Discover and read the best of Twitter Threads about #learnmmt

Most recents (24)

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
The cat is out of the bag & the Fed Gov creates new money whenever it spends.

It's not tax payer dollars.

It's not just printing money.

Its just how it is.
In fact, its completely the other way around!!!

The Federal Government funds tax payers, without which, they couldn't pay their taxes.
So this should open your mind to a Green New Deal and many other long lost Hope's and dreams cast in the trash bin over fake cries of the nation being broke or having to "reduce the deficit".

Now you know better ...

Time to do better...

#LearnMMT #EachOneTeachOne
Read 3 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
MMT is an accurate description of How our underlying operational realities work today.

So to deny how that is presents a barrier to progressive programs and services.

1/x
So... yes.... if you are blocking the knowledge of how to get a progressive agenda accomplished TODAY you have placed unnecessary blockers in front of saving lives.
More over, if the planet is in such precarious environmental shape, you do not have time to tear it all down, rebuild, hope conservatives and others go along.
Read 10 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 à évoquer une augmentation des taux pour contrôler l'inflation?
Ignorance ? Incompétence ? Idéologie ?
Thread
1. France
2. Allemagne
3. Italie
Read 14 tweets
Hoy publicamos la segunda parte de este trabajo fundamental de Randall Wray. Por su te perdiste la primera, éste es el enlace.
redmmt.es/comprender-las…
Para un estado que emite moneda fiduciaria no tiene sentido decir que un déficit comercial equivale a recibir financiación del resto del mundo. Más bien es el deficit comercial satisface el deseo del resto del mundo de ahorrar en tu divisa.
No tiene sentido aplicar políticas de austeridad que crean desempleo para reducir el déficit comercial porque las importaciones netas son un beneficio real. Recuerda: las exportaciones son un coste real, las importaciones un beneficio real.
Read 18 tweets
Iniciamos hoy la publicación en tres partes de un importante trabajo de Randall Wray sobre las opciones de política económica que brinda un sistema de tipos de cambio flotante.
Es decir, nos referimos a estados que ejercen su soberanía monetaria y, por tanto, no prometen convertir su divisa a la de otro país a un tipo de cambio fijo. No aplica tampoco a los estados de la zona euro. #Envidia.
Frente a los errados experimentos monetaristas, la realida empírica es que los bancos centrales tratan de alcanzar un determinado tipo de interés interbancario y acomodan la oferta de reservas a una demanda que es inelástica.
Read 8 tweets
If a private enterprise sees an opportunity to make profits it will take up the venture and will to the bank to borrow the money for the new venture. If the bank is convinced about the returns, it will grant banks ₹ out of the thin air(and this is NOT intermediation) and them to
the private enterprise. The bank does not calculate whether it has enough ₹ in its reserve account at the RBI(India's Central Bank) nor does it dig into the money deposited by people to provide loans to support the claims. If it needs more reserves later the bank will borrow!
In aggregate, then, the private banks decide how many bank-₹ are issued (based on their calculations for potential profits) and the #RBI responds by creating any new Reserve fiat rupees necessary to cover the resulting “clearing” processes in the system. The new Reserves are
Read 5 tweets
So if something is already the way it is but people don't know, then that means an education is required.

Nothing need be implemented... just education.

Why does this matter?

1/x
If you see someone pouring gas in the windshield wiper fluid, or transmillion fluid in the gas tank, you might want to inform them they are about to trash their vehicle... or at least show them the proper place to pour those fluids.

Same with economics.
When you see someone saying they need to raise federal taxes to pay for things, you know they are pouring antifreeze into the transmission.
Read 8 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
You're in a hole with friends and everyone wants out.

Some decide it is hopeless so they begin to take a shit.

Some are too angry to think, so they start screaming and thrashing at everyone, mindless of the wounds they are inflicting.

