Modern Monetary Theory - MMT
What is MMT and how could it completely change your perception of life in a nation with a sovereign fiat currency? Looking for MMT resources in other languages? Try our INTERNATIONAL MMT RESOURCES page.
"If we just keep printing money, we'll devalue the dollar!"
"Printing money will cause inflation!"
"OhEmGee the National Debt!!"
We've all heard loads of rumors...now it's time to get the truth!
Use the arrows or swipe through the slides to learn more.
It's not something to implement someday, it is exactly how our money works TODAY!!
The currency issuer is not constrained to balanced budgeting in the same way as a currency user.
No matter what politicians or talking heads on TV say, when a country issues its own sovereign currency, it can never run out.
That would be like the scorekeeper in baseball running out of points! Crazy, right?
As a matter of fact, in order for us to pay taxes in the first place, the government, the CURRENCY ISSUER, has to create (or spend into existence) the money. Then, we CURRENCY USERS have to find a way to get some money to pay our taxes.
Most governments, most of the time, will run fiscal deficits. This is not a matter of concern, and is indeed a good thing, as it means most private sectors will be able to run the financial surpluses they wish to add to their net savings.
The government’s deficit is our surplus – we should be glad all that money hasn’t been taxed out of the economy!
Browse our MMT focused articles and filter them using the tabs at the top to find a specific topic.
Browse our MMT focused articles and filter them using the dropdown tab at the top to find a specific topic.
- All Articles
- Federal Reserve
- Hyperinflation
- Inflation
- Job Guarantee
- MMT 101
- MMT Academics
- MMT Rebuttal
- National Debt
- Social Security
- Taxation
- All Articles
- Federal Reserve
- Hyperinflation
- Inflation
- Job Guarantee
- MMT 101
- MMT Academics
- MMT Rebuttal
- National Debt
- Social Security
- Taxation
Fact-checking Biden’s Inflation Remarks
Artemis Salisbury November 8, 2022 Democracy Economic Justice
On October 21st, 2022, President Biden made an address regarding his administration’s historic deficit reduction. Let’s break it down.
Explainer: What is Modern Monetary Theory?
Steven Hail August 31, 2020 Economic Justice Education
Steven Hail explains the basics of Modern Monetary Theory using the Australian government as an example.
End the FEDish: Redirecting Our Anger and Efforts to Save the World
Steven D. Grumbine February 4, 2018 Economic Justice Policy Essay
Not “believing in” the insights coming from the MMT lens is denying the institutional reality of how money is created and operationalized.
Economics Bores Far Too Many People For Progressives to Make Real Progress Last
Steven D. Grumbine August 12, 2016 Economic Justice Published
Your kids are not strapped with debt. Just the debt of ignorance we place on them by repeating debt and deficit myths.
Don’t Call it Inflation, it’s Capital Retaliation
Artemis Salisbury November 20, 2021 Economic Justice Equality with Justice
Regardless of what the media tries to tell us, there are only two real-world reasons prices are rising at this time: disruption to the supply chain and capital retaliation.
Do We Need Taxes? The MMT Perspective
L. Randall Wray May 29, 2023 * New Economic Perspectives
It’s elementary, my dear Holmes. Taxes drive the currency.
Do Bond Sales & Borrowing Finance US Deficit Spending?
L. Randall Wray February 22, 2024 * New Economic Perspectives
Professor L. Randall Wray responds to this question and debunks the misunderstandings and fallacies surrounding it.
Democrats Need to Give Up Being Deficit Hawks Even When it Feels Good Politically
William K. Black May 30, 2023 * New Economic Perspectives
A nation like the U.S. with a sovereign currency that borrows in that currency and allows that currency to “float” is nothing like a household when it comes to budget.
Countering the Debt Ceiling Madness
Artemis Salisbury May 26, 2023 Current Events Economic Justice
If you’ve been watching the news, you’ll have noticed that the narrative of the moment is the debt ceiling. From the mainstream media to the …
Colorado Accepts Crypto to Pay Taxes
Greg Roest April 28, 2022 Technology and Innovation
Accepting cryptocurrency is more like accepting stocks.
CBO—Still Out of Paradigm after All These Years
Scott Fullwiler May 28, 2023 * New Economic Perspectives
Gold-standard thinking is inapplicable to a sovereign, currency-issuing government operating under flexible exchange rates.
Canada: Flagellation Letter in National Post
Larry Kazdan January 24, 2018 Economic Justice Published
So-called “fiscal anchors” instituted in peacetime are simply ideological vehicles intended to limit government spending, much as medieval monks recommended flagellation as a means of curbing unwanted desires.
Why we need to debunk the 'deficit myth' - BBC REEL
Government spending is increasing at an unprecedented rate to deal with the effects of the coronavirus pandemic. Many people worry this could burden future generations.
However, economist Stephanie Kelton, author of The Deficit Myth, argues that we need to rethink our attitudes towards government spending.
Could Modern Monetary Theory help us navigate our way out of this crisis – and even help build a fairer economy?
Producer: Dan John
Animation: Jacqueline Nixon
(Republished with permission from the BBC)
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