Tag Archives: MMT

The Corner (EU) Fast Forward To MMT, Please Fraser InstituteModern Monetary Theory, Part 1: What is it and why is it gaining currency in these volatile times? Modern Monetary Theory, Part 2: Will MMT hold down taxes? Stephen Globerman The Roanoke ReviewSantopietro: Pandemic will change how we view economics

The buzz-word at the moment in Australian government and policy circles is ‘hibernation’ – the government is hoping, that the economy can behave like a crocodile and find some ‘river bank’ and have a ‘good sleep’ until the pandemic is over, at which time, it will burst forth into a new growth phase and unless the virus mutates into something worse in the meantime then all will be well. Their policy interventions to date – while they have been like dragging a chain as their conservative...

Bitcoin struggling to remain relevant?Bitcoin ExchangeModern Monetary Theory (MMT) vs BTC to be the Main Event of 2020 AnTy

As the coronavirus pandemic rages on, the US Congress appropriated a whopping $2 trillion budget to tackle it (about 10% of GDP). The focus was on expanded unemployment benefits and cash assistance to families, as well as grants and loans to small firms and large corporations in hopes that they will halt the torrent of layoffs. Across the ocean, Denmark took a different approach. The Danish government announced that it would cover 75–90% of certain worker salaries for the next 3 months....

Yves Smith: I think Modern Monetary Theory proponents have made acceptance of their ideas a bit more difficult by not drawing a bright line between their theory, which is a description of how government spending works in a fiat currency system, versus what they believe are resulting sound policy approaches, such as setting the price of labor (a Job Guarantee) rather than the price of money. Some folks seem slow on the uptake. How loud to MMT economists need to shout? (shakes head) Why...

Modern Monetary Theory (MMT) has been gaining more attention in Australia in recent weeks. I have been shifting my face-to-face speaking commitments slowly to on-line presentations. I will be announcing more systematic MMTed classes beginning via the Internet soon. And I will do some Live Youtube presentations as well. Last week, the well-known financial market journalist Alan Kohler used his weekly column in The Australian newspaper to discuss MMT – It’s Modern Monetary Theory time as the...

Willem Buiter, the Columbia University academic who was a founding member of the Bank of England’s monetary policy committee before becoming chief economist at Citigroup, says the US and UK now have money on tap in almost limitless amounts. The funds can sit on a central bank’s balance sheet for as long as it takes. Critics of MMT argue it can prove to be too much and overheat an economy. At that point taxes would need to be increased – something that until now few believed western...

THE COVID-19 PANDEMIC is obviously the biggest global emergency of its kind for more than a century. The social and economic impacts are without precedent and some will be long-lasting. Its lessons will be profound. Some of them will take years to unravel. Others are clear to many, and should be clear to all, even now. One of these lessons is that in countries like ours, the limitations on the ability of the government to engage in very large amounts of spending to support people,...

In the medium term, the U.S. government has now joined other countries in putting Modern Monetary Theory into operation. The lines between fiscal and monetary policy have been blurred: the Department of the Treasury is providing $450 billion in seed capital for the Federal Reserve to use as leverage to buy loans and investments. These purchases will be designed to help the economy and the financial markets recover. Reciprocally, the Fed will undertake open-ended quantitative easing, which...

Originally at Project Syndicate. Reposted at CGTN. CGTN (China Global Television Network), formerly known as CCTV-9 and CCTV News, is an international English-language news channel. A part of the China Global Television Network group, it is owned and operated by China Central Television (CCTV), the national media organization of China, under the control of the Publicity Department of the Communist Party of China. Wikipedia CGTNThe helicopters are coming Willem H. Buiter | former chief...