Tag Archives: MMT

Another good summary. Winning.Yahoo NewsAmerica Turns From Tea Party to MMT in a DecadeBrian Chappatta, Bloomberg

By J.D. ALT With the essential collapse of the U.N. Framework Convention on Climate Change in Madrid (“Climate meeting goals go unmet” Washington Post, 12-16-19) we now approach the first day of 2020 with much less to celebrate, much more to fear, and much more to accomplish. Here’s a little parable for the coming New Decade: “One evening of a December day 2019, several observatories in the International Asteroid Warning Network are startled to discover a cluster of incoming asteroids of...

The only interesting thing is why Gundlach so badly misses the mark. Two possible explanations appear to be. He watched the wrong videos. The concepts of MMT were presently either incorrectly, or in a fashion that would be misunderstood by someone with a conventional mindset. It is part of a deliberate strategy to push MMT outside the acceptable bounds of discourse. (For example, it is a signal that nobody working for Gundlach should mention MMT in internal meetings.) Although that sounds...

Michael Roberts reviews and critiques The Debt Delusion by John Weeks.Michael Roberts Blog — blogging from a marxist economistThe debt delusionMichael Roberts

Bill Mitchell, the leading Australian proponent of modern monetary theory, argues that governments should abandon their obsession with budget surpluses The Guardian Turning the economic tide: could a radical monetary theory fix Australia's woes? Martin Farrer

This is the final part of a two-part discussion about the consequences of a currency-issuing government exercising different bond-issuing options. The basic Modern Monetary Theory (MMT) position is for the currency-issuing government to abandon the unnecessary practice of issuing debt (which is a hangover from the fixed exchange rate, gold standard days). Currency-issuing governments should use that capacity to advance general well-being and providing corporate welfare to underpin and...

From 30 October but I just saw it. Harris Poll.The HillMajority of voters support a federal jobs guarantee program

After more than four decades of dominance, free market capitalism is facing a challenge. Its rival, the blandly named modern monetary theory (MMT), has entered the ring promising to return economic planning to a less ideological footing.... Pretty good summary presentation of the kerfuffle between MMT and conventional economics. ABC News (AU)Modern monetary theory is gaining traction. But can it knock out free market capitalism?Antony Funnell for Future Tense

Inflation & Consumption By J.D. ALT Let’s quickly recap: I outlined, in PART 3, an argument that modern society has evolved in ways that necessitates a dramatic increase in public enterprise—yet, at the same time, we’ve doubled down on an old-world narrative about “money” that makes it mathematically impossible to meet that need. In PARTS 1 & 2 we reconfirmed a “modern money” perspective by simply observing the actual operations of the Federal Reserve—and reconfirmed, as well,...

After thinking about the problems that the majority seem to have accepting MMT, I have concluded it best to divide MMT up into two components. One is the descriptive theory on how things are. This part deals with debt flows, banking reserves, etc… It describes the way a modern economy works. The next part is the prescriptive part of MMT. After understanding how an economy operates, many MMT advocates have policy recommendations. The important thing to understand about these choices is that...