNet 6/10/2020-2…

Joe Weisenthal on Twitter: How One Familiar-Looking Chart Explains the Weirdness of the U.S. Labor Market

Protesters’ Demands in Response to Police Brutality Have Come a Long Way Since the 1992 LA Rebellion…

#brutality #race #rebellion #police
The biggest mystery: what it will take to trace the coronavirus source…

Read 6 tweets

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