Tag Archives: MMT

MMT Does Do Policy

By L. Randall Wray

I’ve seen some pretty bizarre claims about MMTers. They are “tea partiers”, “barely left of center”, who “are not interested in policy”, who “ignore inequality”, who “are only interested in reducing taxes”. “MMTers ignore the fraud of the banksters.” They are at best “one issue” advocates for a particular view on money, taxes, and employment. I have no idea where critics get this stuff. I’m convinced they make it up. Ignorance or dishonesty; probably both.

For anyone who wants to disabuse herself of such nonsense, please go to www.levy.org, click on scholars, click on my name, and find right in front of your face a few hundred pieces on policy that I wrote. Yes, inequality. Yes, the explosion of incarceration. Yes, the War on Poverty’s failure. And so on. Stephanie Kelton just reminded me of an interview I gave in December to Travis Strawn–who happens to be a former student. He was writing for the Seven Pillars Institute (full disclosure: I’m not sure what it is). Judge for yourself if this is garden-variety “liberal”, let alone “tea party”.
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Turn That Frown Upside Down

(Updated – slides added)

Stephanie Kelton’s keynote address to the students, faculty, and visitors at Augustana College’s (Sioux Falls, SD) Undergraduate Research Symposium on Saturday, April 12, 2014 at 10am. Stephanie begins at 2:40. The topic of the keynote is Debt and Deficits in the Modern Economy. The slides are available below the video.

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A Business Strategy Long Overdue

By J.D. Alt

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The Washington Post recently reported that Day Care now costs more—in 31 U.S. states—than a college education. In a fit of logic rarely exhibited in today’s journalism, the article explains that since it takes the average family eighteen years to save enough for a child’s college education, that same child now needs to start saving for his or her own children’s Day Care beginning at age eight. The article didn’t mention—I suppose because they thought it was obvious—that this necessity is against America’s child labor laws. And, of course, Little League Baseball would be devastated.

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PBS goes MMT, Cites JKG

What gives money its value?  PBS explores. You can check it out here.

Is the MSM Blackout on Inequality, Plutocracy, and Oligarchy Ending?

By Joe Firestone

All of a sudden MSNBC cable commentators are talking about plutocracy and oligarchy. Surprisingly, the first occurrence of this I’m aware of was Chuck Todd, reacting on his Daily Rundown show to the spectacle of Republican candidates traveling to Vegas to seek funding from Sheldon Adelson and his group of hugely wealthy Jewish Republican donors. Todd began to explore the implications of that event. He seemed exercised, and more than the slightest bit upset, about its meaning for Democracy and used the words plutocracy and oligarchy. Andrea Mitchell also discussed it later and she, too, registered apparent dismay, while using the “p” and “o” words.

Chris Hayes has been on leave during this period, so we haven’t heard from him about this. But Chris Matthews, the “oh so very slightly left-of-center insider” has been making very unfriendly noises about Adelson, the Kochs, and the Supremes, culminating today (April 3rd) with nasty references to plutocrats, oligarchs, and candidates, kissing oligarchs somewhere or other, on both his program and Al Sharpton’s.

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MODERN MONEY IN SIX SHORT VIDEOS

By L. Randall Wray

I recently did an interview for Euro Truffa on six topics related to Modern Money – MMT.

They are transcribing my interview to Italian and putting up the videos (I think that only two are up so far). However, they have also posted all of the videos to YouTube.

As you can tell, I did not realize they were recording the video—I might have tried to sit still if I had known. Also, the coffee had not quite kicked in so I was not entirely awake. Here are the links with just a brief indication of the topic for each.

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MMT and Social Movements

By Tadit Anderson*

The probability of demonstrating the democratic functionality of MMT/ff economic and fiscal policies in an academic or literate fashion to persuade politicians toward a conversion experience is unlikely. Even with our best communicators speaking in a mass media context or other public forums there are various other factors that need to be examined, such as learning styles and self-interest. Even if the analysis is right and validated by history the politicians will act upon the net amount of political influence supporting one set of policy priorities over another set of interests. When it comes to the influence of campaign contributions, thanks to the delusional decision that money is a form of free speech, the many will be usually outweighed by the few who have the money to buy political influence. While that is the unfortunate law of the land, the advocacy for democratic functionality will usually end up in second place.  However, the actual history of socializing movements suggests that an alternative path is not just possible, but also necessary. Given that the public discourse is also largely occupied by corporate interests, we have to also find different ways to grow a socializing movement other than relying upon public spectacles, such as mass demonstrations of protest and resistance.

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An Open Letter to Don Beyer, VA – 8th Candidate for Congress

By Joe Firestone

My Congressman, Jim Moran, is retiring this year and his seat is up for grabs in the VA – 8th Congressional District. This is a solidly blue district made even more solid by the Republican gerrymander following their win in the disastrous elections (for poor people, for women, for the middle class, and for minorities) of 2010 in Virginia. So, the question is, which of the eleven candidates who are running in the primary will win it, and become the heavy favorite to win the Congressional election in November.

The heavy primary favorite is Don Beyer, a noted auto dealer in Northern Virginia, who has served as Lieutenant Governor twice, and also as Ambassador to Switzerland. My impression of Ambassador Beyer has been favorable. I have a friend who bought cars from him over many years and who had his Volvos serviced at his dealership all the while, and he had nothing but good things to say about the integrity of the service he received.

That said, however, and personal characteristics aside, I’d like Beyer to clarify his positions on the issues. So, I’m addressing this open letter to him.

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Rescuing the 1%

By J.D. ALT

lsaverIn an earlier essay I suggested we just forget the 1%. This was an idea not entirely supported by the commentary that followed. On reflection, I’ve decided it isn’t the right approach after all. What we really need to do is rescue the 1%.

They may seem like the last people who need rescuing, but when you consider the facts it becomes clear they really do need to be tossed a life-preserver. The problem is their basic business model is self-annihilating. This is not a new observation in history, but it is worth thinking through again. CEOs and board members are required by fiduciary law to maximize profits for their shareholders. If they fail to aggressively pursue this goal with every business decision, they might actually get sued by an angry shareholder deprived of his maximum return on investment. So maximizing profits is the order-of-the-day—every day. This imperative has been dramatically reinforced (and distorted) over the past three decades—as explained and illustrated by William K. Black—by evolving corporate compensation rules awarding huge bonuses to upper level managers based on the short-term profits their business and “accounting” strategies are able to generate.

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NEP’s Randy Wray appears on Euro Truffa

Euro Truffa (eurotruffa.it) interviews Randy Wray about MMT in this video from March 13, 2014. After the Introduction which is presented in Italian, the questions are presented in English with Italian subtitles.