It could be that with the election of Alexandra Ocasio-Cortez to congress, MMT's star will rise with hers as she is reportedly an adherent and possibly views MMT as a means to fund her Green New Deal.
As we see below, MMT has been around for some time, having come out of the Chartalism school in the first half of the 1900's and was made into MMT in the early 90's by Warren Mosler, apparently after a "Long steam" with Donny Rumsfeld, who then referred him to Art Laffer.
To the casual onlooker, MMT may sound a lot like standard-issue Keynesianism, the idea that the Government can and should run deficits to smooth out the business cycle.
At its core, Modern Monetary Theory is an argument that would be wonderfully familiar to every sovereign since the invention of debt.
MMT says debt can expand perpetually and inflation will not occur provided it doesn't expand faster than the value in the private economy and any excess liquidity is drained off via taxation.
Under MMT there is no more pretence that the currency has any intrinsic value - it's an economic scorecard and nothing more.
One of the founders of Modern Money Theory, Warren Mosler, believes bitcoins’ actual use is to anonymize parties to transactions. In such transactions, bitcoins have no value except the one Posted by WARREN MOSLER on September 4, 2017 in Uncategorized No Comments. Interesting charts: Over 50 hedge funds attracting investors who want to go long bitcoin and the rest. Helps explain why the prices are going up even as there is no intrinsic or conversion value whatsoever, which, presuming that to be the case, also means that at some Mosler is stuck on the idea of "what is the final value of bitcoin?" And the answer is, the Bitcoin system allows decentralized payments in a unique way. The Bitcoin currency is the only denomination in which you can pay fees to get your transactions notarized in that unique system. Suppose Warren Mosler were issuing new business cards all the time, so that the stock of business cards were growing faster than the number of people in the room. Suppose furthermore Warren promised (like the Bank of Canada) that he would always issue enough business cards so you could always buy one 2% cheaper if you just waited a year. Bob brings on MMT superstar Warren Mosler to explain—not to debate!—his understanding of Modern Monetary Theory. After summarizing Mosler’s interesting background, the two discuss the assumptions behind MMT and its implications for economic policy. For more information, see BobMurphyShow.com.
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