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Stephanie Kelton
@StephanieKelton
, 3 tweets, 1 min read Read on Twitter
Panels from the First International Conference on MMT included:
* Financial regulation & corporate power
* Job guarantee in developing countries
* MMT & ecological sustainability
* MMT in a global context
* JG & human rights
* Money, taxes & sustainability
youtube.com/channel/UCjhK7…
Yet, claims abound that MMT does not talk about power, is US-centric and doesn't deal with developing countries, won't talk about taxes, ignores ecological constraints, etc. A rather curious set of objections, given the actual facts.
Anyhow, the Third International Conference is coming up next month. Register and come if you can. mmtconference.org
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More from @StephanieKelton see all

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Stephanie Kelton
@StephanieKelton
What is the natural rate of college enrollment?
Or the non-accelerating college drop-out rate of unemployment. NACDRU.
This makes me sad I don’t still have my Bloomberg column.
Read 3 tweets
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Stephanie Kelton
@StephanieKelton
The funny thing is, I wrote this piece precisely because of the way I perceive power. I was trying to show the insanity of holding the progressive agenda hostage to the idea that we cannot move forward unless/until we get the rich to agree to tax themselves more heavily.
If you believe that Congress is largely under the influence of big money, then you are naive to think that you're going to get the tax increases you "need" to save the planet in time. I'm just showing that there's another way to get at least part of the way there.
That doesn't mean I am saying we give up on the idea of taxing the rich. For crying out loud, my talk at the Patriotic Millionaires event was literally called "Why We Don't Need to But Still MUST Tax the Rich!" inequality.org/great-divide/p…
Read 5 tweets
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Stephanie Kelton
@StephanieKelton
THREAD
We should talk about Functional Finance. Abba Lerner put forward the approach in the 1940s. He explicitly offered it as an alternative to the more timid pump-priming approach expounded by people like Alvin Hansen. Here’s the seminal paper. gc.cuny.edu/CUNY_GC/media/…
MMT ≠ Functional Finance, but we incorporate some basic insights. I explain the overlap and extensions to FF in this talk.
I see people like Larry Summers warming up to FF but continuing to express reservations about MMT on the grounds that (among other things), MMT advocates “printing money.” So let’s look at what Lerner’s Functional Finance was all about.
Read 25 tweets

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Richard Tye
@widespreadhaze
Interesting article by @meadwaj in Tribune Magazine called 'Against Modern Monetary Theory' tribunemag.co.uk/s/91dc1087b5fa… Here are some initial thoughts in response in order to stimulate good-natured debate:
Meadway asserts that ‘money is a creature of law’ is a “dubious historical claim”. This is ahistorical. History shows that it is the power of the state and its institutions that have ensured state money’s dominance since the earliest civilisations of the ancient near east.
It is the state’s unrivalled power to coerce, imposing legal financial obligations denominated in its money, that makes simple credit into money. Taxes force certain members of the public to demand the state’s credits in return for goods and services rendered.
Read 22 tweets
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Alexander Valchyshen
@AlexValchyshen
@INETeconomics By a chance, the article saying #MMT "theorists ignore how their policies could hurt developing countries" places #Ukraine currency #hryvnia (notes of 20 hryvnia's) as its cover picture.

1/n
@INETeconomics Btw, another time when #MMT-related literature opted by a mere chance to associate itself with #Ukraine's currency was the book 'Can "It" Happen Again?' written by Hyman Minsky (2nd ed published in 2016).

This time there is a jar of coins 5 kopecks each (5 #копійок).

2/n
@INETeconomics I am #Ukrainian, having a 22-year experience in the Ukraine's financial sector (1995-2017) and working full-day jobs first as bank officer doing debts/credits and then as research economist. I worked in the banking sector as well as in the non-banking financial sector.

3/n
Read 31 tweets
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Citizens' Media TV 🦉🌹
@citizensmediatv
1/ *Many* resources for getting started with #MMT.

[#LearnMMT THREAD v.2.01]

In a sentence: MMT is non-fiction macroeconomics.
2/ Here is an excellent single article explainer of #MMT by @StevenHailAus, economist and lecturer in Economics, University of Adelaide: theconversation.com/explainer-what… #LearnMMT
3/ Here is an excellent single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU): forbes.com/sites/johnthar… #LearnMMT
Read 22 tweets
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Citizens' Media TV 🦉🌹
@citizensmediatv
1/ The #MMT designed Federal Job Guarantee (FJG): scholarship by MMT economists and experts, and the scourge of unemployment.

[#LearnMMT, THREAD v.1]
2/ The FJG is a “transition job.” If you unexpectedly become unemployed, you can transition into the FJG with a dignified wage instead of splatting onto the ground at $0/hour – until private industry is ready to hire you back. #MMT founder @wbmosler:
2/ A good place to start: The FJG FAQ (frequently asked questions) by economist @ptcherneva. Tcherneva has been working on the Federal Job Guarantee for 20 years: pavlina-tcherneva.net/job-guarantee-… pavlina-tcherneva.net/job-guarantee-…
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Patricia
@PatriciaNPino
@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).>
@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,>
@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 >
Read 7 tweets
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Citizens' Media TV
@citizensmediatv
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

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