MMT101.ORG They've succumbed to the sin of pride--they believe their own theories over reality.

The US consistently had looser fiscal policy and tighter monetary policy than Europe from 2010 on. Consequently, Europe had unnecessarily higher unemployment, because monetary policy can't do what fiscal policy won't do. Not that the US had full employment. But it bears saying

Alexa, can you find an example that: ‘Insanity is doing the same thing over and over again and expecting different results.’

James Meadway calls MMT 'intellectual toxic sludge'. But he won't say what he thinks MMT is.

Israel intentionally kills journalists in Gaza so as to prevent real-time professional reporting on its crimes; 200 murdered since Oct-2023. Here are their names: aje.io/4susdf. Shame on the media who stay silent instead of standing for truth, solidarity, press access.

We run Modern Money Lab the world's only global economics Master's degree based on modern monetary theory (#MMT). Next intake - next month. It comes highly recommended by existing students, graduates and academics, including my friend Stephanie Kelton modernmoneylab.org.au/courses/

How's this for a Phillips Curve conundrum? wage growth continues to be high despite unemployment increasing. The BOE is fighting a fire and a flood, all with a single hammer. Interest rate cut hopes fade amid stubbornly-high wage growth thismon.ee/a/14995735

Patricia I just worry that those other members of the monetary policy committee (from radically different class backgrounds) might not be as objective

Peter Ainsworth Chris Ellis 🇪🇺🇬🇧🦎 Depends what you are measuring. Since the rise of neoliberalism in late 1970s there's been marked growth: in inequality, povery, the centralisation of wealth, diseases of despair, deaths from austerity (300,000 in UK in last 15 years) . Post-war policies: saw the opposite.

Economics In One Lesson in the 21st Century For example, in the UK the UK Government sets the target inflation rate (which the CB think it is managing via interest rates - but it is not). In the US it's told to mainain stable prices - i.e., like the UK, 2%. The CB doesn't make gov. spending polcy - it implements it.

Economics In One Lesson in the 21st Century And more directly in relation to your point: lending isn't spending. Lending is what commercial banks also do: which add zero net currency to the private sector. The CB isn't spending when it helps commercial banks out when they are short of reserves.