Profile picture
Gower Initiative for Modern Money Studies @GowerInitiative
, 4 tweets, 2 min read Read on Twitter
Today we launch our new blog space: MMT Long Read

Our aim is to bring to attention the published academic papers and articles on Modern Monetary Theory, and related subjects for a more in-depth commentary aimed at those wishing to expand their understanding.
For our opening publication we are delighted to present an article by @PhilArmstrong58
Philip, a teacher of business, economics and engineering for 34 years, is currently studying for a PhD in Modern Monetary Theory & Heterodox Alternative approaches.
gimms.org.uk/2018/12/26/mmt…
In the New Year, we shall be expanding the Resources page on our website to include key research papers and including a link to the accessible database of published papers and articles, which we are currently developing.
We shall be expanding our range of entry level fact sheets aimed at those without any knowledge of economics.
Many of our fact sheets, leaflets, slides and articles are available in PDF files to enable easy sharing for discussion and learning.
gimms.org.uk/tools-and-reso…
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Gower Initiative for Modern Money Studies
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @GowerInitiative see all

Profile picture
“The monetary system is a tool to move resources to the government: the government imposes a tax on its citizens, payable only by a token which only comes from the government.”
“In order to get the token (money) to pay the tax, the citizens must work for the government, or must work for someone else who already has the tokens.
A government deficit is when the government spends (gives out tokens) more than it taxes (takes tokens back)”
“The extra tokens that the government gives out but does not take back ends up as savings in private hands.
If private citizens don’t want these extra tokens, then they will try to buy things with them instead of holding on to them.”
Read 6 tweets
Profile picture
Please note, this research is economic garbage.
The U.K. government doesn’t collect anyone’s tax to put aside for the future whether that’s for pensions or social care.
There will be no funding black hole for social care in 2031.
#MMT
It is a government choice not to fund it today and it will be a government choice whoever is in power to fund it or not in 2031.
The only constraint to the provision of social care services that any future government will face will be a resource one not a financial one.
#MMT
“Research carried out by pensions and risk consultancy Hymans Robertson suggested a German-style system could raise half of the money needed to plug the £30b-a-year gap in social care funding the U.K. is facing by 2031”
Read 4 tweets
Profile picture
#MMTLens #Armistice100
A weekend of quiet reflection.
gimms.org.uk/2018/11/09/a-w…
Today’s blog comes just before the weekend commemorating 100 years since the end of the First World War, the ‘war to end war’.
When it started people thought it would be over in a matter of months
but it turned into a fight to the bitter end. It is regarded as the first “total war” in which military and industrial resources and people were mobilised on a scale never before thought possible. Trench warfare created an endless demand for men, munitions and supplies
with often no apparent gains or victories. But by the beginning of 1918 those resources had been drained too much.
Demoralised German workers, suffering from food and fuel shortages, threatened revolution at home.
Read 20 tweets

Related threads

Profile picture
Just want to say thanks to a few people for helping me understand macroeconomics and teaching me #MMT , and I need to start with @StevenHailAus - a great communicator who has always been there to answer questions personally and in depth. Thanks, Steven!
Also joint top of the list is @sdgrumbine and @elliswinningham - unrelenting energy, courage, passion and outspokenness. Guys, thanks for teaching me #MMT and making it 🤘
Now I’m onto thanking people who probably don’t know they taught me #MMT: of course @wbmosler (thanks for 7 Deadly Innocent Frauds, and the “guy with the gun” - that was my lightbulb moment!)
Read 9 tweets
Profile picture
Thread: This is what I would like @billy_blog’s feedback on.
I *thought* MMT was 100% descriptive, 0% prescriptive. Here are two slides from my MMT-101 lesson (video: ):
In other words, it was my understanding that MMT was explicitly non-political. That people can take the *knowledge* of MMT and use it to implement policies that are progressive, neoliberal, Republican, Libertarian, etc. – or not use the knowledge at all.
Read 38 tweets
Profile picture
I had never heard of Modern Monetary Theory #MMT until this @planetmoney podcast. It piqued my interest and I started reading more about it. It has completely transformed the way I view govt. spending and what govt. should be doing.
npr.org/sections/money…
1/4
I'm still trying to understand a lot of this, but my big takeaways are:
1) Taxes do not fund federal govt. spending; the govt. creates money and then removes it through taxes. So, it is impossible for the federal govt. to run out of money; it cannot default.
2) A federal deficit means a private sector surplus, and a federal surplus means a private sector deficit (ignoring foreign trade). In order for you and me and all other private individuals and companies to have savings, there must be a govt. debt!
2/4
Read 5 tweets
Profile picture
“Then why does the military budget keep going up as social programs keep getting cut?"

Now that’s a good question.

#LearnMMT

[thread – version 2]

You and I require income (a paycheck) before we can spend. We must choose and prioritize what each dollar is spent on. Food or medicine? Can’t afford both this week. Or... gotta chop that pill in half so we can buy food for our kids. Hard choices. One or the other. Either/or.
Before Nixon took the US dollar off the gold standard in 1971, the federal gov't was the same way: they needed income (i.e. taxes) before they could spend. Now that the US dollar is a "fiat" currency, "a budget" to me and you is

**NOTHING**

like "a budget" to the federal gov't.
Read 34 tweets
Profile picture
1/ An extraordinary first article for understanding Modern Monetary Theory #MMT: “Cutting the federal deficit to cure a recession is like applying leeches to cure anemia.” #LearnMMT mythfighter.com/2010/08/13/mon…
2/ Freaking out about the deficit and the debt is to myopically focus on only the federal government’s bank account at the expense of every private citizen. A balanced budget for the federal government takes money directly out of the pockets of every American. #LearnMMT
3/ Freaking out about the deficit & debt is sort of like only caring about the financial condition of the parents while completely ignoring the well-being of all of their children – and the family as a whole. What is best for the FAMILY?! What is best for the COUNTRY?! #LearnMMT
Read 6 tweets
Profile picture
---LIFE’S THREE BIG LESSONS FOR THOSE WHO WISH TO WAKE UP---

1: Money is the root of all political evil.
1a: ...and it’s corollary, income inequality.
2: Modern Monetary Theory #Mmt demonstrates that we CAN have nice things. The only reason we don’t is because the powerful can only stay powerful if they keep the powerless powerless.
Read 6 tweets

Trending hashtags

#AAnon #FreeIran2018 #LearnMMT #unroll #ReReadCrumbs #AllisonMack #RedWave #ThoseYouTrustMost #AmericaFirst #PAYGO #TheStormIsUponUs #Huma #UraniumOne #NotALarp #NEW #raceToTheBottom #MondayMotivation #NXIVM #TrustGod #MMT #Earned #MAGA #MedicareForAll #MadMax #Weiner

Did Thread Reader help you today?

Support us! We are indie developers!

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

Become a Premium Member and get exclusive features!

Premium member ($30.00/year)

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!