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
Bernanke’s 29 Trillion Dollar Fog of Deceit
L. Randall Wray January 24, 2021 * New Economic Perspectives
It is certain that no government anywhere, ever, has committed so much to benefit so few.
Bad Medicine Root Cause Analysis: Abstractions Are Killing Us
Cian Walker August 9, 2022 Economic Justice MMT Intermediate
Abstractions are invented and agreed upon by us but often become runaway Frankenstein’s monsters when we forget that we made them up.
Back to [MMT] Basics
Steven D. Grumbine August 2, 2021 Education MMT Beginner
From the definition of a dollar as a unit of measure all the way to what The Fed is and how public policy can be informed – Grumbine runs the gamut on MMT basics.
Apolitical Descriptive Currency Analysis is Anything but Flamboyant in response to John Tamny
Dave Pilkington February 10, 2019 Economic Justice Policy Essay
Tamny bandies about the discussion of resources as if MMT did not recognize the importance of the productive capacity of a nation. MMT clearly asserts that the real constraints of our economy are based on real resources.
Answers from the MMTers
Stephanie Kelton May 31, 2022 * New Economic Perspectives Economic Justice
Jared Bernstein, longtime economic advisor to Joe Biden asked the MMT academics some questions. They answered.
An MMT Tutorial That Covers The Basics
Hector Danson September 5, 2018 Economic Justice Informative
This MMT tutorial provides short answers to several questions.
An Alternative Meme For Money, Part 7: Framing Deficits
L. Randall Wray June 21, 2023 * New Economic Perspectives
A government deficit will result if the nongovernment sector has a surplus—a perfectly sustainable balance.
An Alternative Meme for Money, Part 6: Alternative Framing on Inflation
L. Randall Wray June 5, 2023 * New Economic Perspectives
If there’s no inflation danger, there is no point in taxing the rich before keystroking the poor.
An Alternative Meme for Money, Part 5: A Spending Meme
L. Randall Wray June 5, 2023 * New Economic Perspectives
Wherever this flag’s flown, We take care of our own. 🎵 Progressives need a new meme for money. This series is addressed to them.
A Riddle For Lawmakers
Fadhel Kaboub November 26, 2021 Economic Justice Poetry
If you can solve this riddle, you’ll know you can’t just stand by. Who am I?
A Meme For Money, Part 4: The Alternative Tax Meme
L. Randall Wray June 5, 2023 * New Economic Perspectives
Let us continue to develop an alternative frame for money. As you know, MMT says that “taxes drive money”. Let’s develop that further.
A Hyperinflation Hyperventilator Cannot Be Reasoned With
Steven D. Grumbine December 5, 2020 Economic Justice Editorial
Quite frankly… you are not worth the effort. Come back to me when you are ready to talk in good faith.
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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