Social Science / Economics /MMT

Modern Monetary Theory (MMT)

I have studied and used Pierre Bourdieu's magnificent sociology in my teaching and research for twenty years. I possess ten thousand non-fiction books, also to check out if Bourdieu missed something and if there are better knowledge out there. But I have not found anything better nor have I been able to find a mistake in Bourdieu's analyses (Bourdieu tells us to dismiss sociology written after Max Weber: read Weber). But it was not until I learned about Bill Mitchell and Warren Mosler's Modern Monetary Theory (MMT) that I found an economic philosophy that does justice to my sociological understanding of the world.
 
When I watched Bill Mitchell's and Warren's interviews for the first time in 2015, I was immediately and completely blown away. It is surely no coincidence that Warren Mosler is the only person that I have seen give the exact same analysis as Pierre Bourdieu that "We are Destroying our Civilization because of a false economic thinking" (Mosler never heard of Bourdieu, before I told him). The destruction is not 'only' about workers' rights, welfare entitlements and even food stamps, which the US Republicans repeatedly attacks. It is also a systematic destruction of science and the humanities etc. The US already has very much privatized their 'national security' and the army is very much private mercenaries. Next we might see private companies run all medical research, so that no government can control, what we are told about their drugs. I am convinced that Modern Monetary Theory (MMT) is the only intellectual weapon capable of countering and defeating this motorway to the big business men's neoliberal dystopia.
 
Warren Mosler always says that the Western world's economic policy the past ten years have cost mor than all former wars combined. The even more crazy thing is that we have never had a more powerful production system, which means that we could be incredibly more rich if we changed policies. Let's compare with China (and the economists who says that it is no reasonable comparison do not understand that umployed people equals productive/growth capacity in any economy). Keen says that China employs MMT principles. Frank N. Newman (former US treasury, writes MMT-like books too) exlains in a couple of minutes that the combined growth from 2007-2012 was in the US, 4%; in China 55%. 
 
Bernie Sanders had Mosler apprentices Stephanie Kelton and Bill Black on his team (Black is a very important writer, former US regulator and whistleblower, see here HS Big Business Coup D'Etat on Finance/Nations). Sanders was not too courageous in this (compared to Mosler), but they actually had a plan that would create perhaps 20 millions US jobs and give an annual US growth of more than 5%. The plan was attacked, rather tellingly by neoliberal establishment MIT/Nobel Prize Krugman and others, (and even more tellingly) who didn't even analyze the figures... Black explains the affair here, where he also refers to James K. Galbraith's important counter-critique. Britain's Jeremy Corbyn and his team seem not to dare go into the intellectual grounds of MMT, so they continue Margaret Thatcher's scheme that a 'national economy is like a household'. I don't think Corbyn's team realize they work for the neoliberal camp. 
 
I suggest that you don't waste much time reading sociological critiques. We know enough about the destructions and social suffering, don't we? Instead use your anger and social indignation as energy to learn the basics of MMT. Next, tell everybody you meet, not least your journalists and politicians; and if they are not listening then find someone who will listen. Nothing is more important than getting the message out to people that everything the neoliberal politicians, journalists and the economic profession have told us for decades is simply completely false and destructive by design. Moreover, neoliberalism is, as a matter of fact, a conspiracy against the people. I am happy to break the CIA/establishmen law here, to tell you that we are run by business ordered and financed conspiracies (see my page here also on the conspiracy suppresion of conspiracy thinking). Read the evidence on the neoliberal conspiracy on my page here: Big Business' Plan Destroy Western Civilization After WWII
 
We can change the world, but it won't happen without the help of many ordinary citizens. When enough people know about MMT and dare to believe in the truth of it, the politicians cannot ignore us anymore. Also, if we don't get this done, we might see another world war before economic sanity will be returned to the West. Western Big business did WWI and II and the scenario today is very, very similar to the situation before WWII - and so are the propaganda levels. See HS Russia Critical information
 
 
 
 
 
 
 
 
 
 
 
 
 
