WASHINGTON, May 13, 2019 /PRNewswire/ -- Today marks the official launch of the Our Money Campaign, an issue-based advocacy campaign that seeks to mainstream the academic insights of Modern Monetary Theory (MMT) to solve some of our nation's greatest social and economic challenges. According to campaign Founder and Organizer Rev. Delman Coates, "We seek to build a diverse, grassroots, bi-partisan movement that endeavors to address poverty, wealth concentration, unemployment, affordable housing, health care, public education, the climate crisis, and household debt. We recognize in Modern Monetary Theory (MMT), a credible, highly impressive, and genuinely public-spirited alternative to the disastrous economic stewardship offered by the old guard of the economics profession that brought us the Great Recession and continues to prioritize the private interests of the financial sector over the public good. We want to help ensure that the debate reaches the broader public through outreach and organizing rather than being confined to the Academy, the financial press, and op-ed pages. It is my earnest belief that if we change the way we think about money, we can change the world."….
Boom!
How can it be "our money" when the economy runs off bank deposits - which the banks themselves can create* vast amounts of due to government privilege - not fiat itself, except for increasingly irrelevant physical fiat, aka "cash"?
ReplyDelete*"Bank loans create bank deposits."