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Fadhel Kaboub
@FadhelKaboub
, 3 tweets, 1 min read Read on Twitter
I'd emphasize the fact that the core MMT economists are Post Keynesian Institutionalists, and as such we take legal institutions very seriously. It shouldn't be a surprise to anyone that legal scholars play an important role in the development of MMT and its policy framework. 1/n
After all, financial instruments are legal contracts, market transactions take place within a legal framework, &that legal framework is the result of multiple iterations &intersections of policy designs. So the traditional distinction between theory&policy is not very helpful 2/n
We're very grateful for the important work done by the original institutionalists (Veblen, Dewey, etc.) & their followers for cross-fertilizing with the followers of Keynes, and with the legal scholars of money and finance. 3/3
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More from @FadhelKaboub see all

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Fadhel Kaboub
@FadhelKaboub
Ten #MMT tips to remember on #TaxDay:
1. Federal #taxes don't fund federal spending, so let's #decouple these two important tools.
2. Taxes offset #Government spending.
3. It's a matter of #logic: #dollars must be spent into existence (by the Gov) first, in order for us to use some of those $ to pay taxes
4. #Taxing for #revenue is for local states/municipalities, not the #sovereign issuer of the #currency.
5. Taxing excessive wealth protects #democracy from #Oligarchy and protects us from abusive market power
6. Taxing #pollution & #speculation to reduce such activities, not to "fund" #healthcare and #education.
Read 6 tweets
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Fadhel Kaboub
@FadhelKaboub
Hi @HeerJeet. Sorry, but you're way off on #MMT. Not necessarily your fault. It's been a well coordinated operation by mainstream forces to smear MMT and its progressive policy ideas, to misrepresent our views without citing a single MMT academic source. 1/n
what do you expect when you invite non-MMT economists to explain something that they never bothered to research? The MMT literature is publicly available & is bulletproof. Asking readers to take ur word for it just because ur name is Summers/Rogoff/Krugman is not gonna do it 2/n
We're ready to debate any "top economist" face to face publicly. Name the time and place, and let's expose them and the their policies. They've been wrong on everything they claim MMT doesn't understand. 3/n
Read 10 tweets

Related threads

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Raúl Carrillo
@RaulACarrillo
I've learned more about the economy from @StephanieKelton, @ptcherneva, @stf18, @FadhelKaboub, & other MMT economists than I ever learned through Harvard, Columbia Law, or my brief stint at Oxford. But my debts to a range of heterodox thinkers & turncoats are extensive. 🙏
At @thepublicmoney, an educational non-profit I help direct, #MMT serves as the core of our lens. But we also draw on complementary approaches & analyses, especially from those working in interdisciplinary spaces.

modernmoneynetwork.org
Just a few specific legal thinkers we regularly work with...(@rch371, @FrankPasquale, @MarthaMcCluskey...)

neweconomicperspectives.org/2017/07/memo-m…
Read 6 tweets
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Gower Initiative for Modern Money Studies
@GowerInitiative
@Roonomics @MartinSLewis An understanding of ‘money’ and personal finances will stand young people in good stead for navigating their adult lives.
We very much welcome a textbook for this age group.
@Roonomics @MartinSLewis It’s also important for our democracy, that young people grasp the basic principles of government finances and economics as they apply on a national level. This will stand them in good stead when it comes to making important decisions at the ballot box.
@Roonomics @MartinSLewis Modern Monetary Theory #MMT describes how our economy works today.
It is a lens for viewing currency operations and government finances. It forms a framework that policy makers can use to make best use of our resources and the public purse.
Read 4 tweets
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Dan Nahum
@Dan_Nahum
Thread!

@TheAusInstitute’s #RevenueSummit A post-Keynesian/#MMT perspective – questioning the premise of the Summit. In short, a washout – putatively sensible people nodding sagely at the repetition of neoliberal talking points.

#auspol #ausecon 1/12
Contra *every single speaker* at the #RevenueSummit, fiat money is not a scarce commodity that the government needs from us, it’s a tool that the government creates ex nihilo and *we, the populace, need it*. 2/12
Don’t take my word for it, take that of noted socialist Alan Greenspan’s:

Or Ben Bernanke’s. Or the Bank of England’s. Bankers know this stuff. 3/12
Read 19 tweets
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Patricia
@PatriciaNPino
I hear a few ppl say that #MMT applies only to the USA & not the U.K. I don’t know where this comes from, but they’ve made up so much stuff about MMT that I’m not surprised about this. so lets clarify some things:

>
1) MMT applies to all nations that have a fiat currency & r monetarily sovereign.

2) the UK has a Fiat currency. So does the US, Australia, Japan, and many others. This means their currencies r not pegged to gold or any other currency or commodity.

>
3) these countries are also monetarily sovereign. That means that their national govts are the monopoly issuer of the currency.

4) in all these nations, commercial banks also create money through credit. But this is not the same as “currency”, which is a net asset to us.

>
Read 13 tweets
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Ale
@aliasvaughn
1."Roger Stone privately sought information he considered damaging to Hillary Clinton from WikiLeaks founder Julian Assange during the 2016 presidential campaign". Bc Assange is a foreigner this is ILLEGAL NO MATTER WHAT. The fact he's asking for hacked emails makes it worse.
2. Naturally, this also shows that Stone LIED to Congress, but that's no surprise to anyone. In Sept. he said he "merely wanted confirmation" from an acquaintance that Assange had intel about HRC. Sure, Stoney, sure. Oh, your pants are on fire.
3. Stoney's emailed guess who? RANDY CREDICO! Email is dated Sept. 18, 2016. And he is all "Look Randy, we need any State or HRC e-mail from Aug 10 to Aug 30, particularly on Aug 20, 2011". Credico had interviewed Assange several weeks earlier.
Read 26 tweets
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Mark S. Zaid
@MarkSZaidEsq
(1) REVENGE PORN THREAD: Earlier today Texas Tribune posted a story concerning Rep. Joe Barton (R-Ennis) that he issued an apology statement after it was learned a graphic image of him nude (apparently showing his penis), was circulating via social media. texastribune.org/2017/11/22/us-…
(2) Was this revenge porn? Should there not be an outcry or does Barton being a man negate outrage? I take these situations very seriously, especially since I have represented women (pro bono in fact) who have suffered as victims of revenge porn, nbc-2.com/story/34185598…
(3) In my opinion, I don’t believe there should be a double standard based on gender. Were the gender roles reversed, I daresay, especially in the current climate, all hell would be breaking loose. So let’s take a moment to examine the legal issues in this case thus far.
Read 34 tweets

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