MMT Archive

MMT to President Obama and Members of Congress:

Comments welcome, and feel free to repost: MMT to President Obama and Members of Congress: Deficit Reduction Takes Away Our Savings SO PLEASE DON’T TAKE AWAY OUR SAVINGS! Yes, it’s called the national debt, but US Treasury securities are nothing more than savings accounts at the Federal Reserve Bank. The Federal debt ...Read More

Geithner- We’re going to try to get the biggest deal possible

Bill’s blog, below, as always, is well worth a read. And note today’s news, where, of all things, the Democrats are trying to position themselves as larger deficit cutters than the Republicans: “We’re going to try to get the biggest deal possible, a deal that’s best for the economy, not just in ...Read More


Comment: Side note: I called “on point” on NPR last week to challenge the guest viz his talk of US default, etc. The guy who manages the phone calls told me I don’t know anything about money, and that of course the debt crisis is just that and that the US could ...Read More

Recent comments

Two quality recent comments: Max says: “If you make a list of the countries in the world that have the biggest homework in restoring their public finances to a reasonable situation in terms of debt levels, you find four countries: Greece, Ireland, Japan and the United States,” Vinals said. Vinals = Jose ...Read More

Fed Chairman Ben S. Bernanke on Fiscal Sustainability

This is from the same Ben S. Bernanke that stated the Fed spends by using their computer to mark up numbers in bank accounts. Now, by extension, he’d propose basketball stadiums have a reserve of points for their scoreboards to make sure the teams could get their scores when they put the ...Read More

Modern Monetary Theory: The Last Progressive Left Standing

Modern Monetary Theory: The Last Progressive Left Standing By Warren Mosler ...Read More

China GDP history

This is year over year ‘real’ GDP growth. Note the recurring first quarter spikes followed by dips, presumably due to front loading annual state spending and lending. Not much of a spike this year, due to cutbacks in state spending/lending, but the reduced spending/lending that resulted in the reported growth was likewise ...Read More

latest conference slides

MMT and the Theory of the Monetary Circuit ...Read More

G8: Deficit Terrorism Leads Agenda

In the land of the blind, the one eyed man gets his good eye poked out. While the statement regarding the US is perhaps a tad on the soft side, globally, political will and public support appears firmly in place for further stagnation and a too large output gap for the foreseeable ...Read More

Philadelphia Fed survey, existing home sales, leading indicators all disappoint

Typical street review of today’s numbers from Goldman. As suspected, look for continued downward revisions to initial 4% Q2 estimates. And note the graph below showing employment as a % of the population. The economy continues to be demand constrained at very low levels. (That is, for the size govt we have, ...Read More