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If I had a $ for each time I have heard MMT used positively over the past month, I could monetize the debt of an average US household! The markets, CEOs and not just a few pols are cutting from "mainstream" economists. My prediction: An epochal change, the likes of 1932 and 1980.
See, for example, this from today:

Rishi Sunak to signal end of austerity with huge leap in borrowing - giftarticle.ft.com/giftarticle/ac… via @FT
And, you might see my piece from the weekend as to why this is happening - and should be (in which I never actually refer to MMT - just its essential logic):
businessinsider.com/coronavirus-bo…
And, finally, we await @StephanieKelton's new book, "The Deficit Myth," to bring all of this home. Yes, an epochal shift the result of an age of oversupply of capital which can no longer be invested profitably by the private sector, but - with governments - can mobilize millions.
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Dan Alpert
@DanielAlpert
#BLS Today's job's report will be the last prior to the launch of the U.S. Private Sector Job Quality Index (JQI) on November 14th, which will thereafter be updated and released on each "jobs day." #JQI is a collaborative of @Cornell, @cpa_tradereform, @UMKC and @GISP_Tweets,>>
>and tracks shifts in job quality related to relative levels of weekly income (wages times hours) on a real time basis from month to month. The JQI reveals is three decades of astonishing job quality decline, reflecting a substantial increase in the number of>>
> production and non-supervisory jobs that are below the mean level weekly incomes of all such jobs. In 1990, 52.7% of those jobs fell below the mean – but since then, 63% of all net new job formation has been lower wage/lower hours. >>
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Dan Alpert
@DanielAlpert
THREAD:
1/10
To all folks out there convinced that 20 Republicans cannot be found to turn against Trump, let me point out the following. There are three Republicans retiring from the senate who have the latitude to do the right thing. And, of course, there is Romney who almost>>
2/10
>>certainly will. Now, for the rest, there are 20 Republicans up for reelection in 2020 who are not retiring. Let's assume all of them would have a problem (although, frankly, a couple - like Susan Collins - may have more of a problem if they DON'T vote to remove Trump).>>
3/10
>>So that leaves 30 Republican Senators who are facing a different calculus - 22 of whom are up for reelection in 2022. They face two unknowns if they vote not to remove Trump: (a) whether he wins or loses in 2020, and (b) whether Republicans hold or lose the Senate then.>>
Read 11 tweets

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Citizens' Media TV 🦉🌹
@citizensmediatv
1/ Imagine there's a billionaire with three children, but she only provides them with (just) enough food for two. They come to her to complain and ask for more, but she responds with, "I know, I know! But how‘re you gonna pay for it?"

(Yes, this thread *is* related to👇.)
2/ Of course, the children have no choice but to start fighting with each other. There's simply not enough food to go around, and eating is a biological necessity! Even though they are **brothers and sisters**, they have to be terrible to each other in order to survive.
3/ Even though she could easily provide for all her children, she chooses instead to shame and punish them for being horrible to each other. [How stealing a loaf of bread for a starving family forms the basis of Les Miserables] bahaiteachings.org/the-lesson-of-…
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Lukas Freund
@_LukasFreund_
#MMT has received a ton of attention on #econtwitter and beyond over the past few months, but my impression is that exchanges b/w MMT-folks are often not v productive. Following thread covers 4 "meta observations" trying to pinpoint issues and suggest more productive ways. 1/n
Summary: 1) terminological differences, 2) unstated premises, 3) attitudes/missing respectful treatment, and 4) a lack of mathematical models in the debate represent important limitations => formalization of debate seems crucial. 2/n
Prelim.: i) Premise: both sides of debate bring sth useful to the table, but present mode of discourse not conducive to synthesis. ii) Some notable exceptions, eg @dandolfa & @rohangrey exchange yesterday was excellent. iii) read "mainstream" in inverted commas throughout. 3/n
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Mr. Bunch
@darinbunch
Americans have a “Logic Deficit” when it comes to how the U.S. government *should* operate to both serve and benefit as many citizens as possible while protecting the country and providing the framework in which society functions.

A thread with two examples ...
/1
Myths about “how government works” are created because key aspects of U.S. government operations are viewed through the faulty lens of “This is how one thing works, so it must also apply to how all things work.” /2
This is illogical, obviously. Sometimes the differences are as subtle as comparing apples to oranges. Other times as glaring as comparing an ant to Shaquille O’Neal. All things are not equal. Thus, they shouldn’t be treated as equal. And, yet, this is how myths are created. /3
Read 26 tweets
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Christian Reilly
@christreilly
Just want to say thanks to a few people for helping me understand macroeconomics and teaching me #MMT , and I need to start with @StevenHailAus - a great communicator who has always been there to answer questions personally and in depth. Thanks, Steven!
Also joint top of the list is @sdgrumbine and @elliswinningham - unrelenting energy, courage, passion and outspokenness. Guys, thanks for teaching me #MMT and making it 🤘
Now I’m onto thanking people who probably don’t know they taught me #MMT: of course @wbmosler (thanks for 7 Deadly Innocent Frauds, and the “guy with the gun” - that was my lightbulb moment!)
Read 9 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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Richard Tye
@widespreadhaze
An English monetary tale: For 600 years from the 12th century, prior to the invention of double entry book keeping, English sovereigns issued to their subjects loan tallies, notched wooden sticks split into two, down the middle, in exchange for coinage, goods and services.
Coinage was minted from silver bullion via ‘free minting’. The Royal Mints took in silver bullion from individuals, typically merchants, and returned a slightly lesser amount of metal in coined form, creating the money supply in silver pennies.
Minting of silver pennies, ‘just pennies’, was worth the sacrifice of silver as they alone were accepted and used by the Sovereign, who also enforced their use by individuals in common law in English trading markets as payment of all debts.
Read 11 tweets

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