Tag Archives: MMT

MMT itself is just a description of how the monetary system works in the UK, US, Canada, Australia, the EMU – everywhere there is a monetary economy. I dislike quibbling, but MMT is prefaced by an operational description of how monetary systems work, paying particular attention to the existing monetary system. This analysis reveals the policy space associated with policy choice regarding the monetary system and monetary operations. MMT is based on this analysis of policy space....

MMT, SFC, NIPA, FFA, etc. Must-read. Longish and detailed. Weekend reading.Angry BearWhy Economists Don’t Know How to Think about Wealth (or Profits) Steve Roth originally published at Evonomics 2016

The basic income means that you are requiring somebody else to use up their finite lifespan to produce output, take it from them by force and give it to somebody who *refuses* to contribute to the production process. There is no value exchange, only theft. That is no different to the process the idle rich use today — and are rightly resented for it. So you have to justify, politically, why society should support people *for their entire life* who simply refuse to contribute when they...

It's baaack!Bit wacky in spots though.In addition, it erroneously attributes the idea to MMT economists when it was originated by Ellen Brown and proliferated by Beowulf. MMT'ers subsequently picked it up. HuffPostThe Debt Ceiling And #MintTheCoin: Another Teachable Moment For A Sustainable Money System Mike Sandler

Another thing that the mainstream gets backwards.Ellis Winningham — MMT and Modern MacroeconomicsFederal Taxpayers Do Not Fund the Federal Government; The Federal Government Funds Federal TaxpayersEllis Winningham

On June 3, 1951, the Socialist International association was formed in London. It is still going. It is “a worldwide association of political parties, most of which seek to establish democratic socialism”. Its roots date back to the C19th (to the First International formed in 1864) when it was considered beneficial to unite national working class movements into a global force to overthrow Capitalism. Internal bickering among various factions led to various dissolutions and reformations over...

The Federal Reserve Bank of Kansas City has just hosted its annual Economic Policy Symposium at Jackson Hole in Wyoming where central banks, treasury officials, financial market types and (mainstream) economists from the academy and business gather to discuss economic policy. As you might expect, the agenda is set by the mainstream view of the world and there is little diversity in the discussion. A Groupthink reinforcing session. One paper that was interesting was from two US Berkeley...

There was an article in the Financial Times last week (August 16, 2017) – Central banks hold a fifth of their governments’ debt – which seemed to think there was a “challenge” facing policymakers in “unwinding assets after decade of stimulus”. The article shows how central banks around the world have been buying huge quantities of government (and private) bonds and holding them on their balance sheets. Apparently, these asset holdings are likely to cause the banks headaches. I don’t see it...

Earlier this month (August 11, 2017), Eurostat published the latest European Union data for – Young people in the EU: education and employment. This data now allows us to track the fortunes of three age cohorts – 15-19, 20-24 and 25-29 years since before the crisis to the end of 2016. So a teenager prior to the crisis (2007) would be transiting into the 25-29 years cohort in 2016. One of the disturbing trends shown in the data is the increasing number of young people in the older ‘youth’...

I am more positive and optimistic about the TOP (The Opportunities Party) critique of MMT than Bill is. It seems to me that it makes the major concessions that are most significant to reversing the status quo mindset about government finance. The objections are easily met, and Bill does in the post. So I would say that the ball has been advanced toward the goal in New Zealand. MMT got some free publicity, too.  I don't see a problem with people bringing up questions or making objections,...