1/x
You see a rope ladder and say "hey, gang, there is a way out... the rope ladder is sturdy and will lead us to safety if we work together"
They stare at you and go right back to what they are doing but sadly, try to prevent you from climbing the ladder and continue to act as doom is the only solution.

The curse of being #MMTWoke
Read 6 tweets
The Federal Reserve and the US Treasury have a consolidated Balance Sheet.

Let that sink in if you still think the Fed is private.

1/x
The Fed remits ALL profits back to the Treasury MINUS operating expenses.

When Congress writes and passes a bill, the Fed makes deposits from thin air to the Treasury's accounts to make payments. On demand. Out of thin air.
Congress created the Federal Reserve in 1913. Period.

Article 1 Section 8 gives Congress the sole authority to power of the nations purse.
Read 15 tweets
Memo to those holding on to Milton Friedman and even the New Keynesian frauds. 1/x
Social security isnt going broke
Your federal taxes do not pay for stuff
They are deleted.
Republicans didn't raid the social security trust fund
The National Debt is not Debt at all as we know it
Read 6 tweets
I've grown weary of problems without actionable solutions. We all know we are facing an environmental crisis. We all know this. Honestly? It will take a World War II level intervention to alter this significantly & a lot of diplomacy to engage other nations to do the same.
1/x
Most folks talking about the environment lead you off a bridge to oblivion. They point out the problem, but couldn't answer how to fund an initiative like this. Most are still chasing Bitcoins and berries.
The truth is, the window is tightening.

It requires real solutions. Real solutions that require an understanding of how to mobilize resources but leveraging the public purse.

I gauge the efficacy of all environmental work by how they Marshall resources in their solutions.
Read 8 tweets
I made this Facebook post a few years back and it still holds true. 1/x

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. 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 33 tweets
People will not fight for what they do not believe is possible.

People self select themselves out of the picture and create self fulfilling prophecies and allow defeat to overwhelm them to the point of inertia.

1/x
The Green New Deal requires people to understand we can not only afford BUT DO great things and that requires the answer to the "how will you pay for this" part.
Because any thinking human being can see taxes never pay for bombs, nuclear weapons, tanks and F35 planes, why in the world would we place such a burden on spending on the people of this nation?
Read 14 tweets
First things first we have a sovereign, non-convertible, free floating fiat currency that is backed by an obligation: taxation.
1/x
Second: no one says we can just "print the money"... 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 (Quantitative Easing) is not creating money. It is merely swapping debt for liquidity. Banks do not lend reserves, so even a cursory understanding of the hierarchy of money would be excellent.
Read 16 tweets
Let's Just be absolutely fair: @RealProgressUS have been involved in organizing the @M4M4ALL along w/ many other activists & Organizations.
Bad people have tried to cancel & denigrate us becuz they don't understand our opposition to state based efforts. We are for NATIONAL #M4A
We have committed no less than 20 direct activists in volunteer support to both helping them and our own media coverage. We have also interviewed the lead organizer and have endeavored tirelessly to explain our position with experts in both law and economics.
People who are opportunists have tried the straddle a fence that is un-straddle-able.

The currency issuer/currency user dynamic is of vital importance under EVERY SINGLE Program Progressives want to pass.

Why would people slag us as libertarian or billionaire lovers?
Read 16 tweets
There is no money "laying around" by cutting spending. Spending is always a decision. But it doesn't have any impact on affordability. The US, as with the UK, Australia, Japan and China, creates currency every time it spends and deletes currency every single time it taxes.

1/x
At some point, the issue comes down to do we have the real resources or not?

Do we have the political will to do it?

Do we have the ability to do whatever it is we are attempting to prioritize.
Cutting the military budget is great for moral reasons but affordability must absolutely NEVER be the fake excuse for doing it.

That false paradigm keeps us from a Green New Deal. It keeps us from Medicare for All... and it keeps us from ever shedding the burden of student debt.
Read 5 tweets
💵) 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

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