Discover and read the best of Twitter Threads about #MMT

Most recents (24)

@KimDotcom People, learn about the bloody #MMT already! Governments can NEVER go bankrupt. If they do it's solely because of their CHOICE! What's causing inflation is not money printing, but its misuse for anti-societal purposes, instead of investing in the real life needs. 1/n
@KimDotcom Government's "deficit" is simply just how money is created (you and I cannot print money), a tax-credit if you will. "Our taxes" on the other hand, do NOT pay for ANYTHING on the federal level, they just serve to pull back excess money from circulation, thus creating a DEMAND 2/n
@KimDotcom for it, maintaining the said currency value and stability. Even the countries which are not entirely sovereign when it comes to food and energy production, can function by investing "printed" money in REAL LIFE economy: infrastructure, manufacturing, education, healthcare... 3/n
Read 13 tweets
I have come to the terrifying conclusion that you have to break a few eggs to make an omelet. This is particularly true if you are a project - oriented person. 4 years ago, the IPCC gave us 12 years. We are down to 8 years and things have only gotten worse. Still so few talk #MMT
Honestly, once you make the decision... once you accept the science... climate catastrophe could lead to yet another mass extinction. We are not educating the world fast enough that we can afford to survive. Too many deniers of both climate crisis & #MMT to counter rampant idiocy
There is simply no time left to placate the precious sensibilities that serve as a gatekeeper to our collective survival. Every single day we allow the naysayers grown up status, we are that much closer to the brink. Our kids deserve better than #MMT and Climate Crisis deniers
Read 5 tweets
I saw a disturbing comment from someone I don't believe I ever interacted with in my life. Their comment moved me so much I believe I am going to write a series of articles about it.

Let me start with the following:

