The big lie – Governments cannot run out of money!

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Stephanie Kelton on Modern Monetary Theory’s Goals for Full Employment and Government Deficits

Published on Dec 11, 2012 http://www.facebook.com/CapitalAccount

Hat-tip @alittleecon

Stephanie Kelton explains MMT and how everything we are told about the need for cuts and austerity because of a lack of money of money is wrong.  A sovereign with its own currency can create as much as it decides.  As she says ‘Where do people think the money comes from?  China?’

“If MMT is right, then everything we thought we knew about the budget, taxes, and the Federal Reserve is wrong.”  and there could never have been any possibility of the UK being like Greece who does not have its own currency.