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“[T]he basic principle of M.M.T. is seductively simple: governments don’t have to budget like households, worrying about debt, because, unlike households, they can simply print their own money. So M.M.T. proposes that the constraint on government spending shouldn’t be debt but inflation: How much new money can you pump into ...Read More
Warren Buffett Hates It. AOC Is for It. A Beginner’s Guide to Modern Monetary Theory.
- great MMT overview
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Jehu on MMT, privatisation and state fascism.
'Capitalists need someplace to park their excess capital and the state provides this service by running deficits. The state then pays interest on the debt, which adds to the profits of the capitalists — a return they could not get if they held their excess capital in a dead hoard ...Read More
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“To put it bluntly: QTM is obviously wrong. Doubling the amount of gold in a country will have no effect on the price of cheese if you give all the gold to rich people and they just bury it in their yards, or use it to make gold-plated submarines (this ...Read More
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Here's a series of lectures on MMT presented in 2018 by L. Randall Wray (Levy Economics Institute, Bard College) at the University of Campinas, Brazil. Each of the lectures is 2+ hours long with a bibliography and a link to download the slides. Links and details on the texts and
Via the MMT discord server - fairly new and small but it might pick up after a while. Link to join here: https://discordapp.com/invite/y6bz6Bd ...Read More
With interest rates close to zero in the US and at zero in Japan and Europe governments will have no choice but to rely on quantitative easing if another recession arrives. This goes along with the MMT theory that as long as inflation doesn’t increase governments don’t need to worry
There are risks of politicizing government spending and politicians doing as they please for political reasons. I’m curious what happens if inflation does rise, will the Fed stop buying gov bonds prompting politicians to rein in spending? Or will the power of the Fed be eroded? ...Read More