Matthew Davidson (mjd) tagged mmt

User profile

Full name
Matthew Davidson
Sawtell, NSW, Australia
Hypersensitive New Age Guy

User actions


  1. "[T]he view that the value of money is regulated by the value of the substance of which it is made […] is like confusing a theatre ticket with the performance." # # #

    about 7 days ago from web
  2. The Tories have provided a delightful backronym for #

    about 19 days ago from web
  3. @strypey Core # is just a description of how the monetary system works by definition, so everybody would do well to accept it. It doesn't necessarily preclude advocating small government Malthusianism, but it does require new honesty about the motivation for doing so.

    about 2 months ago from web in context
  4. @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 3 months ago from web in context
  5. @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 3 months ago from web in context
  6. @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 3 months ago from web in context
  7. @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 3 months ago from web in context
  8. @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 3 months ago from web in context
  9. @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 3 months ago from web in context
  10. @strypey Yep. I've a lot of time for # and was pleased he arrived at the # / # position of Mosler (, Kelton (, Mitchell ( et al.

    about 3 months ago from web in context
  11. @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 3 months ago from web in context
  12. @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 4 months ago from web in context
  13. @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 9 months ago from web in context
  14. "The # Party are neoliberals. The # are neoliberals on bikes." # Bill Mitchell # #

    about 10 months ago from web
  15. 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
  16. "The problem … is that they all think money grows on rich people" # Stephanie Kelton # #

    about a year ago from web
  17. @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
  18. "Repeat after me: the Australian economy is not like a household budget". # #

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