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I get asked questions like this all the time "Is #MMT consistent with a post-capitalist system? #Socislism? #Imperialism? XYZism?"
MMT is compatible with any political system. 1/n
#MMT is an analytical approach that carefully estimates how much fiscal policy space a country has to meet its national priorities without causing #inflation. 2/n
Those national priorities are determined by a political system that can be participatory/dictatorial/fascist/capitalist/socialist/communist, or whatever. 3/n
Most people still don't fully understand how #capitalism works. If they did, they'd be a #revolution. #MMT provides a more focused lens to complement the political economy critiques of capitalism.4/n
Then we can sit down and design that post-capitalist system you speak of, and we'll invent a nice "ism" name for it too. I just want it to be a participatory democracy that is equitable, just, peaceful, sustainable, and prosperous. 5/5
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Fadhel Kaboub
@FadhelKaboub
#THREAD
So if you have any doubt about this being a #ParadigmShift, check this out. A colleague from the humanities is teaching a social science class this semester. She decided to introduce her students to different theories about #money. 1/n
Naturally (dare I say?), a basic intro to #MMT was in order. One of the sources was episode 2 of the @MMTpodcast by @christreilly (a comedian) & @PatriciaNPino (an engineer) discussing #MMT & #MonetarySovereignty. 2/n
pileusmmt.libsyn.com/2-monetary-sov…
I'm told that this sparked a very lively discussion that will continue in class next week. I've always said that this paradigm shift will not take place under the leadership of mainstream economists & their admirers. 3/n
Read 6 tweets
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Fadhel Kaboub
@FadhelKaboub
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
Read 3 tweets
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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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Cat Namus
@CatNamus
1.) Is it just me or is everyone f’n brain washed into wanting a life devoid of freedom and happiness? Have people forgotten that WE make the world #economy work? We’re the consumers AND the work. The owners just facilitate between the groups & make a killing being middle men...
2.) If we ever broke free of our damn slumber & broke up these low competition industries there would be an entrepreneurial boom in the 2020s. Normal people will have opportunities to form businesses better than ever before without fear of reprisal from industry leaders...
3.) It’s absolutely imperative to expose these industry #Cartels who control every major revenue source in the world. There are 2,153 #Billionaires in the world who as a group, control more wealth & companies than the entire world population. They have boxed out small business.
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Tiago Forte
@fortelabs
1/ Just finished Kim Stanley Robinson’s Mars Trilogy tonight, an epic future account of the colonization and terraforming of Mars over 200 years. I’m in a state of awe at what a monumental piece of art these books represent. A truly astounding feat of research + imagination
2/ These books gave me a different perspective, with Mars functioning as a mirror for Earth, allowing it to be seen objectively. It is a “template for a credible utopia...helping us think about re-engineering on a global scale, both social and natural conditions” (via Wikipedia)
3/ I found myself drawn out from a local and parochial way of thinking, into a solar system wide perspective that makes our problems much less dramatic, less all-consuming, and therefore more tractable. A one-world species can’t think clearly
Read 20 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/ 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-…
Read 13 tweets
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james dewinter 🌏🏴🌹🔰🌻
@syntropian
Just like the IPCC report, the Nat'l Climate Assessment makes clear statements about what the future holds for us all, backed by rigorous analysis

Without the will to act, all of that collective effort counts for nothing

Burying this on Black Friday is apropos as fuck

Just like Bush II said back in 2001:
How do we win? Just keep shopping

Capital accumulation must continue until the final moments of crisis

at which point the global 1% will retreat to New Zealand/Mars/wherever & leave us to die
The report is here

If you've been following climate for a while there's nothing new, but the language in the report is refreshingly clear:

Climate change is here, now. It's happening. And it's only going to get worse unless we take immediate action

nca2018.globalchange.gov
Read 43 tweets
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Thomas Binder
@Thomas_Binder
After 70 years of imperial/neoliberal indoctrination the web of lies is so obviously absurde (9/11, Skripal, WH = ISIS, etc.), that it is dissoluting. The empathetic humanity connects, closes ranks and sends their eternal psychopathic rulers and their lackeys into nowhere land.
The "evil empire" is a lifelong three year old child. I certainly loved my children at that age too, however only because they created not only a surreal mess, but also made steady progress.

A great documentary about psychopathy and society:
The elite invented "democracy" to protect them from the empathetic people. The media are their means for misleading the people sedated by "democracy". This is definitely a bad thing since the people have become educated and the elite almost totally insane.
Read 209 tweets

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