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
- Inflation
- MMT 101
- MMT Academics
- MMT Rebuttal
- National Debt
- Taxation
- All Articles
- Federal Reserve
- Inflation
- MMT 101
- MMT Academics
- MMT Rebuttal
- National Debt
- Taxation
MMT: Report From The Front (Part 2)
L. Randall Wray May 29, 2023 * New Economic Perspectives
Comments and critiques from the front lines at the 3rd annual MMT conference – grab some popcorn!
The Greatest Myth Propagated About The FED: Central Bank Independence (Part 3)
L. Randall Wray May 28, 2023 * New Economic Perspectives
There never has been the kind of independence supposed by orthodox economists.
The Greatest Myth Propagated About The FED: Central Bank Independence (Part 2)
L. Randall Wray May 28, 2023 * New Economic Perspectives
In this blog we look at the myth of Fed independence from its creator, the Congress and from the Treasury.
The Greatest Myth Propagated About The FED: Central Bank Independence (Part 1)
L. Randall Wray May 28, 2023 * New Economic Perspectives
It has been commonplace to speak of central bank independence—as if it were both a reality and a necessity…
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.
Replacing the Budget Constraint with an Inflation Constraint
Scott Fullwiler May 27, 2023 * New Economic Perspectives
Let’s stop pretending that replacing a budget constraint with an inflation constraint is so hard.
Four “Tells” That Show Krugman Knows He Cannot Win an Honest Debate
William K. Black May 27, 2023 * New Economic Perspectives
Calvinball is a mythical game without rules. Academic debates shouldn’t be a game of Calvinball.
MMT Takes Center Stage – and Orthodox Economists Freak
William K. Black May 27, 2023 * New Economic Perspectives
MMT is “obviously true” – the orthodoxy’s goal is to keep that truth from the public.
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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