Teoría Monetaria Moderna - Trabajo Garantizado - Pleno Empleo - Estabilidad de Precios https://xitter.cf/t.co/JToytJ7TBs
Un país PIIGS
Joined June 2011
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Quince años de subinversión crónica, gracias a las políticas de austeridad y, quienes las preconizan, ni reconocen su error, ni asumen su responsabilidad.
Red MMT retweeted
I'm proposing we replace the IS-LM model with a drawing of two drunk guys fighting over a $20 bill.
Red MMT retweeted
We're taught that the central bank and Treasury inhabit separate worlds. Then we discover that public payments, bank reserves and government debt involve interconnected operations. Institutional independence doesn't erase operational interdependence
Red MMT retweeted
In a monetary production economy, banks create money by lending, not by handing it out in turns. Property and power shape access to credit. Backstop finance, austerity for everyone else? That’s capitalism protecting itself. Blaming money is the alibi
Falls ihr es noch nie gehört habt: Lernt, was der Cantillon-Effekt bedeutet.
Neues Geld landet nicht gleichmäßig bei allen. Wer es zuerst bekommt (Staat, Banken, Großkonzerne), kauft Dinge, bevor die Preise steigen. Wer es zuletzt bekommt (Arbeitnehmer, Sparer), zahlt schon die höheren Preise.
Deshalb:
– steigen Immobilien und Aktien schneller als Löhne
– wird Wohneigentum für viele unbezahlbar
– profitiert, wer Vermögen besitzt, und verliert, wer nur Einkommen hat
– geht die Schere zwischen Arm und Reich immer weiter auf
– fühlt sich das Leben an wie ein Hamsterrad, in dem man trotz Arbeit nicht vorankommt
Je mehr Geld ins System kommt, desto unfairer wird es verteilt. Das Problem ist nicht der Kapitalismus, sondern unser Geldsystem.
Red MMT retweeted
As PM, Liz Truss always had the upper hand over the BoE.
The BoE did it, because she allowed them to do it....perhaps she didn't know any better.
Red MMT retweeted
here is a former US Fed Governor saying exactly that in @business all the way back in October 2022
Red MMT retweeted
this message is essentially correct, however much you dislike the messenger.
The Bank of England has enormous gilt powers, it deployed them to pressure Truss into fiscal orthodoxy, and it did a U-turn last month that helped the Burnham government
mainstreamlabour.org/publica…
elpais.com/espana/2026-10-28…
Quince años de subinversión pública.
Economistas neoclásicos: vuestras políticas precarizan, destruyen vidas y matan.
Central bank independence is dangerous for democracy
I am not a huge Liz Truss fan. But I have just read her new book, and there is quite a bit of it that is persuasive.
Take outs:
She is right that the BoE and OBR have far too much power;
She was the victim of a "take out" because these organisations resented the risk she posed to their power and their political agenda;
Her Mini Budget might not have been perfect. But it was at least an attempt to avoid the suicidal course that has since been followed.
Red MMT retweeted
En efecto, el banco central del Reino Unido controla a voluntad su prima de riesgo. En pandemia la controló para poder expandir el gasto sin problemas. En 2022 la dejó subir para disciplinar a Truss. Y ahora la está controlando para ayudar a Burnham.
Pero oye, te seguirán diciendo que el poder lo tienen "los mercados"...
Red MMT retweeted
The libertarian solution to every market failure is to remove whatever regulation was preventing the market failure from becoming substantially worse.
Red MMT retweeted
Steve Keen's greatest mistake was assuming economists would be interested in discovering that their theories might be wrong.
Red MMT retweeted
1/11 The FT prescribes austerity for Lula to reassure markets. But financial confidence is not synonymous with development. Who decides what counts as “responsible” economic policy? Brazil has a mature intellectual tradition ready to challenge that premise. 🧵🇧🇷
The entire Financial Times editorial board has published a piece urging Lula to cut government spending and appoint a finance minister who enjoys the confidence of investors.
I get the impression that the FT editorial board has never opened an economics book other than some outdated introductory macroeconomics textbook, perhaps something by Mankiw. Otherwise, it's hard to explain such astonishing arrogance and economic ignorance.
Lula and the Brazilian people have absolutely no reason to bow to the demands of financial markets. Brazil is Latin America's largest economy, a major regional power, and a country with a high degree of monetary sovereignty. Around 97% of the central government's debt is denominated in its own currency, the Brazilian real.
The relationship between the state and financial markets is therefore nothing like the FT portrays it. Brazil is not dependent on financial markets. On the contrary, financial markets depend on government spending, which creates financial assets for the private sector, while government debt denominated in the national currency is one of the instruments through which those assets are held.
What Brazil needs is not capitulation to financial markets, but an independent economic policy focused on expanding production, creating jobs, and improving people's living standards.
Armed with the insights of heterodox economic theory, Brazil has the potential to show the world what a genuine economic miracle looks like. ft.com/content/79785581-88c2…
Red MMT retweeted
MMT never claimed money creation has no limits. Inflation and productive capacity matter. Taxes create currency demand, not guaranteed value. You've confused sovereignty with omnipotence. Impressive arrogance for someone who clearly doesn't understand the theory they're attacking
MMT tells you a monetarily sovereign nation can issue all the currency/debt it wants and nothing will happen, claiming that currency and market volatility can easily be eliminated by cancelling the capital account.
This nonsense can only be promoted by someone that does not understand that the currency collapse and creditworthiness slump are driven by domestic citizens and savers rejecting the local currency; it is not an evil conspiracy of foreign investors.
Furthermore, no nation is monetarily sovereign. It always depends on demand. Try to force use or restrict flow, and the currency is worth nothing.
And local citizens are the first to reject an increasingly worthless currency issued by an irresponsible government.
You are welcome
Todos los días tenemos que lidiar con este tipo de muñecos de paja.
La TMM no dice eso.
Dice que la deuda pública es un residuo y que si nivel no es un buen objetivo de política económica.
