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Politics

Modern Monetary Theory - Sm

Posted: Sep 5th, 2017 - 4:50 pm

Dr Steven Hail, Lecturer, University of Adelaide.... 
".... MMT is about how sovereign monetary systems work in general - it is not about the institutional and legal arrangements in a particular country. The ways in which Americans (and others) have managed to obscure operational realities are irrelevant, in that they do not change those realities. 
Taxes do not pay for government spending. Simple as that. 
That is not their function, as you of course well know. Once this has been explained to people, I think we should go on to explain that the current artificial arrangements obscure this reality. Don't shrink from the truth because you are intimidated by artificial constraints which have been imposed to obscure that truth... "
Word :)
Dr Steven Hail, Lecturer, University of Adelaide.... 
".... MMT is about how sovereign monetary systems work in general - it is not about the institutional and legal arrangements in a particular country. The ways in which Americans (and others) have managed to obscure operational realities are irrelevant, in that they do not change those realities. 
Taxes do not pay for government spending. Simple as that. 
That is not their function, as you of course well know. Once this has been explained to people, I think we should go on to explain that the current artificial arrangements obscure this reality. Don't shrink from the truth because you are intimidated by artificial constraints which have been imposed to obscure that truth... "



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