The US-economist Warren Mosler belongs to the protagonists of the Modern Monetary Theory (MMT). What MMT means? In the following exclusive interview he gives an answer to this as well as to the Fed’s quantative easing, how money comes actually into existence, and the crisis of the euro.
Critics of MMT often say, “but it’s only ‘chartalism’”—as if chartalism, itself, were a discredited explanation of reality that inherently discredits Modern Money Theory.
Instead, we should look to stabilize our national economy with a Federal Jobs Guarantee instead of using a program unique to just one state.
Modern fiat money, once it becomes a “visible reality” for more and more people, can’t help but become a force for positive change in our political discourse and collective future.
With clean energy tech evolving rapidly, the strangling grip of the fossil fuel industry on our economy never more obvious, and the ominous shadow of climate change bearing down on humanity, the time is prime for radical change.
Sloan strives for one more scare tactic. MMT will cause the United States to lose its reserve currency status and all the foreign bondholders will dump their treasury securities. This may sound scary to the average reader but those versed in bond markets will immediately see through the farce.
Our guest speaker for May is Emma Caterine, a consumer attorney, board member of Modern Money Network, and member of Democratic Socialists of America. She will give us an overview of how finance is profiting during the COVID-19 pandemic and in the coming recession. She will also talk about organizing and look at what needs to be done by and for working people to be freed from financial exploitation and the debt trap.
It’s time to catch up to where we were 80 years ago and recognize reality. Bernie’s ideas aren’t just possible – they’re a brilliant move economically and a moral imperative.
An Open Letter from Steve Grumbine to Progressives Everywhere