1/x
1. For 40 plus years, the neoliberal era has reigned.
During that time, people have had little by way of resistance from the lies, deceit and self imposed prisons of ineffectual domestic governance and austerity.
2. The lies were baked into the school system, newspapers, sit comms, political debates even cartoons took the ideas of neoliberalism into the hearts and minds of our children...the people.
Read 35 tweets
Seems #MMT is getting attention for a lot of stuff lately, so I wanted to check in to see which MMT-informed policy suggestions have been implemented so far:
- Job Guarantee
- 100% bank deposit guarantee
- ZIRP
- Strict regulation of bank assets
- Improved automatic stabilizers
- Target non-essential sectors of the credit channel for demand management
- Raise rates on investment income (div/cap gains, etc)
- Increase progressive rate structure & increase influence of property taxes over W-2 income taxes
- End payroll taxes
- Rethink/end corporate taxes
- Student debt forgiveness & fund pre-career tuition
- Federally funded health & child care
- Decarbonization with just transition (GND) to minimize impact on poor
...
Read 4 tweets
L'analyse #MMT montre que la dette publique n’est pas un problème, jamais. Cette analyse s’applique également aux États-membres de l’Eurozone. Les craintes que la dette publique suscite sont le fruit d’une profonde méconnaissance des mécanismes sous-jacents.
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1. Avec une devise nationale à taux fixe/convertible, la «base monétaire» n’inclut pas les titres d’État, car il s’agit de créances sur les réserves de l’État (or, devise étrangère, etc.), qui font partie de ce qu’on appelle l'«épargne nationale».
2. Avec la devise fiat (taux de change flottant/non convertible), les titres d’État (détenus en dehors de l’État) sont des augmentations de la "base monétaire", car la notion de réduction des réserves de l’État (or, devise étrangère, etc.) est inapplicable à la monnaie fiat.
Read 24 tweets
Contraintes auto-imposées, sans fondement technique, politiques, fondées sur une méconnaissance du système et sur des préjugés idéologiques contre les dépenses publiques en déficit :
Obligation du compte du Trésor à la BC positif
Plafond d'endettement
#MMT
mmt-france.org/2021/02/03/une…
Les économistes mainstream n'ont pas compris cette situation - ou ils ne peuvent peut-être pas se le permettre - en raison de l'emprise de leur éthique et de leur formation «traditionnelle».
Cette caractéristique de l'économie orthodoxe sous-tend l'hégémonie politique du néolibéralisme; les États fonctionnent selon des règles différentes mais continuent à agir comme s'ils étaient des utilisateurs de devises.
Read 5 tweets
Thread à l'attention de celles et ceux qui s'intéressent à #MMT (Théorie Monétaire Moderne - Modern Monetary Theory)
Pour aller plus loin :
- le blog de MMT France : mmt-france.org
- la page Wikipedia en français de MMT : fr.wikipedia.org/wiki/Th%C3%A9o…
1. Tout d’abord une définition : le terme «monnaie» est trop générique. Il signifie à la fois la «monnaie» créée par l’État lorsqu’il dépense, et le crédit bancaire. Pour plus de clarté, MMT retient donc le terme « devise » dans le 1er cas et le terme « crédit » dans le second.
2. La théorie monétaire moderne (MMT : Modern monetary theory) est une théorie qui présente un aspect descriptif, ainsi qu'un aspect normatif, fournissant des instruments de politique économique, notamment pour le plein emploi et la stabilité des prix.
Read 24 tweets
It was a pleasure to present first thoughts of my master's thesis on #MMT and #degrowth at the @WSSAcon in Denver. I’m currently writing my thesis at @presseunikassel and @LevyEcon. I’d happy for any comment and feedback. A thread 1/
When the government spends, it must either collect #taxes or take on #debt – so the widespread assumption. A growing economy does not pose a problem, as long as g > r the debt-to-GDP ratio declines over time, particularly if loans have low interest rates and long maturities 2/
However,if the economy stops growing or if it even declines, the debt ratio rises and tax revenue declines. If one assumes that the economy should not grow endlessly for socioecological reasons #degrowth @timparrique @MGSchmelzer, how can government spending then be financed? 3/
Read 13 tweets
La question de la consolidation entre Trésor et Banque centrale que fait la @MMT est encore l'objet de commentaires selon lesquels elle ne serait pas réelle et donc nuirait à sa validité et à son efficacité. Le thread ci-dessous a pour objet d'apporter des éléments de réponse.
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1/11 La consolidation de la Banque Centrale et du Trésor trouve son origine dans la prise de conscience par @wbmosler, le principal inspirateur de #MMT, en 1992 en Italie, du fait qu'acheter des titres d’État à la banque centrale ou au Trésor revenait au même.
2/11 En fait, ce que Warren Mosler a introduit, c'est l'idée que les ventes d'obligations du Trésor devraient être considérées comme faisant partie de la politique monétaire, c'est-à-dire comme un drainage des réserves au lieu d'une opération d'emprunt.
Read 13 tweets
Auch Christian Lindner erklärt heute wieder im Bundestag, der Staat wäre abhängig von Finanzmärkten. Dies ist jedoch nicht der Fall. Einzig und allein die Zentralbank stellt sicher, dass eine Regierung ihre Ausgaben tätigen kann. #MMT
bundestag.de
Die Abhängigkeit von den Finanzmärkten ist schon deswegen abwegig, weil der Staat die Staatsanleihen am sogenannten Primärmarkt nur an ausgewählte Banken verkauft (Bietergruppe Bundesemissionen). bundesbank.de/resource/blob/…
Der weitere Handel der Staatsanleihen spĂĽlt der Bundesregierung keine "Geld" auf das Verrechnungskonto bei der Bundesbank, da dort Banken und Finanzmarktakteure handeln, aber nicht der Staat.
Read 6 tweets
This @rhipod episode is probably the best podcast about money I have yet listened to. But @drumm_colin I think you're missing the role that Bitcoin and blockchains play in your story. A thread 🧵:

Your story seems to be one about power over real resources. About the king issuing an option for rebellion in the metallic content of money, and about the settlement between the king and the lords playing out in the spreads between the nominal and commodity values of coins.
In effect, the chartalism of the king had to sacrifice at the altar of the metalist, for metal was the ultimate store of value in the international bid for real resources.

