This continues from the previous post on Post-Keynesian Response. A large number of contributions from different areas need to be integrated to build an economics for the 21st Century. For an acknowledgement of the failure of 20th Century Macro from one of its architects, see Romer’s Trouble With Macro. This post explains Modern Monetary Theory briefly.WEA Pedagogy Blog
Modern Monetary Theory
Asad Zaman | Vice Chancellor, Pakistan Institute of Development Economics and former Director General, International Institute of Islamic Economics, International Islamic University Islamabad
What Is MMT?
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MMT is the issuance of counterfeit currency in the form of deficit spending/money creation for the benefit of the one-percenters.
Genuine currency and counterfeit currency are indistinguishable because they originate from the same source: the FED. It all depends on whether additional fiat money is injected on the supply or the demand side.
MMTers are not scientists but political agenda pushers. MMT policy is to the disadvantage of the ninety-nine-percenters. The counterfeiter steals from the rest of society via the anonymous price mechanism.
It is the ninety-nine-percenters who owes the public debt. And it is the one-percenters who owns the corresponding financial assets. Interest on public debt works like a regressive tax as long as the debt is rolled over.
Because #PublicDeficitIsPrivateProfit, MMT is the biggest redistribution program ever.
MMT is a political fraud.
Egmont Kakarot-Handtke