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Modern Monetary Theory Study Group
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One of the best experts on Monetary Theory (MMT) is Stephanie Kelton, who has written extenstively about it. Search the web for her name and MMT. She summarized MMT by saying, “it is about replacing an artificial revenue constraint with a real inflation constraint. So there are limits. But the limit is not a predetermined numerical level or a percentage of the budget. There is no strict financial constraint. A currency-issuing government can afford to buy whatever is priced and available for sale in its own currency. The limit is the impact of the spending. Not the spending itself, and not the deficit—the limit is inflation. That is central to MMT.“
The United States came off the gold standard in 1971. Since then, we have used “modern money” which offers substantial new options that have been poorly understood by members of Congress and the media. It’s up to us to educate ourselves and our politicians and to challenge them when they persist in repeating outdated and misleading information about our money system.
In the midst of the Covid pandemic, the economic emergency, and the looming climate emergency, MMT provides the best approach to a combined effective response to all these urgent issues.
I have posted information about MMT to my blog. See these:
Learn more as we take a deeper dive into this economic theory being championed by a growing number of economists and legislators.
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