I think this is absolutely true, and #MMT would do well to take it seriously

ebuchman.github.io/posts/mmt/
Read 22 tweets
Let's be fair... I can boil the #MMT pushback down to a couple demographics and their baked in need for MMT to be wrong regardless of facts. Let's go...
Academics: when online activists can destroy 50 years of economic malfeasance your work pushed forward in the academy and the journals and in the Ivory Tower... Excuse me... Your class is showing.
Economists in the field: we're unable to get ANY of the major issues correct, but MMT demonstrates your ideas are incorrect and you might lose your place as Grima WĂĽrmtongĂĽe at the side of kings because even the proletariat are able to call BS on your work. Based.
Read 14 tweets
Sur ces graphes, un enfant de 5 ans verrait immédiatement le lien étroit entre taux d'intérêt et inflation.
Alors pourquoi les banquiers centraux continuent-ils Ă  Ă©voquer une augmentation des taux pour contrĂ´ler l'inflation?
Ignorance ? Incompétence ? Idéologie ?
Thread
1. France
2. Allemagne
3. Italie
Read 14 tweets
Des weiteren habe ich auf meiner Fahrt diesen Podcast von @SchmittJunior und @AufAnfang gehoert. Es war sehr lehrreich um zu erfahren, wie ein Wirtschaftssoziologe auf die Dinge blickt. Ein paar Anmerkungen:
1) In Bilanzen denken. Da hole ich jetzt meine von @nymoen_ole gelernte Standardkritik raus: echt - glaubt ihr wirklich Mainstreamoekonomen koennten nicht denken oder daechten nicht in Bilanzen?
2) Ja, die juristische Seite unserer heutigen Geldform ist im Podcast durchaus gut beschrieben. Und ich freute mich auch zu hoeren, dass Aaron denkt, dass #MMT aus diesen Erkenntnissen zu viel macht. Das denke ich auch. ABER: ich glaube, dass Aaron einerseits
Read 11 tweets
1/15:  A very long thread, but I need to get this off my chest. Please bear with me.  In this country we have a monetary system which, if used correctly, can serve our people and our planet in a way that benefits all of us.
2/15:   Gov't has at its disposal a currency which it can produce by parliamentary decree - a fiat currency - to spend for whatever purpose it chooses, deciding how much it needs based upon what real resources it has at its disposal to carry out its agenda.
3/15:   That agenda is dependant on the democratic choice of the people, not on the availability of 'funds'. It doesn't need to 'get' the funding from anywhere; it produces it by fiat.
Read 15 tweets
OK, so I think I've figured out exactly how this govt energy company ponzi scheme works (I'm using the #ThatchersBiggestLie economic model rather than the real economic model of #MMT as most people still believe a govt budget works same as household budget (a thread) 1/
and I Want to make this as clear to as many people as possible)
So, person A pays ÂŁ200 tax to govt, Govt gives that ÂŁ200 to energy company to "lend" on your account, person A then pays ÂŁ40pa for the next 5 yrs PLUS the upcoming eye-watering increases AND VAT on top of 2/
the ÂŁ40 payback. In summary, you are being 'lent' your own ÂŁ200 which you will pay BACK to the energy company plus VAT. The energy company gets more than double what they would normally get and the government cons you into thinking they've helped you 3/3
Read 10 tweets
#MMT #Thread on floating #FX
Flexible exchange rate policy is something a country grows into as it builds higher degrees of #resilience to external shocks via food/energy #sovereignty, high value-added industries & other institutional measures to fight #speculation #corruption..
and price gouging... So a higher degree of monetary sovereignty is something a country earns via strategic investments/regulations; it's not something you announce, float the currency, and hope for a miracle. All MMTers understand this.
I know this because I had this specific conversation with each one of the leading figures in the field. The fact that they don't emphasize this particular point in every argument they present is a matter of nuance/communication...
Read 5 tweets
A select case of #Evolution and #Leftist Progression in the History of Economic Thought ->
From #Marxism to #Keynesian Economics to #MMT
#Complexity
Negative events will lead to negative outcomes :
#Bolshevik Revolution => #Intenational #Proletarianism & #Leninism
#Great #Depression -> #Keynesian Economics
