Modern Monetary Theory, how our governments lie to us about our deficits.

Modern Monetary Theory (MMT)

Modern Monetary Theory (MMT) is an economic framework that redefines the understanding of fiscal policy, government spending, and the role of money in the economy. It posits that a government that issues its own currency can never "run out" of money in the same way a household or business can. Instead, it can always create more money to finance its spending, as long as it does not lead to inflation beyond acceptable levels.

Key Principles of MMT

• Currency Sovereignty: Countries that issue their own currency can manage their economies without the constraints typically imposed by reliance on foreign currencies or debt.

• Government Spending: MMT advocates argue that government spending should not be limited by tax revenues but should be guided by the economy's capacity to absorb that spending without triggering inflation.

• Full Employment: MMT emphasizes the importance of achieving full employment through government job guarantees, which can help stabilize the economy.

• Inflation Control: Proponents believe that inflation can be managed through taxation and other policy tools rather than limiting government spending.

Leading Theorists of MMT

Several economists have been instrumental in developing and promoting MMT. Their work has influenced both academic thought and practical policy discussions.

1. Stephanie Kelton

Stephanie Kelton is one of the most prominent advocates of MMT. She served as the Chief Economist for the U.S. Senate Budget Committee and has been a key advisor to political figures, including Bernie Sanders during his presidential campaigns. Kelton's book, "The Deficit Myth," has brought MMT into mainstream discussions, arguing for a rethinking of government budget constraints.

2. Randall Wray

Randall Wray is a founding member of the Modern Money Network and has contributed extensively to the theoretical underpinnings of MMT. He has written several books and articles that explore the implications of MMT for economic policy and has been involved in academic discussions around financial stability and employment.

3. Bill Mitchell

Bill Mitchell is another leading figure in MMT, known for his work on the relationship between government spending, taxation, and inflation. He has been involved in policy discussions, particularly in Australia, and has been an advocate for job guarantee programs as a means to achieve full employment.

Conclusion

This theory reshapes our understanding of the world and how these sovereign fiat currency countries (Canada, Japan, the US and the UK) can do all these special programs without needing our tax dollars first and can just print the money but will fight over these public welfare programs that in the long run studies show will actually save money but thats not what the rich oligarchs want. Poverty is a policy decision and governments around the world know this.