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Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
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Aug 21 • 14 tweets • 7 min read
“There is no one working in finance that can look at MMT and see any rational aspect [that doesn’t] bite the dust”

A 🧵 demonstrating some of the finance people I’m aware of who embrace (or seriously consider) #MMT in reality. (I’m told there are many more)
First, #MMT largely originated from the ideas of trader and former bank owner, Warren Mosler (@wbmodler). He made a killing when *he* informed officials in the Italian government that voluntary default was an impossibility.

From investopedia.com/modern-monetar…
Asset manager for GMO in Boston, James Montier:

“…when reading their criticism I’m often left w the impression that they haven't actually bothered reading anything on the subject of their critique. Rather, they seem to prefer to knock down straw men…”

gmo.com/americas/resea…
The chief economist of major Australian bank hosts a 2020 podcast episode where the guest is PhD #MMT economist, @StevenHailAus.

institutional.anz.com/insight-and-re…
Paul McCulley, former managing director at PIMCO.
Investor Rob Parenteau (@MacroEdge1) (he has several tweets mentioning "MMT")
Con Michalakis (@MichalakisCon) was the Deputy CIO at Hostplus, Australia’s largest superannuation fund, for 14yrs. Now on the board of @modernmoneylab, which owns the intellectual property of @TorrensUni’s new purely #MMT (plus ecological economics) graduate program.
(The program’s first classes begin next month. I’m in the first class of masters students.)
Investor and trader @kevinmuir.

From PRACTITIONER'S GUIDE TO MMT: Part 1 (posts.themacrotourist.com/p/practitioner…)
Kevin Muir
Kevin Muir
Mike Norman is a self-described #MMT trader (and has an MMT-based investing podcast).
(Who else?)
Corrected tag: @wbmosler

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More from @ActivistMMT

Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
Aug 21
How about we fix both the symptom AND the disease?

1. Cancel all student debt.
2. Make future student debt an impossibility by making all education free (for all citizens, student or not) Image
Free education will also prevent price gouging by universities, since something that has no price can’t have its prices raised. The national government would also be a monopsony, so they could easily stand up to bad behavior by universities.
Free education will also take control of education policy and funding from rich property tax payers (K-12), and away from rich donors (university). This would be a massive empowerment of the 99%.
Read 6 tweets
Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
Aug 21
You are conflating politics with economic theory.

Theory is about determining the possibilities. Only then can you consider political and human realities. #MMT's descriptive element is purely the former.
WHY exactly, is "inflation out of control" in medical costs? Because pharmeceutical companies are completely unregulated and can price gouge.
Because workers in healthcare (and in general) have no power to negotiate better wages and working conditions, which only further increases the power of corporations to price gouge, and further decreases the purchasing power of those workers.
Read 8 tweets
Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
Aug 21
Welcome to episode 130 of Activist #MMT. Today's the final part of a six-part series with @John_T_Harvey. It's also the first guest-hosted (main) episode of Activist #MMT, with Jonathan Wilson (@deficitowl24601). Here's a brief highlight, with thanks to @headlinervideo.👇
👆Here's the full episode:

"Ep132[3/3,6/6] John Harvey on exchange rates and neoclassicism [guest host: Johnathan Wilson]"👇 activistmmt.libsyn.com/ep1323366-john…
👆Today in part six, they focus on some of the core assumptions and ideology of mainstream economists. They also discuss how some assume inflation to always be caused by too much demand and too high wages, despite clear empirical evidence that it's caused by something else.👇
Read 13 tweets
Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
Aug 20
It’s impossible for the US to voluntarily default in its own money.

Since the national government can only spend by creating more, it logically can’t "borrow" in the personal sense of that term. So what is it?

So what is it?

A long 🧵.
Since the national government can only spend by creating more…
…it logically can’t "borrow" in the personal sense of that term. So what is it?

An overview:

1. Chinese companies sell us stuff.
2. US customers pay in dollars.
3. The dollars are translated to bank reserves at the Fed, with the Chinese company marked as the owner.
Read 32 tweets
Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
Jul 25
Welcome to episode 128 of Activist #MMT. Today I talk with Dirk Ehnts (@DEhnts), about his personal journey to MMT, which happened only after obtaining a PhD in mainstream economics. Here's a brief highlight, with thanks to @headlinervideo.👇
👆Here's the full episode:

"Ep128 [1/3]: Dirk Ehnts: From mainstream to #MMT"👇
activistmmt.libsyn.com/ep12812-dirk-e…
👆One of Dirk's first hints that something was wrong, was discovering that Paul Krugman's 1991 new trade theory...👇 pr.princeton.edu/pictures/g-k/k…
Read 14 tweets
Activist #MMT, the podcast. Host: Jeff Epstein Profile picture
May 29
Welcome to episode 120 of Activist #MMT. Today I talk with @StevenHailAus, about the new and unprecedented graduate program in economics of sustainability, mixing #MMT and ecological economics.

"Rather than accept it, we decided to do something about it."👇
👆The program, which starts in September 2022, will be run by @TorrensUni-versity, is backed by @modernmoneylab, and is primarily developed by Steven, and Australia's leading ecological economist, Phil Lawn.

Here's the full episode:👇 activistmmt.libsyn.com/ep12012-steven…
👆Today in part one, Steven talks about how the program came to be, the potential resistance expected from the classical economics departments, and the basics of ecological economics.👇
Read 9 tweets

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