Modern Money Theory MMTer #MMT
AusMMT is a leader in educating people in modern macroeconomics. He played a founding role in educating Australians via social media channels and has engaged some prominent Australians on commentary about Modern Monetary Theory.
Real Name: Darren
He would also appreciate any paid work you can throw his way.
Key sentence in a story that is interesting on many levels.
"But the dollar is a fiat currency, which means that its value does not depend on the backing of any assets the government owns."
Failure to understand this is the foundation of the #DeficitMyth, the convenient excuse for destroying the US government.
What's the deficit myth besides being expedient?
See L. Randall Wray's "Making Money Work for Us" or the very compact "Money for Beginners."
"We can, and must, tax the rich. But not because we can't afford to do anything without them. We should tax billionaires to rebalance the distributions of wealth and income and to protect the health of our democracy."
- Stephanie Kelton
PS: if not seen, watch the "Finding the Money" documentary.
If you're interested in #MMT, check out this fab and fun video explaining sectoral balances:
https://www.youtube.com/watch?v=mtDzC3i9i6A
James is a fellow Modern Money Lab student (https://modernmoneylab.org.au/) and yes, he is like that all the time.
So, the key takeaway is that sovereign currency #issuers have a special ability to create #money and use it to manage the economy, while currency #users have to work within the limits of the money they can obtain.
This #difference is crucial when we think about how #governments should handle their #finances compared to #households or #businesses. #MMT
Doug Bostrom
DJM (freelance for hire)
Katy Swain
Darren 
