Discover and read the best of Twitter Threads about #mmt

Most recents (24)

All Federal spending is NEW MONEY. All Federal Taxation is the deletion of money. Have to repeat this all the time to make it stick, but the fact is money isn't created then spent. It is spent INTO existence. It's not sitting in a vault. Nor is it sitting on a Brinks truck.
#MMT
Why does this matter? Our money is democratically "created" when Congress, via Article 1 Section 8 of the US Constitution, authorizes spending. Banks dont create it, load it on a pallet and lend to the Federal Government. The real question is who does Congress serve?
It should absolutely disgust you how our education system has failed us as millions of libertarians and conspiracy peddlers say the *private federal reserve* (code for lemming treats) just arbitrarily "prints money". The great lies meant to confound and they have been successful
Read 10 tweets
Modern Monetary Theory (#MMT) is a hyper accurate description of macroeconomics & how the operational realities of a modern monetary system works today. A sovereign, free floating, non-convertible fiat currency. like the US or Australian Dollar, British Pound or Japanese Yen. 1/x
So to deny those facts presents an unnecessary barrier to progressive programs and services. 💯
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. 💯
Read 7 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
You can't turn around these days without bumping into scary inflation talk, and with reason: asset bubbles, supply chain shocks and energy geopolitics are on their way to wiping out the wage gains eked out by low-waged workers during the pandemic's labor shortage. 1/ A WWI-era anti-profiteering editorial cartoon featuring an o
If you'd like an unrolled version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2021/11/20/qui… 2/
The underlying message of this scare-talk is that we've been too generous with "essential workers," by allowing them to inch a little closer to a living wage, and now it's time to roll that back, for their own good. 3/
Read 34 tweets
The Progressive left have LONG had the right policy plans based on putting people first. The problem has always been how will you pay for it. That question still looms today & sadly many headline activists see winning the people collecting & missing the #MMT education aspect
1/x
Like a man who is sitting at a dinner table with his mouth sewn shut, Progressives and leftists as a whole have not been able to save lives with these programs and they screw it up with "pay fors", getting absolutely nothing, and yes, like this pandemic, people die, dead.
And because these incredible programs are never enacted & always have a stupid "pay go" trade off/ "offset", someone gets hurt. In fact, yes, many die very unnecessary deaths.

Power dynamics require the population to wake up and push back. That comes with knowledge. #MMT
Read 8 tweets
Economic Schools as paintings:
Classical Image
Mercantilism Image
Marxism Image
Read 24 tweets
Fuck structural adjustment programs. Seriously. Global neoliberalism & the global race to the bottom is so immense... So unbelievably immense... I just don't think many are willing to really understand global capital and the noose we are in with capture & propaganda. Staggering.
Look at the local issues identified in the works of @DavarianBaldwin as he dug into the role of the University system predating and alienating upon the communities they reside. His book is a must read...

boldtypebooks.com/titles/davaria…
Add in the deep insights that @StephanieKelton gave the world in The Deficit Myth and #MMT

abebooks.com/Deficit-Myth-M…
Read 6 tweets
#MMT is accounting.
MMT is macroeconomics.
MMT represents legal relationships.
MMT provides a Lens.
Politics is about our values
MMT allows our values, not affordability to express the realm of possibilities.

1/x
MMT is apolitical, but the big reveal is your values can no longer be hidden by the gaslighting question "How are you gonna pay for it"...
No, MMT shines the spotlight on the naysayers because we can now see them without their masks... they are naked before us... showing their racism, classism and hate for all of us to see and judge who they are and clearly see their motive.
Read 9 tweets
Venting...

1. Most think America is broke so it cannot afford the fixes or massive overhauls required.

1/x
2. Most believe that the nation is in staggering debt and is dependent on wealthy people to save us so they get defeated
3. States are directly impacted by the ebbs and flows of federal spending as all new money comes from the federal government, not the rich
Read 7 tweets
From BBC's 'The Trick':
—"That's Clever, going after the data behind the modelling"
—"I don't know why everybody expects science models to be perfect I mean, nobody ever goes after economics models, do they?"
—"No, that's because nobody's trying to undermine the economics"
1/7 🧵
The economics models we are used to were developed by neoclassical economists. They don't represent a threat to the establishment like those of climate science, they support it. These models really do need to be undermined, not by subterfuge, by telling the truth. 2/7
From the simple household budget analogy, the curves of Phillips and Laffer, to DSGE models, they are fictions that support the insupportable. Climate science can no longer be denied, so they turn to economics to prove the changes required will be damaging and 'unaffordable'. 3/7
Read 7 tweets
The #DebtCeiling debate is genuinely absurd: Congress authorized the spending of new dollars, so the Treasury has to create them. For Congress to turn around and force the Treasury NOT to create the dollars it ordered the Treasury to create is an obvious political gimmick.

