Never Forget

As a person who was first socially identified as white while a sophomore in college in the ’60s (for more on that, see Karen Brodkin, author of “How Jews Became White Folks and What That Says About Race in America”) I was struck by Raúl Carrillo’s recent Facebook post:

“With just one month until the MMT conference, I want to share some personal notes with people of color (and people of flavor ;)) interested in participating, but anxious about the typical bullshit. Perhaps, especially, I’m speaking to Black, Latinx, and Native folks from the U.S., because that’s most of my personal friends, and I have an embedded sense of how our time and energy are precious. So…I want to humbly encourage everyone to join us in NYC, but also let you know….why.

With so much going down, why should we give a shit about learning about *money,* specifically, as opposed to, say, economics, broadly? How does the struggle against racial capitalism — and other modes of oppression — benefit from monetary analysis (and specifically MMT)?

To put it bluntly: money is a central feature of society, but one of the least understood features. Plenty of folks study taxation, banking, finance, and macro, but few study money itself. I happen to think this is a mistake: Money must be a fundamental unit of power analysis. To borrow a crude analogy, studying economics with a bad grasp of money is like studying biology with a bad grasp of physics. Really understanding money deepens us and helps us protect ourselves from getting swindled.

Continue reading “Never Forget”

“Government Can’t Run Out Of Money”

The crazy idea that We the People can have nice things is reaching a wider audience.

Over at HuffPo, in Stephanie Kelton Has The Biggest Idea In Washington, Zach Carter writes about how “MMT” is catching on,

“Modern monetary theorists believe that confusion around money has distracted economists from the real things that affect the economic health of society ― natural resources, technology, available labor. Money is a tool governments use to manage these variables and solve social problems. It is not a scarce resource that governments have to track down in order to pay for projects.”

Please go read. It’s worth it.

“The basic idea is that the government can’t run out of money,” Kelton said. “It creates money just by spending.”