This Labor Day, Our Money will gather 500 participants to host a march for Full Employment and Economic Justice in commemoration of the Civil Rights Movement legacy of advocacy for a Federal Job Guarantee. The march will begin at the MLK Memorial in Washington DC at 11 am and end at the Marriner Eccles Building of the Federal Reserve around 2 pm.
Our Money founder, Rev. Dr. Delman Coates, will use this opportunity to draw the connection for lay audiences between the Civil Rights struggle for Full Employment and Economic Justice, and the importance of understanding our public power of money creation, as illuminated by insurgent school of economic thought, Modern Monetary Theory (MMT). Dr. Coates will call on Congress to pass a Federal Job Guarantee, as well as hold hearings on MMT in order to allow the public to formally interrogate the implications of our public power....
Grassroots MMT.
Our Money: Modern Monetary Theory Must Dominate Democratic Debate
PR Newsletter
But it's NOT our money in practice since, except for mere physical fiat, coins and bills, citizens may NOT even use fiat; only depository (aka "banks") institutions may do so.
ReplyDeleteInstead, citizens and the rest of the non-bank private sector must use private bank deposits or be limited to unhygienic, unsafe, useless for electronic commerce physical fiat, mere coins and bills.
So "our money" is, in practice, the banks' money and I see no proposals from MMT advocates to fix that.
#DrainTheScientificSwamp
ReplyDeleteThe Profit Law entails Public Deficit = Private Profit which means that the Oligarchy’s financial wealth and public debt grow in lockstep. The Oligarchy, in turn, uses the free lunches to corrupt the State.
MMT undermines democracy
https://axecorg.blogspot.com/2019/07/mmt-undermines-democracy.html
Egmont Kakarot-Handtke