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Recent Posts on Modern Money Theory

22 March 2023 by mmt.works
The NHS crisis The NHS has worked well over the decades, supposedly the envy of the world. So what has changed over the last 70-odd years? Simply: funding. What you need to know: Modern Money Theory (MMT) recognises that taxes

MMT full employment
17 March 2023 by mmt.works
What is the Job Guarantee? Modern Money Theory's (MMT) description of the economy leads to one of its core policies, that the government can guarantee full employment with decent pay (and benefits and annual leave). In other words: Under the

What does the National Debt Look Like
10 March 2023 by mmt.works
National Debt key points The National Debt is not a debt, it is not "owed" back The National Debt is money in the economy that has not yet been taxed back The National Debt represents our saving, the money in

Diagram: Austerity
5 March 2023 by mmt.works
Austerity is deliberate and manufactured by government. Austerity also kills. But economists have been aware of alternatives to austerity for nearly 50 years, that focus on people, and not financial markets. “There IS An Alternative To European Austerity: Modern Money

Diagram MMT sink spending taxation
1 March 2023 by mmt.works
Spend, invest and tax Taxes can not fund government spending: Tax due: −$1,000 Tax paid: +$1,000 Balance (Tax available for government spending) $0.00 When you pay your income tax, your tax obligation is extinguished, and the money paid is deleted

One Pound Coins
23 February 2023 by mmt.works
Modern Money Theory can be quite complicated, for which it is recommended that you refer to additional articles. But the main points of MMT are as follows: Modern Money Theory (MMT) is descriptive MMT describes how the economy works, Although

Posts from Richard Murphy at Tax Research UK

Posts from Bill Mitchell – Modern Monetary Theory

Gower Initiative Tweets

Thursday's blog post (09/02) is now posted (13:51 EAST) - Central banks accounting losses are rising but are of no importance to anything important - http://bilbo.economicoutlook.net/blog/?p=51243

If the BoE governor insists on this misleading framing, where some govt spending is “funded” by tax revenue & some is “borrowed”, then he can avoid this inflation risk by declaring nurses’ pay to be “tax-funded” & central banker’s salaries to be “borrowed” when doing the books.

1/2 Someone tweeted, "How do we pay back the debt? Explain it like I'm 5-yrs old." Ok, here goes. The US doesn't borrow dollars. When the gov't spends it creates dollars. Some $$ are taken back via taxation, but there are some of those dollars the public holds as savings.

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