MODERN MONETARY THEORY
(MMT) IN A NUTSHELL

Warren Mosler (posted)

The Center of the Universe, Mosler Economics, While Mosler posted this essay, he notes it is from Johnsville. It is dated August 4, 2011, 16 pgs. For information about Mosler, see the Wikipedia

Reviewer Comment:
This is a clear and concise description of the development of Modern Monetary Theory. The author claims Mr. Mosler created the concepts himself without knowing any of the previous work by other authors that has since been cited - including in this essay. But the essay does cite these. And it is a highly polemical and typical attack on the 'unenlightened' economists and others who fail to understand the simple and obvious truths of MMT. The essay itself notes this (what one also sees in typical attacks by Global Warming fans and increasingly in the various radical progressives).
The theory all rests on the capabilities of sovereign governments to 'spend' whatever they care to thanks to the wonderful modern development of 'fiat' money. What is actually does show is exactly the massive disaster that the opponents of 'fiat' money have always claimed. In other words the freedom to 'spend' on their favorite goals that the MMT cabal applauds is what the folks who warned and still warn about 'fiat' money feared and denounced. The MMT cabal typically uses language to conceal meaning. For instance 'spending' by governments rather than 'confiscation' and 'non-government sector' rather than 'private ownership sector'.

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L Randall Wray - Modern Money Theory MMT