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Walrus 🏴󠁧󠁢󠁷󠁬󠁳󠁿<a href="https://mastodon.scot/@RussCheshire" class="u-url mention" rel="nofollow noopener" target="_blank">@RussCheshire</a> <a href="https://mas.to/@RichardJMurphy" class="u-url mention" rel="nofollow noopener" target="_blank">@RichardJMurphy</a> <a href="https://zirk.us/@ChrisMayLA6" class="u-url mention" rel="nofollow noopener" target="_blank">@ChrisMayLA6</a> <a href="https://toot.wales/tags/MMT" class="mention hashtag" rel="nofollow noopener" target="_blank">#MMT</a> is an explanation of how things actually work.What's needed is grown up politicians who have not sold out to the people who tell us we can't do anything without saving up tax money first.

Russ CheshireAmong the general air of doom & gloom is a faint, but I think increasing, glimmer of economic light. I refer to Modern Monetary Theory <a href="https://mastodon.scot/tags/MMT" class="mention hashtag" rel="nofollow noopener" target="_blank">#MMT</a>, which more people are coming to understand. I realise that the implementation of MMT in the UK will be resisted by many vested interests; but - should the necessary political will be found - how quickly could the necessary system changes be adopted? Could it be done overnight; or would the shock be too much?<a href="https://mas.to/@RichardJMurphy" class="u-url mention" rel="nofollow noopener" target="_blank">@RichardJMurphy</a> <a href="https://zirk.us/@ChrisMayLA6" class="u-url mention" rel="nofollow noopener" target="_blank">@ChrisMayLA6</a>

RaymondPierreL3I enjoy reading Richard <a href="https://aus.social/tags/Murphy" class="mention hashtag" rel="nofollow noopener" target="_blank">#Murphy</a> and his economic columns, a kind of English Greg Jericho if you will. An economist with his feet on the ground not afraid to tell it like it is. In this article, you’ll find a good explanation of <a href="https://aus.social/tags/MMT" class="mention hashtag" rel="nofollow noopener" target="_blank">#MMT</a> (Modern Money Theory) grounded in factual economic activity, unlike the designed <a href="https://aus.social/tags/neoliberal" class="mention hashtag" rel="nofollow noopener" target="_blank">#neoliberal</a> economic theory supporting runaway corporatism and accumulation of wealth at the top of the social pyramid.“…bear with me as I address, for the umpteenth time, this false claim that tax funds the government and why it is wrong.The reality is that the UK government (like other currency-issuing governments) creates money every time it spends. Tax does not fund spending; instead, tax is the necessary consequence of government spending and is required to prevent inflation resulting from excessive money supply. Tax comes after government spending…”Unfortunately, for this elucidation to take root in the minds of average Joe and just about every economists out there, it will take an earth-shattering event (like the collapse of the global financial systems).Here he is directing his explanation to the UK, but it is the same for any govt spending and tax collection systems in the world.

Dave VolekThe Economic Elephant in the Room My thoughts on quantitative easing and government debt. <a href="https://tiereddemocraticgovernance.org/blog_details.php?blog_cat_id=19&id=506" rel="nofollow noopener" translate="no" target="_blank">https://tiereddemocraticgovernance.org/blog_details.php?blog_cat_id=19&id=506</a><a href="https://mastodon.social/tags/tiereddemocraticgovernance" class="mention hashtag" rel="nofollow noopener" target="_blank">#tiereddemocraticgovernance</a> <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/modernmonetarytheory" class="mention hashtag" rel="nofollow noopener" target="_blank">#modernmonetarytheory</a>

Bill MitchellMonday's blog post (07/07) is now posted (16:07 EAT) - The Eurozone Member States are not equivalent to currency-issuing governments in fiscal flexibility - <a href="https://billmitchell.org/blog/?p=62651" rel="nofollow noopener" translate="no" target="_blank">https://billmitchell.org/blog/?p=62651</a> <a href="https://mastodon.world/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Phil Stevens :tinoflag:<a href="https://mastodon.nz/@jeremy_pm" class="u-url mention" rel="nofollow noopener" target="_blank">@jeremy_pm</a> The Crown is a monetary sovereign and by definition cannot go insolvent unless it's done with intent.I get the feeling that the number of people who stake their livelihoods (or political careers) on avoiding, obfuscating, or flat-out lying about this is growing faster than the number we're supposed to be hyperventilating about.<a href="https://mastodon.nz/tags/MMT" class="mention hashtag" rel="nofollow noopener" target="_blank">#MMT</a> needs to be part of the replacement of the Public Finance Act and the Reserve Bank Act, and while we're at it please take the boot off our throats.

John Francis 🦫🇨🇦🍁💪⬆️<a href="https://hachyderm.io/@jlepawsky" class="u-url mention" rel="nofollow noopener" target="_blank">@jlepawsky</a> the debt myth hype is strong recently because of the "big bill" in the US, which comes with a large increase of debt/deficit. For <a href="https://cosocial.ca/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a> and taxes, I like to focus that the govt can maintain demand for its currency, even if they don't ultimately collect all the spending back as taxes. Can be illustrated by considering if $99 taxed of $100 spent was collected, would people still accept it?50 of 100?1 of 100?It's a lot closer to 1/100 than it is to 99/100.

