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  joseba says:

  2016/03/15 at 06:44

  Radical Economic Theory:

  Ignored for Years, a Radical Economic Theory Is Gaining Converts
  http://www.bloomberg.com/news/articles/2016-03-13/ignored-for-years-a-radical-economic-theory-is-gaining-converts

  “Currency Monopoly
  … in nations with their own currency.
  Such countries, the MMTers argue, face no risk of fiscal crisis. They may owe debts in, say, dollars or yen — but they’re also the monopoly creators of dollars or yen, so can always meet their obligations. For the same reason, they don’t need to finance spending by collecting taxes, or even selling bonds.
  (…) MMT replies: No one’s saying there are no limits. Real resources can be a constraint — how much labor is available to build that road? Taxes are an essential tool, to ensure demand for the currency and cool the economy if it overheats. But the MMTers argue there’s plenty of room to spend without triggering inflation.
  (…)
  If MMT seems marginal now, Randy Wray, an economics professor at the University of Missouri-Kansas City and one of the doctrine’s founders, recalls a time when it barely registered at all.
  Wray, who wrote “Understanding Modern Money” in 1998, says he used to meet with like-minded colleagues and count how many people understood the theory. “After 10 years, we had to go a little beyond two hands — we had to use a few toes,” he said.
  Now, thanks to the blogosphere, he says there are thousands around the world, especially in struggling euro-area countries like Italy and Spain. MMT was among the early doomsayers on the single currency, arguing the lack of monetary sovereignty would render governments helpless in a crisis.
  In the U.S., one presidential candidate is at least listening to MMT economists. Advisers to Bernie Sanders include some of the school’s leading advocates: Stephanie Kelton, a Sanders hire to the Senate Budget Committee, and James K. Galbraith, whose father helped shape President Lyndon Johnson’s “Great Society” programs.
  (…)

  Twitterrak: Ikus https://twitter.com/stf18/status/709174667349602304

  Very good article on #MMT in Bloomberg @business by @mljamrisko featuring Randy Wray http://www.bloomberg.com/news/articles/2016-03-13/ignored-for-years-a-radical-economic-theory-is-gaining-converts …
  2016 mar. 13

  Don St. Clair, CFP® ‏@DonStClairJr 4
  @stf18 argh… “so long as there’s balance in the longer term.” #stillgettingthelastword

  Scott Fullwiler ‏@stf18
  @DonStClairJr Coverage of MMT is getting better, though–simple criticisms of past don’t fly anymore.

  Nichol Brummer ‏@Twundit 4 hDuela 4 ordu
  @stf18 so the only thing missing still, is a ‘Kelton curve’, and it will all fall in place. Has to fit on a napkin. Exit Laffer.