@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber Ok, this will take a few tweets, forgive me if I say something you already know;
#MMT At it’s core it’s just a description of how money works. How money was created as a means for authorities to command resources (in the old days kings etc, but now more democratic govts).>
#MMT At it’s core it’s just a description of how money works. How money was created as a means for authorities to command resources (in the old days kings etc, but now more democratic govts).>
@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber It focuses on the crucial role of fiscal policy in the economy (The money creation which is under democratic control). And It also outlines the differences between Govts who issue their own currency, and those that don’t.
There are prescriptive aspects, e.g. the job guarantee,>
There are prescriptive aspects, e.g. the job guarantee,>
@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber the curtailment of bond issuance, capital controls. These were formulated to ensure that govt can use fiscal policy to maximum effect. This is why for example, MMT rejects the monetarist view of relying on int rates to control inflation, preferring >
@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber the fiscal policy based job guarantee instead.
Most MMT supporters are lefties, partly bc they see in the job guarantee a means to address the job insecurity characteristic of the neoliberal era.
But the main reason they like it is >
Most MMT supporters are lefties, partly bc they see in the job guarantee a means to address the job insecurity characteristic of the neoliberal era.
But the main reason they like it is >
@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber that it obliterates all neoliberal fearmongering on govt Debt, deficits, & the financial ratios nonsense. And it leaves behind only that which matters; The govt, its resources (labour/raw materials, etc), & the electorate telling govt how to command them, and distribute them. >
@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber We always say we already live in an MMT world. But the MMT narrative and it’s policy prescriptions would be very useful for socialists like Corbyn who wish to end Neoliberalism for good. And who advocate expansionary fiscal policy. >
@CatatonicUk @meadwaj @richmondpapers @NeilSalter4 @DaveRHumphreys @CarolineLucas @BBC @davidgraeber James has never articulated his concerns with regards to #MMT. So we’ll have to wait for him to explain them or write a paper. But from previous discussions I believe it’s along the lines of: “the financial sector in the UK is too powerful and scary”.