#Chinese Cultural Revolution -> Gang of Four
#GFC -> Modern Monetary Theory #MMT
That is how to interpret history.
Anticipating #tippingpoint is the most essential thing a gifted leader has to his credit.
All non-linear events should be studied carefully by applying #physics in social sciences, such as #Chaos #Theory and Law of #Thermodynamics.
Yes, and #Murphy's #First Law might also help.
Read 6 tweets
Psst Federal Programs are absolutely NEVER paid for with tax dollars. All government spending is newly created money. Every single time. Not something someday.. happening at this moment and always.
In fact your tax dollars come from the Federal Government. Just like concert tickets are not required to fund the concert but they are for redemption. And just like the concert hall doesn't need those stubs to fund new concerts...
Get it? #MMT
Cash used to be burned in colonial times, now it is shredded and deleted. The government doesn't need your money. It just needs us to need it to pay taxes so it can provision itself.
Read 10 tweets
Funny thing... We spend all this time trying to think of how to frame economic messages for those who are still not convinced of #MMT or have no understanding. 1/x
But when a movie comes out targeting the outlandish avoidance our MSM goes thru to keep us happy, laughing, depressed and struggling but always distracted, people have a fit... Not left enough, no class awareness... Not enough xyz... Not global enough... Too American... Whatever.
.. Fact is the people we need to reach are not always going to be able to have a full class analysis as the word class has been tainted and people expect you to trot out Trotsky or some other boogiemen that propaganda has fed them thanks McCarthy and the intelligence community.
Read 4 tweets
The Job Guarantee is a built in automatic stabilizer that, instead of just propping up unused commodities actually steps in and backstops labor minus the politics. Federally funded, locally administered automatic community stabilizer and a job as a right. #MMT #FJG
Enabling real geographic and class mobility. Baked into the DNA of the nations laws, and institutions, women trapped in bad marriages would have the ability to move forward with confidence, leaving abusive situations and landing on their feet with a #FJG... Free to move about.
Now... Add in the idea of free college and eliminating student debt and expanding social security and a Green New Deal. A better world is possible.
Read 4 tweets
While people jump around, topic to topic... I keep coming back to economics.

Why?

Even the edgy hipsters tell you to follow the money.

But what happens when you do? When you honestly seek to understand?

1/x
You find the Federal Government is the owner of the patent on the US Dollar and can afford anything available for sale IN US Dollars.

You find it can never go broke.
You find that debt denominated in its own currency is simply our national assets on the other side of the balance sheet.
Read 8 tweets
Nothing pains me more than to have to explain to activists & others who've deeply held beliefs & very little individual power to execute them, that they MUST toss aside lies & myths about macroeconomics In order for us to get the policies we want & need. But we do & We must. #MMT
See, short of a real revolution that literally dismantles the entirety of global capital, we must learn and understand the system to make demands. Demands that will rally the streets and get the establishments attention. That's why you need to #LearnMMT
The tales from the barstool and tablecloth are simply not striking fear in the establishment and it is misleading well meaning activists. That time waste is a loss we cannot overcome if it continues as climate disaster bears down on us and escalates. Woe to those who advance lies
Read 6 tweets
Pretend you understand #MMT(Modern Monetary Theory) and look down at your child, knowing we have literally no time left to substantively reduce our carbon footprint and little time 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. Raising taxes isn't required to "fund* these efforts. Just political will and an informed, economically literate populous.
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

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