Warren Mosler on Modern Monetary Theory
This video shows Warren Mosler being interviewed by Marshall Auerback on Modern Monetary Theory. MMT is the alternative to what we usually hear in the mainstream media. Warren discusses the government’s role as issuer of the currency, the meaning of deficits and the job guarantee. He is talking about the US, but there are parallels with the UK
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Warren is, as usual, technically correct. It is not a completely innocent fraud, however, it’s ideologically driven, at the very least, to the extent that people in power are very ready to believe myths about public debt in their eagerness to shrink the state. You don’t have to be a socialist to believe that, see what the UK’s best macro-economist says at http://mainlymacro.blogspot.co.uk/2013/08/bringing-economics-back-into-fiscal.html
As Stephen King says, ultimately such major economic policy decisions are made in the realm of political economy. The personal finance analogy for public debt is a device for driving through a right wing agenda, not good economics
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Reblogged this on HUMAN RIGHTS & POLITICAL JOURNAL.