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A repository of #MMT resources by @ActivistMMT. Profile picture
A repository of #MMT resources by @ActivistMMT.
@MMTResources
A repository of resources to #LearnMMT (Modern Monetary Theory), by Activist #MMT the podcast (@ActivistMMT), hosted by Jeff Epstein (@CitizensMediaTV).
Jul 12, 2020 • 20 tweets • 10 min read
A large collection of examples demonstrating the #MMT view of class conflict/class struggle, and where specifically MMT addresses it.

[THREAD v.1]

(With thanks to many.)👇 👆From a 2019 post by Australian economics professor Bill Mitchell (@billy_blog) (bilbo.economicoutlook.net/blog/?p=42113)👇
Jun 23, 2020 • 10 tweets • 5 min read
Why does MMT recommend the job guarantee and ZIRP?

[A layperson tutorial to #LearnMMT v.1]

MMT is fully a descriptive body of knowledge. Once understood, however, it is simply not reasonable *not* to implement the JG and, secondarily, ZIRP.
> <
If you understand MMT and yet still want neither policy, the burden is on you to justify why large swaths must continue to suffer the ravages of unemployment. MMT demonstrates it is possible to stabilize the economy by keeping all (who want to be employed) *employed*.
>
Jun 21, 2020 • 12 tweets • 9 min read
1/ Good things to read when first learning #MMT.

[#LearnMMT THREAD v.2.1]

First, a single article explainer of #MMT by @StevenHailAus, economist and lecturer in economics, University of Adelaide. theconversation.com/explainer-what… 2/ A single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU): forbes.com/sites/johnthar…
Jun 19, 2020 • 5 tweets • 3 min read
1/ The #MMT view of inflation. A mega-thread.

This is a layperson tutorial with many papers, lectures, & even podcasts created by (and of) #MMT economists & scholars.

First, in order to (really) understand inflation, we need to understand what it's not. 2/ The academic response to "What is #MMT's theory of inflation?"
Jun 6, 2020 • 18 tweets • 6 min read
1/ A thread on Art Laffer, his ridiculous island analogy, and the real world, mass suffering caused by both.

[#LearnMMT v.1] 2/ If there are two farmers on an island and NOTHING ELSE, then what does unemployment even mean? Where does the "employed" farmer get that money? What purpose does money serve?

In this scenario, the farmers help each other to survive, or they die.
Jun 5, 2020 • 16 tweets • 9 min read
1/ Chartalism

which is also called

The state theory of money

or in #MMT parlance,

"Taxes drive money"

[A layperson tutorial to #LearnMMT, v.1.1] 2/ Central gov'ts don't need your taxes to pay for stuff (state and local gov’ts do). They gave it to you in the 1st place! Why would they need it?

They don’t just "don’t need your money to pay for stuff," they **can’t possibly use** it to pay for stuff.
May 15, 2020 • 4 tweets • 2 min read
1/ The SIZE of the fed deficit is never a problem. Its INEQUALITY is always a problem. If more were spent on good things (helping people as long as not inflationary) & less on bad (bailing out the rich), the size wouldn't be a concern, no matter how large. 2/ The SIZE of nat debt is never a problem. Its INEQUALITY is always a problem. The problem is the rich have too much wealth & the rest of us not nearly enough. If it were more equitably distributed then its size wouldn't be a concern, no matter how large.
May 15, 2020 • 7 tweets • 3 min read
1/ Every major hyperinflation in history was the result of a catastrophic supply shock (w no corresponding drop in demand). In a desperate final attempt to stave off the inevitable, lots of money was created – this was a consequence, not cause, of the hyperinflation. 2/ The reality of hyperinflation in 1920s Weimar, Germany, by Modern Money Network (@thepublicmoney) Research Director @nathantankus: nakedcapitalism.com/2013/03/german…
Apr 30, 2020 • 15 tweets • 7 min read
1/ Since federal taxes don’t pay for anything then

why do we pay federal taxes?

[A layperson tutorial to #LearnMMT, v3]

Background: ***The purpose of federal taxes: An overview.***

Federal taxes:
1. "Drive money" (or "drive the currency")
2. One of many tools for controlling inflation.
3. Impose moral decisions (higher to discourage, lower to encourage). 2/
Apr 30, 2020 • 15 tweets • 8 min read
1/ Chartalism

which is also called

The state theory of money

or in #MMT parlance,

"Taxes drive money"

[A layperson tutorial to #LearnMMT, v.1] 2/ Central gov'ts don't need your taxes to pay for stuff (state and local gov’ts do). They gave it to you in the 1st place! Why would they need it?