Stephanie Kelton: Euro Nations Are Not Monetarily Sovereign (could default bonds), 2016 Steve Keen: 'does MMT Make Sense?', 2017 (Please reserve Keen's reservations) Stephanie Kelton: Inflation Is The Constraint To Government Deficits, NOT deficits!, 2016 Randal Wray: You Can't Have A Debt Crisis If You Issue The Currency, 2016 NEW from MMT International Conference in Kansas, September 2017: Warren Mosler: The Good Dream is Factual MMT W. Mosler: Palestine Econ. Devel. Plan MMT Job Guarantee Banned on Facebook Fadhel Kaboub: Developing Economies Should Avoid Neoliberal Economics Successful Real World Financial Market Practitioners Use MMT Panel, Mosler, Mitchell, Kelton, Wray: We All Need the Good Shoes MMT Yan Liang: China and MMT Job Guarantee  Integrating Ecological Economics and MMT Scott Ferguson: Modern Money and the Future of the Aesthetic Rohan Gray: Intellectual Property Rights and MMT James K Galbraith Reviews MMT 

Readings

'If you had combined the economics study with studies in psychology and sociology, you would have soon realised that what was being taught in your economics course was total nonsense.' Bill Mitchell: 'Falling enrolments mainstream econ. programs is desirable outcome, 2017  'Reclaiming the State'. Summary of new book by Fazi and Mitchell, Aug. 2017 Stephanie Kelton: 'How We Think About the Deficit Is Mostly Wrong, Oct. 2017, NYT
 Intro: The World According to Modern Monetary Theory, 2014, Rebecca Rojer
 MMT, The Euro and The Greatest Prediction of the Last 20 Years, Wray Bill Mitchell: Is MMT applicable to the Eurozone?_Foreword to Mosler's 7 Deadly, 2015  Lynn Parramore: 'The Sneaky Way Austerity Got Sold to the Public Like Snake Oil, 2015 J is for Junk Economics: A Guide to Reality in an Age of Deception, 2017, Michael Hudson

Peter Koenig Reviews Junk Economics  

'The Rock Star Appeal of Modern Monetary Theory'. May, 2017, The Nation Warren Mosler's "Mandatory Readings" Warren Mosler must read free pdf: The seven deadly innocent frauds of economic policy Randall Wray MMT Writings etc. - Levy Economics Institute Stephanie Kelton's recommended readings Billy Blog highly recommended read & follow + MMT University/On-line. Sep. 2017 Bill Mitchell: 'MMT is what is, not what might be'. April, 2017 Bill Mitchell: 'MMT – lacks a political economy?', 2014 NEW Bill Mitchell & Thomas Fazi: Reclaiming the State. A Progressive Vision of Sovereignty for a Post-Neoliberal World. Pluto Press, September, 2017 A Memo From MMT’s Legal Department, 2017, By Rohan Grey and Raúl Carrillo
 Steven Hail: 'Explainer: what is modern monetary theory?, January, 2017 Bill Mitchell: "Stuart Chase: a visionary ahead of his time". 2017 Bill Mitchell: 'The roots of MMT do not lie in Keynes'. 2015 Making Money: Coin, Currency, and the Coming of Capitalism, 2014, Christine Desan, OUP Scott Ferguson: 'Some Remarks on MMT & Marxism in Light of David Harvey’s “Marx, Capital, and the Madness of Economic Reason'. 2017, Radical Political Economy The Real Economic Consequences of Martin Luther, 2017, S Ferguson & B Cook  MMT Challenge to Status Quo Economics Everybody is Talking About, Parramore, 2012  Can we please drop the nonsense of ‘tax payer’s money’?, Oct. 2017, Think Left Steve Keen: Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned?, 2. ed. 2011 Samir Amin: 'A Critical Reading of Steve Keen’s Debunking Economics', 2015 
  
 
 
  
 
 
 
  
 
 
 
 
 
In some ways all MMT is doing is describing the real world. Neo-classical theory is telling you about a fantasy planet.
Steve Keen
We are destroying our civilization because of a wrong economic thinking
Warren Mosler

Economists & Blogs

 

Research & Institutions 

 
Hans Werner Sinn
Robert Skidelsky