Search Results for: ruml

“Fed Chairman Ruml got it right in 1946”

Hat tip Warren Mosler’s blog (http://www.moslereconomics.com/) On his recent piece “Taxes For Revenue Are Obsolete ” that appeared on the Huffington Post he notes: April 15th has come and gone, but the issue of taxation remains the course de jour. I … Continue reading

A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling

By L. Randall Wray MMT continues to inflame hysterical attacks. Who would have thought that it would take MMT to bring together everyone from the crazy right to the insular left to unite in common cause against an obscure theory … Continue reading

Response to Doug Henwood’s Trolling in Jacobin

Doug Henwood has posted up at Jacobin an MMT critique that amounts to little more than a character assassination. It is what I’d expect of him in his reincarnation as a Neoliberal critic of progressive thought. (https://www.jacobinmag.com/2019/02/modern-monetary-theory-isnt-helping). It adopts all … Continue reading

A Memo From MMT’s Legal Department

By Rohan Grey and Raúl Carrillo Orthodox economists are often inclined to think of law as an external force that ‘intervenes’ to regulate otherwise naturally occurring economic phenomena. In contrast, Modern Monetary Theory and its antecedent intellectual traditions have long … Continue reading

Monetary Sovereigns, Monetary Subjects: Modern Money & The Criminal Legal System

By Raúl Carrillo I delivered the talk published below as part of a panel at Yale’s annual Rebellious Lawyering Conference, on February 17th, 2017. The panel, entitled “Financing Criminal Justice”, co-hosted by The Modern Money Network, focused on the connections between … Continue reading

“Debt-Free Money” and “ZIRP Forever”

By Scott Fullwiler I wrote a while back about how neoclassical economists don’t realize their view that interest on reserves (IOR) stops “printing money” from being inflationary also means that it’s impossible to create inflation by “printing money.”  See here. … Continue reading

CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS

By L. Randall Wray MMT has emphasized that there is a close relation between sovereign power to issue a currency and its power to impose tax liabilities. For shorthand, we say “Taxes Drive Money”. I’ve dealt with that topic in … Continue reading

WHAT ARE TAXES FOR? THE MMT APPROACH

By L. Randall Wray This is part of a series, following on from the last instalment that asked “Do We Need Taxes?”. Previously we have argued that “taxes drive money” in the sense that imposition of a tax that is … Continue reading

DO WE NEED TAXES? THE MMT PERSPECTIVE

By L. Randall Wray What do you get when you drop taxes? Well, Bitcoins. Sometimes the only appropriate response to critics is embarrassment. For them. Witness the following exchange on twitter: [Translate]

MMT 101: Response to the Critics Part 2

The Simplest Case: The Circuit with a Consolidated Government By  Eric Tymoigne and L. Randall Wray [Part I] [Part II] [Part III] [Part IV] [Part V] [Part VI] MMT is frequently criticized for consolidating the treasury and the central bank. … Continue reading