They don’t just "don’t need your money to pay for stuff," they **can’t possibly use** it to pay for stuff.
Apr 30, 2020 • 9 tweets • 6 min read
1/ "What is #MMT's theory of inflation?"

[#LearnMMT THREAD v.1]

First of all, very few of us understand what inflation really is, but almost all of us have a very good understanding what we fear it to be. 2/ #MMT's primary tool for fighting inflation is the job guarantee. You can learn more about that here.
Apr 30, 2020 • 15 tweets • 5 min read
1/ Good question. Let's dive in.

[#LearnMMT THREAD v.1] 2/ The idea that our taxes pay for stuff* is a really insidious and evil idea, especially for traditionally disadvantaged populations.

*We're only talking about the federal level here. Taxes definitely pay for stuff at the state and local levels.
Apr 25, 2020 • 22 tweets • 7 min read
1/ When it comes to issuing currency the Federal Reserve is clearly a creature of Congress. They can inflict a lot of damage bc Congress allows them to do too much & looks the other way as they do – & won’t provide or protect despite their immense powers. federalreserve.gov/faqs/money_128… 2a/ This tweet👇 is the beginning of a long conversation debating the Fed’s independence. In it, two legal scholars, @rohangrey & @rch371 (assisted by @katiecannon2), make it clear that as it relates to issuing currency, the Fed is a creature of Congress.
Apr 23, 2020 • 20 tweets • 8 min read
1/ The intricate details of how the United States federal government really, *really* spends.

[A layperson tutorial to #LearnMMT v.1]

First, here is a birdseye view of reserve accounting, which provides good background for this tutorial. 2/ New federal spending is most often in response to a new law.

A law written & passed by Congress, & signed by the President.

The new law has new spending defined in it, which is for the purpose of activating the resources (labor & stuff) necessary to make that law a reality.
Apr 19, 2020 • 10 tweets • 9 min read
1/ Good things to read when first learning #MMT.

[#LearnMMT THREAD v.2]

First, a single article explainer of #MMT by @StevenHailAus, economist and lecturer in Economics, University of Adelaide: theconversation.com/explainer-what… 2/ A single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU): forbes.com/sites/johnthar…
Apr 17, 2020 • 9 tweets • 4 min read
1/ *Many* resources for getting started with #MMT.

[#LearnMMT THREAD v.3.2]

In a sentence: MMT is a lens through which to see our federal economy as it actually is. MMT is the truth about economics. 2/ First and foremost, #LearnMMT from the experts and their work.
Apr 15, 2020 • 21 tweets • 9 min read
***A Story To Introduce Modern Monetary Theory to kids.***

[#LearnMMT thread v.2]

(This was inspired by a kid I met who told me he got in trouble for stealing hundreds of dollars from his parents, by taking their credit cards and using them for “in app“ game purchases.) 1/ 2/ When you play Monopoly, what’s the very first thing that happens? You choose a banker. And then what must that banker do? Does he have to go and find people that played the game months ago, in order to get enough money to play with now? Or does he just...give out the money?
Feb 13, 2020 • 19 tweets • 8 min read
1/ The national debt.

What is the national debt, really?

[#LearnMMT thread v.1.1] 2/ Currency users require income. If we don't get it from the government, then we must get it from somewhere else.
Nov 3, 2019 • 15 tweets • 6 min read
1/ The national debt.

What is the national debt, really?

[#LearnMMT thread v.1] 2/ Currency users require income. If we don't get it from the government, then we must get it from somewhere else.
Nov 2, 2019 • 14 tweets • 7 min read
1/ Why the false idea that federal taxes pay for government spending is a really terrible one. It actively & directly sabotages our ever ACTUALLY GETTING what we need to stop our death, suffering, bankruptcy, & unemployment.

[#LearnMMT thread v.1] 2/ *IF* federal taxes were needed to pay for government spending, then giving people what they need "raises our taxes" (a bad thing!) and reducing or eliminating these programs "reduces our taxes" (a good thing!).
Oct 31, 2019 • 10 tweets • 5 min read
1/ #MMT is knowledge.

It’s not a recommendation or prescription.
It’s not something you choose to do or not do.
It’s not something you subscribe to.

It’s just knowledge.

[#LearnMMT thread v.2] 2/ For example, #MMT says that the fed gov’t of economies such as the US “cannot run out of money.” That’s quite different than the false assertion that MMT says that we SHOULD & CAN SAFELY create money to pay for any and everything, damn the consequences.