MMT: The antidote to nonsensical economics.

The purpose of this blog is to promote  Modern Monetary Theory. An understanding of MMT is the best antidote to the nonsense we hear so often from the mainstream media, most politicians, and even many professional economists who ought to know better.

If you’ve ever looked at a $5 bill or a £5 note and wondered why you can use it to buy a bottle of beer or a cup of coffee, when it is just a piece of paper and not backed up by anything  obviously tangible;  or, if you have ever wondered how governments can have a debt which they have no intention of ever repaying and why their creditors seemingly are totally unconcerned about it, then you might want to look further. Similarly,  if you’ve ever had the suspicion that politicians either don’t know what they are talking about on economic matters, or deliberately want to mislead, then please read on and contribute if you can.

You may just be interested in the answers for reasons of simple curiousity. They do also however carry enormous political significance, which can divisive. Probably MMT will appeal to the political left more than the right but it is in itself quite neutral. It can be used equally by both sides of politics.

Critics of MMT  charge that the creation of money is irresponsible. Yes, it can be in certain circumstances. Equally in others it is irresponsible not to create it. Resources are being wasted in most developed economies because of insufficient purchasing power. A waste of resources is relatively easily fixed  by sensible demand management in an  economy.  A lack of resources isn’t.

Contributors are welcome to claim that some aspects of MMT are incorrect if there is also an explanation of why. But please avoid telling us that you just strongly disagree or you think we are talking rubbish!

Contributions and offers of help are welcome. Please email peter_martin_2001@hotmail.com

Sections of this blog may be quoted providing they are referenced back to their source.

(c) Copyright 2013  Peter Martin. All Rights Reserved.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s