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A repository of #MMT resources by @ActivistMMT. Profile picture
@MMTResources
Oct 28, 2019 • 6 tweets • 4 min read • Read on X
1/ "Printing money" does not cause inflation.

[#LearnMMT thread v.1]

@John_T_Harvey, professor of economics at Texas Christian University (@TCU) as The Cowboy Economist:
2/ "Printing money" does not cause inflation. @John_T_Harvey: forbes.com/sites/johnthar…
3/ "Printing money" does not cause inflation. @billy_blog, professor in economics at the University of Newcastle, NSW, Australia. bilbo.economicoutlook.net/blog/?p=13834
👆Printing💰does not cause inflation. From Mat Forstater’s (@mattybram) 1999 "Functional Finance & Full Employment: Lessons from Lerner for Today?” (levyinstitute.org/publications/f…):

“The printing of money is not an instrument of policy. It is only a servant of these policies...”👇 ImageImage
👆Besides, #MMT is *really* not about "printing money."👇
👆Besides, very few of us even understand what inflation really is.

/end

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More from @MMTResources

A repository of #MMT resources by @ActivistMMT. Profile picture
Jul 12, 2020
A large collection of examples demonstrating the #MMT view of class conflict/class struggle, and where specifically MMT addresses it.

[THREAD v.1]

(With thanks to many.)👇
👆From a 2019 post by Australian economics professor Bill Mitchell (@billy_blog) (bilbo.economicoutlook.net/blog/?p=42113)👇
👆A thread filled with examples of how MMT addresses class conflict/class struggle by @moneyontheleft’s Scott Ferguson.👇
Read 20 tweets
A repository of #MMT resources by @ActivistMMT. Profile picture
Jun 23, 2020
Why does MMT recommend the job guarantee and ZIRP?

[A layperson tutorial to #LearnMMT v.1]

MMT is fully a descriptive body of knowledge. Once understood, however, it is simply not reasonable *not* to implement the JG and, secondarily, ZIRP.
>
<
If you understand MMT and yet still want neither policy, the burden is on you to justify why large swaths must continue to suffer the ravages of unemployment. MMT demonstrates it is possible to stabilize the economy by keeping all (who want to be employed) *employed*.
>
<
The absolute ravages of unemployment, on individuals, families, and society as a whole. Unchecked, unemployment behaves no differently than a biological plague. From "Unemployment: The Silent Epidemic" (2017) by @ptcherneva: levyinstitute.org/pubs/wp_895.pdf
>
Read 10 tweets
A repository of #MMT resources by @ActivistMMT. Profile picture
Jun 21, 2020
1/ Good things to read when first learning #MMT.

[#LearnMMT THREAD v.2.1]

First, a single article explainer of #MMT by @StevenHailAus, economist and lecturer in economics, University of Adelaide. theconversation.com/explainer-what…
2/ A single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU): forbes.com/sites/johnthar…
3/ A single article explainer of #MMT by @jocobmag multimedia editor Rebecca Rojer thenewinquiry.com/the-world-acco…
Read 12 tweets
A repository of #MMT resources by @ActivistMMT. Profile picture
Jun 19, 2020
1/ The #MMT view of inflation. A mega-thread.

This is a layperson tutorial with many papers, lectures, & even podcasts created by (and of) #MMT economists & scholars.

First, in order to (really) understand inflation, we need to understand what it's not.
2/ The academic response to "What is #MMT's theory of inflation?"
3/ The #MMT view of hyperinflation.
Read 5 tweets
A repository of #MMT resources by @ActivistMMT. Profile picture
Jun 6, 2020
1/ A thread on Art Laffer, his ridiculous island analogy, and the real world, mass suffering caused by both.

[#LearnMMT v.1]
2/ If there are two farmers on an island and NOTHING ELSE, then what does unemployment even mean? Where does the "employed" farmer get that money? What purpose does money serve?

In this scenario, the farmers help each other to survive, or they die.
3/ So the successful farmer can grow his crops just fine but he won’t give any food to the unsuccessful farmer because the latter doesn’t have any "money"? Money is an even more meaningless concept when you imagine an island with ONE farmer & nothing else.
Read 18 tweets
A repository of #MMT resources by @ActivistMMT. Profile picture
Jun 5, 2020
1/ Chartalism

which is also called

The state theory of money

or in #MMT parlance,

"Taxes drive money"

[A layperson tutorial to #LearnMMT, v.1.1]
2/ Central gov'ts don't need your taxes to pay for stuff (state and local gov’ts do). They gave it to you in the 1st place! Why would they need it?

They don’t just "don’t need your money to pay for stuff," they **can’t possibly use** it to pay for stuff.
3/ The central government (or, “the state”), which is the one and only monopoly currency issuer, doesn’t need your money, It needs YOU to need THEIR money, and it does this by imposing taxes.

Why do they do this? So you do stuff that society needs doing.
Read 16 tweets

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