This is the second part of a series of guest blogs by Michael Merrill. He has written these pieces to introduce MMT to labor. In the first segment—posted yesterday—he argued that Americans should not be fooled by the claims that our government is broke. That piece is timely, given what is going on in Washington. From the perspective of MMT, the claim that Uncle Sam has run out of money is beyond stupid. In this second guest blog, Michael restates or repurposes the principles of MMT. With Michael’s permission, here is part 2. I encourage everyone to take a look at the newsletter: http://www.esc.edu/labor-studies-center/local-768-newsletter/. It is a nice antidote to the hysteria in Washington that has shut down our government. – See part 1 at: http://www.economonitor.com/lrwray/2013/09/30/yes-we-can-afford-prosperity-guest-post/#sthash.8Jcmdffi.dpufEconomonitor — Great Leap Forward
Understanding Modern Money: A Tutorial for Labor
L. Randall Wray | Professor of Economics, UMKC
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