Discover and read the best of Twitter Threads about #ModernMonetaryTheory

Most recents (9)

Happy #BookBirthday to @StephanieKelton on the publication of her long-awaited "The Deficit Myth," a book that could NOT be more timely in this moment of massive structural unemployment and trillions of free money for the wealthiest among us.

stephaniekelton.com/book/

1/
Kelton is one of the leading proponents of #ModernMonetaryTheory, which describes how money actually works, as a series of accounting flows, and makes some profound observations about the implications of understanding how government spending actually works.

2/
I've written about Kelton's work before:

pluralistic.net/2020/05/14/eve…

But here's the shortest possible summary I can give:

Money ISSUERS (sovereign states) have a different relationship to money and debt than money USERS (everyone else: people, companies, local governments).

3/
Read 23 tweets
There's a terrible paradox at work in the mass unemployment created by the pandemic. We know that there is more than enough work for every human alive today and for the next 2-300 years, addressing the climate emergency.

1/
That was true before the pandemic. What's changed is that tens of millions of workers in the USA and hundreds of millions worldwide have lost their jobs, and there is no demand from the private sector for their labor.

2/
Our system relies on markets to create jobs, on the grounds that this is the most efficient way to employ people.

Today, millions of people face long-term unemployment (with the physical and mental-health tolls that come with it).

3/
Read 16 tweets
Sometimes, you can actually see the Overton Window shifting. This month is one of those times, with @business running a @Noahpinion op-ed calling for a new New Deal, arguing that the main problem with the last one is that it didn't go far enough.

bloomberg.com/opinion/articl…

1/
Smith devotes a fair chunk of his column to debunking New Classical economists who claim that the New Deal lengthened the Great Depression, an idea that has been comprehensively demolished by careful empirical work, and is only cited today by plute-lovin' motivated reasoners.

2/
Though Smith doesn't write the words "#ModernMonetaryTheory," it's hard not to see them waiting just off to one side - the idea that inflation is causedby government spending on things the private sector is trying to but - not by deficits.

pluralistic.net/2020/05/14/eve…

3/
Read 5 tweets
Last summer, I recorded a two-part interview with the @MMTpodcast, discussing how my activism and science fiction intersect with #ModernMonetaryTheory, a lens for understanding the role of money in our economies:

pileusmmt.libsyn.com/26-cory-doctor…
pileusmmt.libsyn.com/27-cory-doctor…

1/
I was delighted to be invited back on to talk about the novel I'm writing, "The Lost Cause," in which MMT has enabled a just climate transition to a Green New Deal, but without getting rid of reactionary elements who stood in its way.

patreon.com/posts/new-deca…

2/
The episode is just out and it's awfully fun and funny, and we talk about a lecture I'm planning to give to a World Economic Forum AI workshop on why I think technological unemployment is a distraction.

pileusmmt.libsyn.com/51-cory-doctor…

3/
Read 6 tweets
#ModernMonetaryTheory is an economic lens for understanding how money works. It starts from the commonsense assertion that national governments are money-issuers, and the rest of us are money users, and that money works differently when you are in charge of creating it.

1/
But this challenges accepted wisdom, like the idea that national deficits cause inflation and saddle our descendants with debt. If governments are the source of money, then they don't tax us in order to spend. They spend (which puts money into the economy) and then tax back.

2/
If the government runs a "balanced budget" that means it's taxing as much money of out existence as it is spending into existence, leaving behind no money for the rest of us to save or spend. Balanced budgets starve the private sector of the money it needs to operate.

3/
Read 15 tweets
One of #ModernMonetaryTheory's titans is @ptcherneva, a leading proponent of a federal jobs guarantee. In this long interview with @drvox, Tcherneva explains how a jobs guarantee would rescue us from the tragic chaos of mass unemployment.

vox.com/science-and-he…

1/
In one sentence: "A job guarantee is the idea that people who want decent work should be guaranteed that opportunity. It is a public option for a basic, decent job with basic living wages and basic benefits."

2/
Tcherneva wants "a program that solicits proposals from the community — from municipalities but also nonprofits. They come with projects and say, 'look, we’re doing this important work, but we’re understaffed and underfunded. We would like to staff these projects.'"

3/
Read 14 tweets
Finding The Money is a new documentary about #ModernMonetaryTheory, a heterodox, exciting, and fascinating way to think about where money comes from and what it means for governments to run "deficits."

findingmoneyfilm.com

1/
It features the work of @StephanieKelton, a brilliant economist whose lectures illuminate the subject of money as a public utility that can be used to address existential crises like the climate emergency and (as we're seeing), the pandemic.



2/
(Kelton also has a new book about this, "The Deficit Myth": "Deficits can enrich a small segment of the population, driving inequality to new heights, while leaving millions behind. Or they can be used to sustain life and build a more just economy.")

stephaniekelton.com/book/

3/
Read 8 tweets
I've been thinking a lot about what a covid stimulus package could and should look like, and what the possible failure modes and transformative changes could be.

1/
Obviously, there's real risk of inflation if handled wrong, because production has halted, so more money could end up chasing fewer goods. That gets ugly quick.

pluralistic.net/2020/03/18/diy…

2/
Then there's the risk that we just infuse trillions of no-strings-attached dollars into the finance sector, who use it to make our society even more brittle and unstable by hollowing out reeling companies and grinding down brutalized workers.

pluralistic.net/2020/03/19/gb-…

3/
Read 17 tweets
Hello MMT world! This twitter feed is meant to provide opportunities for online MMT activism. We will post articles, YouTube videos, twitter threads, etc., which could benefit from an MMT perspective in the replies, then you can join those discussions. (1/4)
Our purpose: to stamp out myths regarding the monetary and banking system, so that political and economic discussions can truly be informed. (2/4)
Our strategy: get MMT out there to the places these discussions are already being had. Do so in a highly visible and lasting way that maximizes the impact of our time. Engage people in friendly conversation. Win hearts and minds one by one. (3/4)
Read 4 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!