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Citizens' Media TV @citizensmediatv
, 6 tweets, 2 min read Read on Twitter
---LIFE’S THREE BIG LESSONS FOR THOSE WHO WISH TO WAKE UP---

1: Money is the root of all political evil.
1a: ...and it’s corollary, income inequality.
2: Modern Monetary Theory #Mmt demonstrates that we CAN have nice things. The only reason we don’t is because the powerful can only stay powerful if they keep the powerless powerless.
3: Manufactured Consent is the non-violent way democracies keep the populace in check, placated, ignorant, distracted and uninformed.
What other lessons are there?
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More from @citizensmediatv see all

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1/13 This is neoliberalism:

Trump just increased work requirements for food stamps in order to "cut down on abuse within the Supplemental Nutrition Assistance Program (SNAP).” The administration also cites the lowest unemployment rate since 1969. westernjournal.com/trump-admin-wo…
2/ So since almost *EVERYONE* is employed, those still on food stamps are clearly cheating or taking advantage and need a subtle push off the dole and back into employment. Outgoing speaker @SpeakerRyan (color me skeptical about those 6.6M jobs...). From archive.li/SmWA6:
3/ But US unemployment statistics are a rosy unicorn fairly tale that hides decades of wage stagnation, the underemployed, hidden unemployed, and those unhappily unemployed. foreignpolicyjournal.com/2018/03/08/mak…
Read 21 tweets
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An essay that treats the claim “real resources are a constraint on what is otherwise infinite” as #MMT’s secret, reluctantly shared ingredient, when the reality is that it’s a central pillar. As with any unit of measurement, 💰 is indeed infinite. The stuff being measured is not.
The fact that money is infinite to the federal government is incontrovertibly true.

The fact that its use is limited by real resources is also incontrovertibly true.

The genius of #MMT is exactly that it so clearly separates the two concepts. This author strongly disagrees.
Read 12 tweets
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1/ An excellent article by an unbought journalist.

“Of course, another [corporate friendly Dem pres] would save us from more Trump. But it would almost certainly still be death.”
2/ @davidsirota’s only flaw, and it is unfortunately a big one, is that he confidently believes the neoliberal trope that federal programs are funded by “taxpayer money” – a belief that is not just wrong, but insidious, sinister, and directly counter to all things progressive.
3/ “Taxpayer money” is not just “economically inaccurate,” it strongly promotes the corporate friendly presidents your article rails against. “Taxpayer money” guarantees we will never ACTUALLY GET #MedicareForAll, a #GreenNewDeal or a #FederalJobGuarantee.
Read 6 tweets

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1/ A short rant on the deficit & Modern Monetary Theory. MMT states that since the US can print as much $ as it wants, it can never go bankrupt and deficits are generally not important. Thus, the US should run significant deficits to maximize productive capacity. All good so far.
2/ The problem is that the economic and political realities of how government works means that this policy will end badly. Even the leading proponent of MMT, Stephanie Kelton, believes the policy can be overdone.
bloomberg.com/opinion/articl…
3/ Intuitively, it must. Otherwise, we should cut taxes to zero and double all spending. If there are no negative ramifications to the deficit, then let’s go. But even Bernie Sanders, whom Kelton worked for, has a section on his website “How Bernie pays for his proposals.”
Read 22 tweets
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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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@Roonomics @MartinSLewis An understanding of ‘money’ and personal finances will stand young people in good stead for navigating their adult lives.
We very much welcome a textbook for this age group.
@Roonomics @MartinSLewis It’s also important for our democracy, that young people grasp the basic principles of government finances and economics as they apply on a national level. This will stand them in good stead when it comes to making important decisions at the ballot box.
@Roonomics @MartinSLewis Modern Monetary Theory #MMT describes how our economy works today.
It is a lens for viewing currency operations and government finances. It forms a framework that policy makers can use to make best use of our resources and the public purse.
Read 4 tweets
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The stocks and flows of public money from the public purse keep the economy healthy and fit for public purpose. #MMT
“Understand spending chains and you understand a fair chunk of Modern Monetary Theory.
When the government spends into the economy it initiates a sequence of financial flows in the non-government sector. The first recipient of the spending is likely to re-spend some or all of it”
“Subsequent recipients will do the same, and so on.
That’s a spending chain.

Two things stop the money being used indefinitely: tax and savings.

Most of the spending chains initiated by spending into the public sector result from spending on healthcare.”
Read 5 tweets
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Professor Philip Alston, Special Rapporteur to the UN, today begins a two week fact finding mission of the U.K. to examine the government’s efforts to eradicate poverty.
To establish whether it is meeting its obligations under international human rights law.
A full itinerary of Professor Alston’s mission to visit government officials and campaigning groups has been made available to the general public.
ohchr.org/EN/Issues/Pove…
The visit is intended to provide @Alston_UNSR with additional information on poverty & human rights in the UK.
Extensive input & research in advance of his visit has seen more than 300 submissions from people affected by poverty, civil groups, government officials and academics.
Read 10 tweets
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I had never heard of Modern Monetary Theory #MMT until this @planetmoney podcast. It piqued my interest and I started reading more about it. It has completely transformed the way I view govt. spending and what govt. should be doing.
npr.org/sections/money…
1/4
I'm still trying to understand a lot of this, but my big takeaways are:
1) Taxes do not fund federal govt. spending; the govt. creates money and then removes it through taxes. So, it is impossible for the federal govt. to run out of money; it cannot default.
2) A federal deficit means a private sector surplus, and a federal surplus means a private sector deficit (ignoring foreign trade). In order for you and me and all other private individuals and companies to have savings, there must be a govt. debt!
2/4
Read 5 tweets

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