Josh Lepawsky11/n This is also a short and sweet primer on functional finance/mmt: <a href="https://www.mmt.works/mmt-taxes-do-not-fund-government-spending/" rel="nofollow noopener" translate="no" target="_blank">https://www.mmt.works/mmt-taxes-do-not-fund-government-spending/</a> <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Josh Lepawsky10/n Anyway, this episode of the MMT Podcast really helped me think hard about why it matters how the story of money is told: <a href="https://www.patreon.com/posts/episode-199-wing-131820648?utm_medium=clipboard_copy&utm_source=copyLink&utm_campaign=postshare_fan&utm_content=web_share" rel="nofollow noopener" translate="no" target="_blank">https://www.patreon.com/posts/episode-199-wing-131820648?utm_medium=clipboard_copy&utm_source=copyLink&utm_campaign=postshare_fan&utm_content=web_share</a> <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Josh Lepawsky9/n None of the above means that the federal government can just spend whatever it wants ... because inflation could become a problem. But at the same time, we do not have to accept the premise that in order to spend on programs 'we' want the federal government has to cut other programs <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Josh Lepawsky7/n I mean I know we hear about Canada 'borrowing', but the country's publicly available accounts show that that borrowing is almost entirely in the form of the country's own treasury bills and bonds, all of which are payable in Canadian dollars --- Canada cannot 'run out' of the currency it is the sole issuing authority of. <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Josh Lepawsky6/n A federal budget is a plan for a given fiscal year proposed by the finance minister and then voted on by parliament. The money in that proposed budget does not come from taxes previously collected. It comes from the currency issuing authority (the Bank of Canada, BOC). BOC does not have a pile of dollars lying around in a vault from taxes collected the year before or whatever. If parliament votes to approve the budget, the finance minister just instructs the BOC to credit the relevant accounts literally with keystrokes. <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a> <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a>

Josh Lepawsky5/n Federal government spending and taxing is not like a household. I think that matters because it can change the story about whether 'we' can or can't afford to do this or that thing. I guess what I mean is that I hear talk on both the left and the right that presupposes cuts are necessary in order to fund other or new federal initiatives. <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Josh Lepawsky4/n To be clear I'm not bringing any of this up because I'm some sort of pro- or anti-tax person. It just seems weird that people on both the left and the right keep talking about federal government taxing and spending by relying on a household metaphor. <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

Josh Lepawsky3/n Federal taxes can be collected for other reasons (e.g. to discourage some behaviours (smoking) or encourage others (charities)), but those reasons are secondary to the two primary reasons for federal taxes. <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a> <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a>

Josh Lepawsky2/n Federal taxes are collected only for two basic reasons: one, to create a demand for the national currency (Canadian dollar) because people have to pay their taxes in that currency and two, as a way to control inflation, including inflation that could be caused by the government's own spending. <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a> <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a>

Josh Lepawsky1/n The federal government is the source of its own spending money. The federal government does not fund itself by collecting taxes. <a href="https://hachyderm.io/tags/cdnpoli" class="mention hashtag" rel="nofollow noopener" target="_blank">#cdnpoli</a> <a href="https://hachyderm.io/tags/mmt" class="mention hashtag" rel="nofollow noopener" target="_blank">#mmt</a>

YAYAFAコラム：日銀、このまま「年内は利上げなし」で当確か＝上野泰也氏 | ロイター <a href="https://www.yayafa.com/2413550/" rel="nofollow noopener" translate="no" target="_blank">https://www.yayafa.com/2413550/</a> <a href="https://jforo.com/tags/AMERS" class="mention hashtag" rel="nofollow noopener" target="_blank">#AMERS</a> <a href="https://jforo.com/tags/ANLINS" class="mention hashtag" rel="nofollow noopener" target="_blank">#ANLINS</a> <a href="https://jforo.com/tags/Asia" class="mention hashtag" rel="nofollow noopener" target="_blank">#Asia</a> <a href="https://jforo.com/tags/ASXPAC" class="mention hashtag" rel="nofollow noopener" target="_blank">#ASXPAC</a> <a href="https://jforo.com/tags/BOJ" class="mention hashtag" rel="nofollow noopener" target="_blank">#BOJ</a> <a href="https://jforo.com/tags/BOJJ" class="mention hashtag" rel="nofollow noopener" target="_blank">#BOJJ</a> <a href="https://jforo.com/tags/business" class="mention hashtag" rel="nofollow noopener" target="_blank">#business</a> <a 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Bill MitchellThursday's blog post (03/07) is now posted (07:32 Netherlands Time) - British Labour Government should ignore irrelevant fiscal 'black holes' and worry about the political hole it is digging for itself - <a href="https://billmitchell.org/blog/?p=62648" rel="nofollow noopener" translate="no" target="_blank">https://billmitchell.org/blog/?p=62648</a> <a href="https://mastodon.world/tags/MMT" class="mention hashtag" rel="nofollow noopener" target="_blank">#MMT</a>

John Francis 🦫🇨🇦🍁💪⬆️See? Debt/deficit doesn't matter.I disagree with CBC's analysis that this is a transfer from young to old, since that relies on the assumption that taxes must eventually be increased to "pay it down/off". That's false. The debt of fiat currency issues always increases, pacing economic growth, deflating with inflation. It's normal.<a href="https://cosocial.ca/tags/MMT" class="mention hashtag" rel="nofollow noopener" target="_blank">#MMT</a> U.S. Senate passes Trump's 'Big Beautiful Bill,' sends to House for final approval | CBC News <a href="https://www.cbc.ca/news/world/senate-republican-trump-tax-spending-bill-1.7574808" rel="nofollow noopener" translate="no" target="_blank">https://www.cbc.ca/news/world/senate-republican-trump-tax-spending-bill-1.7574808</a>

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