Matthew Davidson (mjd) tagged mmt

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Matthew Davidson
Sawtell, NSW, Australia
Hypersensitive New Age Guy

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  1. @yukiame @strypey Currency-issuing states never need to tax in anything but their own currency. Taxes don't finance spending; spending finances taxes. Where else would the first $ taxed come from? #

    about a month ago from web in context
  2. @strypey I have to get over my worry about appearing like a Hare Krishna by saying "Here, read this slim volume which will explain everything." #

    about a month ago from web in context
  3. @strypey That may be why the Bank of England considers local currencies "vouchers" rather than money; you can't use it in tax payments to the sovereign. As # says, "taxes drive money".

    about a month ago from web in context
  4. @strypey I love Steve Keen. All academics should be so convivially arrogant (Bill Mitchell's the same in that regard). He seems to distance himself from # without disagreeing with it, and certainly has the same theoretical forebears (Minsky, Godley, Keynes, Kalecki, etc.)

    about a month ago from web in context
  5. @strypey Credit issued by the private sector has to be paid back. Public sector credit does not, and is how the public sector mobilises resources to meet policy objectives. "Government debt" is just a record of $-denominated credit ("money") issued to the private sector. #

    about a month ago from web in context
  6. @strypey My thinking on complementary currencies is evolving rapidly ATM. This from the BoE is useful context, though Smith's commodity currency story is a bit iffy (as I think # or the # crowd would agree).

    about a month ago from web in context
  7. @strypey Yep. I've a lot of time for # and was pleased he arrived at the # / # position of Mosler (, Kelton (, Mitchell ( et al.

    about a month ago from web in context
  8. @strypey Money is _used_ in exchange, & also as a store of wealth, but neither is what money _is_. Money is an accounting credit. It's useful to hold & accepted in payment because it has a killer app - eg. the ability to settle taxes. #, at any price, is not money. #

    about a month ago from web in context
  9. @laurelrusswurm Interesting #'s being considered at the province level. Even municipal level or smaller seems a possibility. $ are ultimately just tax credits, so any authority that collects $ in exchange for broadly-delivered services can find a demand for $ they issue. #

    about 2 months ago from web in context
  10. @strypey Added your blog feed to my information overload. I'm also interested in community currencies, from an # perspective of a currency-issuing deficit-spender kickstarting local economies. May be a project when I'm finally released from lower higher education.

    about 7 months ago from web in context
  11. "The # Party are neoliberals. The # are neoliberals on bikes." # Bill Mitchell # #

    about 8 months ago from web
  12. My first attempt at explaining the smallest possible fraction of Modern Monetary Theory with the smallest possible number of words. Still too long. # #

    about a year ago from web
  13. "The problem … is that they all think money grows on rich people" # Stephanie Kelton # #

    about a year ago from web
  14. @tregeagle Your spending is my income. Governments with their own currencies can never run out of money, must spend before they can tax, and ultimately determine the amount of unemployment they have. #

    Saturday, 10-Jan-15 15:17:56 AEDT from web in context
  15. "Repeat after me: the Australian economy is not like a household budget". # #

    Friday, 09-Jan-15 17:23:07 AEDT from web in context