Modern Monetary Theory
in Canada
MMT-Canada Community
Make contact if interested in MMT-Canada discussion or occasional news.
Facebook page:
Modern Monetary Mechanics
MMT Primer
http://www.mecpoc.org/monetary-economics-primer/
Modern Monetary Theory and Practice
Bill Mitchell and Randy Wray
Our (very incomplete) textbook home page –– has draft chapters and contents etc in varying states of completion. Comments are always welcome.
Saturday Quizzes and Answers prepared by Australian economist Bill Mitchell, based on his weekly blogs
Eric Tymoigne's Money and Banking course - see blog posts below, has now also been edited into a text also available on-line.
http://neweconomicperspectives.org/money-banking
"Gone is the money multiplier theory, gone in the financial intermediary theory of banks, gone is the idea that central bank control monetary aggregates, gone is the idea that finance is neutral in any range of time, and gone is the idea that nominal values are irrelevant. Preoccupations about monetary gains, solvency and liquidity are central to the dynamics of capitalism, and finance is not constrained by the amount of saving."
Book:
The textbook uses the blog posts but has thoroughly edited and expanded them; everything is also formatted so that the material is easier to read.
Link to book is here
Blog posts:
- Part 1: Balance Sheet
- Part 2: Central bank balance sheet and immediate implications
- Part 3: Monetary Base, Reserves, and Central Bank’s Balance Sheet
- Part 4: Monetary Policy Implementation
- Part 5: FAQs about central banking
- Part 6: Treasury and Central Bank Interactions
- Part 7: Leverage
- Part 8: The Private Banking Business
- Part 9: Banking regulation
- Part 10: Monetary Creation by Banks
- Part 11: Inflation
- Part 12: Economic Growth and the Financial System
- Part 13: Balance Sheet Interrelations and the Macroeconomy
- Part 14: Financial Crises
- Part 15: Monetary Systems
- Part 16: FAQs about Monetary Systems
- Part 17: History of Monetary Systems
MMT in Small Bits
The sovereign government monopolizes the issuance of currency.
If the coins and dollar bills in your pocket don't come from government, they're counterfeit.
This has profound implications for economics.
https://splinternews.com/the-dangerous-myth-of-taxpayer-money-1819658902?utm_medium=sharefromsite&utm_source=splinter_copy&utm_campaign=top
"Look at a dollar bill, and you will see the signatures of its creators: not taxpayers, but the public officials who let the taxpayers hold it in the first place."
The sovereign government spends currency first and then collects taxes in currency later.
Taxpayers must obtain the sovereign government's currency in order to pay taxes.
http://neweconomicperspectives.org/2014/06/modern-money-theory-basics.html
"......if taxpayers pay their taxes using currency, then government must first spend before taxes can be paid. Again, all of this was obvious two hundred years ago when kings literally stamped coins in order to spend, and then received their own coins in tax payment."