1/ "A $1 trillion coin; it is especially thick and is stam
If you'd like an unrolled version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2021/10/19/moi…

2/
Hence the #TrillionDollarCoin - a proposal to use a 2000 amendment to 31USC§5112k ("Denominations, specifications, and design of coins") that permits the Treasury Secretary to "mint and issue platinum bullion coins and proof platinum coin [at] the Secretary’s discretion."

3/
Read 31 tweets
I did this in May '20
And wanted to see how much anger was justified now,
All of it.
I should have been angrier

Thread @BorisJohnson / @Conservatives #Covid19UK corruption:

(Thank you @PoliticsJOE_UK
I was banned from Twitter for sharing @CraftDRap video when you made this)
" @BorisJohnson Johnson misled parliament over the publication of coronavirus contracts, a court order appears to show."

*Misled = lied.

independent.co.uk/news/uk/politi…
Read 104 tweets
Greece 10 Year Bond yield running at 0.876% now and there are still some (US) economists arguing that only the US cannot run out of money. Greece "public debt" stands at about 210 precent of GDP. With support from the ECB (PEPP) no default is possible. cnbc.com/quotes/GR10Y-GR
Mainstream economists have gotten it wrong again and again. #MMT wins this one, too:
"Countries that borrow in their own currency should not worry about government deficits because they can always create money to finance their debt."
- Yes!
igmchicago.org/surveys/modern…
Having said that, the question itself is phrased in a way that shows the author does not understand MMT. Countries don't borrow & don't finance. They spend and then they tax and sell bonds to take back what they spent.
Read 3 tweets
Comparing the government to a household or a business isn't merely inapt (a government is a currency creator, while a household is a currency user - their budgeting constraints are totally unrelated) - it's also profoundly dishonest.

1/ A US $100 bill; in place of Jefferson, there is a covid mole
If you'd like an unrolled version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2021/10/06/mer…

2/
Like, if you really are worried about government "living beyond its means," then you should freak out every time Congress writes a $715B no-strings-attached check to the Pentagon, or sends $258B to the ultra-rich as part of the CARES Act.

propublica.org/article/the-ca…

3/
Read 25 tweets
A depressing day all round. Not the least of which is the appalling spectacle of the electronic media allowing Morrison to throw slander and libel at the States. He portrayed states Health Mins (a signed statement by all states/territories) as mafia figures attempting to ... 1/n
.. 'shake down' theFedGov. He used the word 'extortion' in reference specifically to QLD.
Bear in mind a few things:
-the FedGov is the monopoly issuer of the AU$. Along with this go monopoly taxing rights, and the ability to enforce lawful taxation payts. in that currency ...2/n
... and *only that currency. If you have had a tax assessment for x$s, and you don't/can't pay it, you are liable for further payts. in fines, or the clink.
The FedGov (in Australia, and other sovereign fiat issuers) issues the $ into existence. Ultimately keystrokes. 3/n
Read 9 tweets
Prepare for some tried and true industry rhetoric/propaganda to justify and prolong oil and gas drilling in the Gulf of Mexico. I've got a thread for ya with a few I've seen deployed like clockwork. 🧵⤵️ 1/
1. "Revenues/royalties will fund coastal restoration."

Classic hostage situation. If you don't do this, then you won't get this. Public goods conditional on private profit. 2/ ImageImage
Instead, let's focus on those Parish lawsuits that seek to make the industry pay for the coastal land loss we all know it caused! Pay for the mess you made, jerks! I dunno get the DOJ involved...just spitballing!

3/

thelensnola.org/2013/07/23/sci…
Read 9 tweets
米山隆一氏「国法人(政府?)が国民に国債を売る、国民が国法人にお金を払う。これが最初のスタートです。共通認識としてお願いします」

スタートから間違っています。

もし政府が国債を国民に売り、入ってきたお金を支出しているなら、いわゆる「いってこい」になるはずです。
しかし、国民のお金(マネーストック MS)は増え続けています→
(画像はgreenapple-investment.com/moneystock-and…さんより引用)
これも、藤巻氏と同じく「黒田日銀が異次元に量的緩和しているからだ」と反論されそうですが(過去にそのような反論をしていたと思います)、画像のとおり、黒田日銀による量的緩和「以前」から、MSは増え続けています→
Read 7 tweets
I've never spent longer writing anything than I have writing this article. I'm excited today to finally present to you my explanation of why we need Modern Monetary Theory (#MMT) and why it needs Universal Basic Income (#UBI).

vocal.media/theSwamp/why-w…

#longreads @StephanieKelton Image
Targeting does nothing but create unnecessary bureaucracy, stigma, and holes for people in need to fall through. Pay 'em all and let taxes sort 'em out. Utilizing taxation instead of means-testing as a tool to shape policy leads to better outcomes with fewer errors of exclusion. Image
When it comes to federal policies, going from "can we pay for it?" to "can we resource it?" is the mindset shift needed to achieve a human-centered eco-friendly resource-based economy built with a mindset of abundance on a foundation of human rights.

