Thread by @MMTResources

1/ #MMT is knowledge.

It’s not a recommendation or prescription.
It’s not something you choose to do or not do.
It’s not something you subscribe to.

It’s just knowledge.

[#LearnMMT thread v.2]

2/ For example, #MMT says that the fed gov’t of economies such as the US “cannot run out of money.” That’s quite different than the false assertion that MMT says that we SHOULD & CAN SAFELY create money to pay for any and everything, damn the consequences.

https://twitter.com/PeterRelph/status/1025870417540472832

3/ The former is indisputably true. The latter is stupid.

#MMT says the United States “cannot run out of money.”

Many read far more into this statement than #MMT actually says.

4/ It is taking neutral information:

- a movie theater cannot run out of tickets,
- I can keep pumping air into a tire even after it’s full,
- I can take a step towards a cliff that is twelve miles away,

5/ as if it were an urgent recommendation:

- the movie theater should (and can safely!) give free tickets to so many that they won’t even fit in the theater!,
- I should (and can safely!) keep pumping air in the tire even though the air pressure gauge says it’s about to explode,

6/ - I should (and can safely!) keep walking towards the cliff even when I’m dangerously close.

#MMT is just knowledge.

All knowledge is neutral information. It can be used for good, evil, or not at all. The same is largely true with tools.

7/ Sovereign governments never have to *financially* default and they can never go *financially* bankrupt. They can certainly experience terrible inflation:

- sure the movie theater can cause chaos if they were foolish enough, or just really wanted to,

8/ - I could cause the tire to explode if I really wanted to,
- I could plummet off the cliff if I really wanted to.

Sure, you can use any kind of knowledge to be as sinister as you like, but that is a completely separate matter from the KNOWLEDGE ITSELF.

https://twitter.com/mmtresources/status/1189839837634936832?s=21

9/ Randy Wray "These, we believe, are simple statements that should be completely noncontroversial. And this is not a policy proposal — it is an accurate description of the spending process used by all currency-issuing sovereign governments." newdeal20.org/2010/04/27/the…

10/10 To #LearnMMT in general, here is a good place to start.

https://twitter.com/MMTResources/status/1188935401827901440