Modern Monetary Theory

Why Is The Left So Hung Up About Modern Monetary Theory?

"Yet many on the left still dismiss the reality of this process, which is described by modern monetary theory (MMT). MMT is best explained by Stephanie Kelton in her 2020 book, The Deficit Myth. Those on the left who criticise MMT seek to do three things: first, to maintain the power of independent central bankers; second, to maintain the myth of money market constraints on governments, including by the threat of interest rate rises; and third, they want unemployment to remain a mechanism for controlling the economy. Why they should want these things baffles me, but that’s the consequence of what they say."

The UK's National Debt is Not 2 Trillion

"The reason why it’s a lie is, in the first instance, that the government cannot owe itself money, and yet £735 billion of the so-called national debt is now owned by the government, and so cannot be included in the figure for debt. And then there’s the fact that almost £200 billion of this supposed debt is actually deposits at National Savings and Investments, and to call that debt is grossly misleading. And if evidence is wanted, the government’s audited Whole of Government Accounts agree with my position, stating debt net of quantitative easing, for example."

Who Owns The National Debt - And Does It Matter

"It’s often said that the UK is in hock. The national debt is, according to some, going to cripple us. I have already made a video explaining why this is nonsense. We need our national debt. But implicit in this suggestion that the national debt could cripple us is another idea, which is that there must be some 'dark powers' who own at least a part of the national debt to hold us all to ransom and deny any government the power to do what it wants, whatever an electorate wants. That’s why it’ worth knowing who owns the national debt, which is what this video is about."