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MMT India Profile picture
MMT India
@IndiaMmt
MMT India, an initiative of Rajendra Rasu, Research Fellow, Global Institute for Sustainable Prosperity. https://t.co/YaiJGGGYt8
Aug 12, 2023 • 13 tweets • 2 min read
Internationalisation of INR - Report of the Inter-Departmental Group (IDG) of RBI.

Our response to the report with editorial assistance from Warren Mosler. 1/13

@RBI @DasShaktikanta @wbmosler The report appears to have totally missed the benefit of policy options available, INR being a floating exchange rate currency (even the managed float doesn't restrict greatly those policy options), as it brings back to the fore the real economy. 2/13
Jun 20, 2023 • 10 tweets • 2 min read
Prof. Randall Wray: The birth of modern money theory (MMT) can be traced to an online discussion group of the 1990s, Post Keynesian Thought (PKT).

Warren Mosler joined PKT in Jan 1996. He had drafted a paper, Soft Currency Economics.

levyinstitute.org/pubs/wp_961.pd… Within the first few weeks he laid out the basic principles of the analysis of a sovereign currency: taxes
create a demand for the sovereign’s currency, bond sales by the sovereign are not really a borrowing operation but rather are used to drain excess reserves
Mar 23, 2023 • 6 tweets • 2 min read
Interesting correspondence with @wbmosler:

Rasu: You stated "A fixed exchange rate has come to imply fixing the exchange rate to the $US. This has been to the advantage of the US, allowing the US to run a persistent trade deficit without seeing its terms of trade deteriorate 1/ and perhaps even improve, at the expense of the nations trading with the US." in Exchange Rate Policy and Full Employment. In this context of $ being the reserve currency, if a country like India runs persistent trade deficit,

Mosler: Only to the extent non residents want to 2/n
Nov 6, 2022 • 14 tweets • 3 min read
Extremely important article👇

Food is allowed to be weaponised, which could cause havoc, by policies pursued in the interests of rich. There is a ridiculously simple solution, but with all vehemence, it will be opposed as they're attacking MMT now. The lapdogs are on it.... What the attackers in their greed & envy, don't understand is that MMT is the solution to this catastrophe brought about by open economy and capitalism, which serves the interests of few at the cost of masses. If they realize they're on a sinking ship
May 9, 2020 • 29 tweets • 6 min read
Response to Dr Raghuram Rajan's post on monetization, in consultation with Warren Mosler @wbmosler in his words:

Raghuram Rajan: monetization is neither a game changer in stressed times nor a catastrophe. It helps a little at the margin.
1/n Warren Mosler: Doesn't help at all except politically (MmtIndia: Bec Gov can issue currency, it doesn't have sell bonds to raise money)
RR: If times were normal, banks would 'use' up the reserves by lending more
(say to businesses) and thus also expanding the deposits their 2/n
Dec 3, 2019 • 6 tweets • 1 min read
Randall Wray: Currency creation through spending comes first. But how can the treasury spend first, since it needs deposits (at the central bank) to avoid bouncing checks? Central banks are generally prohibited from providing overdrafts. Hence, they worked out procedures to .... ensure that the treasury obtains deposits through sales of bonds that are purchased by banks using either overdrafts or borrowed reserves supplied by the central bank. This serves effectively as an end-run around the “no treasury overdraft” rule. Once the treasury spends, bank...