vocal.media/theSwamp/why-w… #MMT Image
Read 4 tweets
1/ 11 A thread on a piloting program #China Wealth Management Connect(跨境理财通). Central to understand: Blackrock $1b onshore fund subscription as first WhollyOwnedForeign Enterprise (WFOE), Qianhai/Hengqin Plans to spur integration HK-GuangDong-Macau Bay area.
2/11 Analogy: Think Stock/bond Connect trading program but for asset management industry. Secondary effect also plays to the ambition of RMB internationalization. Again, Dollar’s reserve currency status could only be lost by future US obsession with #MMT.
3/11 Those who recently started paying attention to China’s regulatory/policy framework, this is very typical how policies got implemented: start small to tread water and if it went out of control, shut it down completely, then start testing again.
Read 12 tweets
Central banks have given governments their marching orders, to sign everybody up to mandatory digital IDs that will form the basis for new financial and social systems. This is not a conspiracy; this is just happening, all out in the open. Details in this thread:
The real economy has been dead since at least 2009; the financial system has been propped up with limitless fiat money-printing and government debt, kicking the can down the road:
By 2019 central banks reached the end of what they could do and had to come up with a new strategy for the next down-turn - and preserve the wealth of the government class, asset holders, too-big-to-fail zombie companies:
blackrock.com/corporate/insi…
Read 29 tweets
I was thinking about this earlier. The problem with getting people to see the realities on #MMT is this fundamental question’ “How are you going to pay for it?”
It’s a question that used to trip up anyone proposing a progressive manifesto such as #Corbyn in 2017 & 19. It’s a
1/6
question that’s laced with an unspoken caveat “because don’t expect us to be happy to cough up bigger taxes”. Tie this in with ‘repaying the deficit’ myth, it’s the perfect storm to derail in most people’s minds a concept like #MMT . We’re bought up to believe that nothing is
2/6
free so the concept of #MMT that anything purchased in the countries own sovereign currency is only limited by physical resources is difficult to believe.
It’s not that we don’t pay for it folks, we just don’t pay quite like they tell you. We spend then tax, not #TaxToSpend
3/6
Read 6 tweets
🧵 regarding concerns about the #MMT-JG.

I read both. Based on these two articles, it seems to suggest that you believe the MMT-JG can only make things worse because it will exacerbate the negative aspects of our terrible extractive and predatory capitalist economic system.
The one article says we should instead "grant people the freedom and grace to pursue non-economic means of living". How exactly do you propose giving people a non-economic means of living in a society where the government’s money is a critical ingredient for day-to-day survival?
#MMT’s solution is to create an entire new category of jobs: "valuable but not profitable": Give people wages for producing things that are valuable to THEM, their FAMILY, & COMMUNITY – but NOT valuable to those who only consider profit (the pursuit of more money) as valuable.
Read 11 tweets
#MMTweet Weekly Review!
Political will is King, so how do we wrestle back the reigns in this country? Start with blasting neoliberal lies about the economy via #MMTruth, water the grassroots we need to win, by nurturing and growing, to keep the pressure where it belongs! The 1%!
Read 13 tweets
@RedBeretsM4All @shansen614 @LouisTheCellist @jeffchao228 @JENFL23 @GeoDavenport @WholeWashington @M4M4ALL @StephanieKelton Not just me. @realityisralph @netbacker @SherryWise1 @JefferyDenton & @DesnoyersScott r all members of the MMT community, & also supporters of Red Berets/WW, 2 at least the same degree as the RP critics who have stated opposition to the #FOAF strategy of RB/WW. In addition...,
@RedBeretsM4All @shansen614 @LouisTheCellist @jeffchao228 @JENFL23 @GeoDavenport @WholeWashington @M4M4ALL @StephanieKelton @realityisralph @netbacker @SherryWise1 @JefferyDenton @DesnoyersScott .... I believe there r other recognizable members of the #MMT community, who have been reluctant 2 go public, who are either supporters of FOAF strategy or who think RP has gone 2 far in trying 2 compel belief its strategy 2 the exclusion of FOAF. I can't say whether they will...
@RedBeretsM4All @shansen614 @LouisTheCellist @jeffchao228 @JENFL23 @GeoDavenport @WholeWashington @M4M4ALL @StephanieKelton @realityisralph @netbacker @SherryWise1 @JefferyDenton @DesnoyersScott ever come forward, given their understandable reluctance 2 engage in public conflict w/RP leaders, but I urge them to do so now. It is damaging 2 the #MMT community to be associated w/a group that refuses to recognize a basic rule of civil debate, specifically:
Read 17 tweets

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