Warren Mosler: What Modern Monetary Theory Tells Us About Economic Policy

Warren Mosler: What Modern Monetary Theory Tells Us About Economic Policy

30 thoughts on “Warren Mosler: What Modern Monetary Theory Tells Us About Economic Policy

  1. We could have all Sanders policies and a National Flat Income Tax on all forms of income structured to be Progressive. Get rid of the payroll tax we dont need it to fund SS or Medicare. Triple SS benefits, give us National Medicare For All and Free Education. I am for a Federal Jobs Guarantee as a permenant program to make sure everybody that want work can find it. It should also be used hold the private sector accountable towards their employees regarding how much they pay them.

  2. A counterfeiter has to issue money before he can collect it, so there it really isn't a problem. Counterfeit money isn't moral or immoral, it just is.

  3. This guy was paid by the bankers to spread misinformation, and further confuse the already confuse masses

  4. haha so I assume he is just giving an oversimplified explanation of QE but you missed some key points: first off the Fed rarely ever buys treasuries… maybe go do some research on that… next the reason we can think of QE as "printing money" is not because it used to be that accounts held at the fed could be converted into gold, it is because QE is bullish for treasuries – it is very similar to lowering the fed funds rate. The new money comes from private banks which make more loans in low interest rate environments.

  5. MMT is a really dangerous theory. Mr. Mosler suggests that in a crisis all the government has to do is cut taxes, ramp up public spending and guarantee jobs. He completely forgets, that the crisis is all about eliminating unsustainable activity, i.e. unsustainable investments and unsustainable jobs. MMT is a sure way into poverty and socialism.

  6. Original money creation was not the government but the gold mines. We don't have to have governments to have money, and it's creation can be independent of it. So government=money is a false argument.

  7. america had to come off the gold standard because they wanted to bomb women and children and they couldnt do it if they stayed on gold

  8. MMT has progressed significantly in explaining itself since this was made.
    What Green New Dealers should be talking about is “employment-rich” spending" (Warren Mosler). This is how to counter the spend-thrift criticism.

    Best two explainers now seem to be: Stephanie Kelton on her Angry Birds approach to Economics YouTube recording. https://www.youtube.com/watch?v=Q1SMjeuyF-Y


  9. Why is he so squinty when he talks, he talks like someone doing something untoward, or like he found some clever trick.

    Why scheme like this in the first place? It smacks of scientific management.

  10. Change does not come easy! Why not carry the theory further with reduced jobs? tech makes higher productivity why are we still obsessed with jobs?

  11. 18:00 – Just look at the details of what actually happens when you do quantitative easing (by adding amounts to Private Bank Asset Accounts)
    15:00 – 
    10:00 – 
    05:00 – 
    00:00 – –

  12. This guy is either liar, delusional, or a shill of the International banking cabal that promotes self-acceptance of slavery.

  13. A government guaranteed job at $20/hour would not necessarily empty out the fast food and Walmart labour, it would just force them to pay a higher wage. I don't see much of a downside to that, other than the shock, crying and tears of the rich. The real problem are small businesses. So to support small businesses you just given them negative taxation — algorithmically indexed to their per worker profits, so the small business owners can take home minimum $20/hour themselves. If it inflates prices just tax the One Percent and the cloistered Upper Class to cool things off. But I'd bet it would not cause inflation, because the higher wages would just be soaked up into the real productive economy in ordinary spending, meaning producers would not need to raise prices much, since by shear additional volume of demand they would meet their margins. Econs just don't get it. People in the rust-belt are suffering so bad, give them higher wages and they'd spend it all immediately to pay off debts and then put bread and broccoli on the table. The risk of inflation is extraordinarily low, at an all time low I'd guess. There is so much economic anxiety, misery and suffering to be undone, it will take a generation or more to get back to any remote risk of inflation. But after the oil shocks of the 70's we now know how to avoid inflation, just tax the shit out of the ultra-wealthy elites. They are the F-kers who cause inflation in the first place.

  14. Government job guarantee is spot on. It is almost criminal for a government to allow any unemployment, not only criminal but incredibly wasteful. But having a "buffer stock" of labour ready for the private sector to hire is all well and good, until you take into account capitalist enterprises ruthlessly exploit labour. So what Mosler's policy needs to become truly ethical is worker cooperatives, where productivity surplus is shared, not hoarded by the very few wealthy capitalists who are themselves performing no useful work.

  15. What does China have besides numbers on a spreadsheet? How about all the factories and skilled labour that produce all the goods.

  16. We should not be encouraging more children because the population of the world is too high and more children or a higher population will exacerbate the environmental problems we face of climate change and biodiversity decline.

  17. The issuer of a currency comes before tax collectors. The chicken came before the egg which it issued although a case could be made that the egg issued the chick which transformed into the chicken. But the private banking sector issues credit or debt and collects back interest on that debt. While not fiat currency it functions as fiat currency. I can borrow from the banks to pay my taxes. I then owe the banks interest — an added liability — but my liability to the government is now a credit/asset with it. Still trying to figure out how that sequence plays into the theory. Seems there is another scorekeeper for money.

  18. Short version of their (crazy) story: money grows on trees, better yet: it grows out of computer spreadsheets and mouse clicks; and we don't have to worry about debt, deficits, inflation etc.

  19. No morality assigned to a deficit? Mosley is completely full of shit. A disinformation agent. People telling the truth about monetary policy can never be successful privateers under current conditions. Their career will have to be undermined.

  20. Stephanie Kelton was great, but some on the panel have a bit of work to do. I feel sorry for Stephanie having to endure that anti-Democrat rant at the end. The host was like a child having a tantrum, The same old d 'Everyone's corrupt and doing the bidding of the .1%.' rant.

    It isn't true.

    Good luck with starting your new party. Who were you planning on putting up for POTUS? You? No thanks. You'll end up saying everyone in that party is corrupt too, because deep down you think everyone that disagrees with your is corrupt.

    You know Stephanie is aligned with the Democrats. You just looked like another dude trying to berate a woman. How progressive of you lol.

    The problem isn't all the corruption that's in your head, the problem is that so few people understand what Stephanie is saying. The ranter said at one stage that spending on schools was good economically because the better educated would then pay more tax.

    No, no, no.

    You didn't understand what Stephanie had just told you. The Federal govt doesn't need tax money to fund anything. It issues new currency when it spends. Tax serves the purpose of backing the currency, and is a downward pressure on inflation. The fact that better educated people will pay more tax is

    And again one guy in the middle started talking about the deficit and debt as being a long term investment, like a house mortgage..

    No, no, no.

    It's nothing like a house mortgage, nothing at all. Do you create the mortgage out of thin air and give it to the person building the house. You are a user of the currency, the federal government is the issuer of the currency. Completely different.

  21. you make products so that creates jobs blah blah. Not if you have crap wages. It doesn't drive demand. Income inequality creates a third world economy where the 1% do all right but nobody else has a chance.

  22. You do want it to be disruptive to the cancerous private sector though. Fuck them all let them automate or go out of business. No transitionary jobs, make them permanent and pay a living wage.

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