Thursday's blog post (02/10) is now posted (15:41 Kyoto Time) - My current number one candidate for the worst economics article of the year - billmitchell.org/blog/?p=62809 #mmt

New on the MMT101 Podcast Chatting to Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’. . Stock traders versus bond traders, the effects of quantitative easing and individualism versus community. mmt101.substack.com/p/bill-blain...

New on the MMT101 Podcast Chatting to Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’. . Stock traders versus bond traders, the effects of quantitative easing and individualism versus community. mmt101.substack.com/p/bill-blain...

New on the MMT101 Podcast Chatting to Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’. Stock traders versus bond traders, the effects of quantitative easing and individualism versus community. mmt101.substack.com/p/bill-blain...

1. Ok, let’s look at the assertion that cryptocurrencies solve the problem of inflation; because as the founders of Bitcoin assert, when governments “print money” they devalue it, thus undermining the value of citizens’ savings.

1. The value of crypto ‘currencies’ is based on the faith of those who hold them The government’s currency has its value backed by the state (for the reason I mentioned earlier), the value of crypto currency, on the other hand, is determined by the faith of those who hold them.

We need electoral rules to cover campaign spending from the country next door as well as those further afield. Why should UK parties get to buy a Scottish election using resources raised outside of Scotland?

1. MMT tells us that cryptocurrencies are not currencies MMT points out that crypto ‘currencies’ are not currencies at all. They can be more accurately described as ‘real assets’ (or if you prefer, virtual real assets), i.e. they are more akin to speculative assets such as

1. In this post my intention is to provide a short critique of cryptocurrencies from an MMT perspective. This is not a thorough description of all aspects of cryptocurrencies (or MMT for that matter) or indeed a full critique of the claims made by crypto creators.

New on MMT101: Cryptocurrencies - What Does MMT Have To Say? Cryptocurrencies Are Not Currencies mmt101.substack.com/p/cryptocurr...

Scots should benefit from being more than self sufficient in renewable energy - surely one thing we can ALL agree on?

We've been having a great chat with @drphilippa.bsky.social about #wellbeing, #Holyrood2026 and more - look out for full podcast episode next week

1. Getting from ‘credit theory of money’ to Chartalism Earlier I defined the credit theory of money as a way to represent debts or assets. This means it is also about relationships; the relationship between debtors and creditors.

How about thinking of the Economy as an Economic Power Game where the majority of people are supposed to be losers? We could have had mandatory accounting in high schools since 1950. Adam Smith wrote "read, write and ACCOUNT" FIVE times in Wealth of Nations. Never heard that from economists.

1. Modern Monetary Theory (MMT) gives us a new story, one with a punchline: ‘neoliberalism doesn’t work but there is an alternative’. I would like to live in a world were poverty and inequality are eradicated. I would like to live in a world where both governments and the

1. From Commodity Myths to Chartalism And the Power of State Money In this post I will introduce a ‘theory of money’ known as chartalism. By ‘theory of money’ I simply mean an explanation of what money is and the role it plays in the economy. To make sense of chartalism,

New on MMT101: MMT Basics: An Introduction to Chartalism – The State Theory of Money mmt101.substack.com/p/mmt-basics...

MMT Basics: The National Debt _ Defined and Explained mmt101.substack.com/p/mmt-basics...

MMT Basics: The National Debt _ Defined and Explained mmt101.substack.com/p/mmt-basics...

1. Policy Implications - Orthodox Economics Versus MMT The mainstream economists view Orthodox economists use the household analogy: spending has to be funded first, either by taxes or by selling bonds to make up any shortfall.

1. Nothing gets borrowed when the government borrows Despite the name, government borrowing does not result in additional spending money for the government. When the government issues bonds - as part of their government borrowing process – those bonds are swapped for the

R.I.P. Rick Davies of Supertramp. Davies wrote some of the British group’s most indelible hits including “Bloody Well Right“ and “Goodbye Stranger,” and led the band after his co-founder and co-frontman Roger Hodgson left in 1983. He passed away on 09/06 after a battle with multiple myeloma.

If you have an interest in this area take my course. It is aimed at beginners: MMT101 - Modern Monetary Theory (MMT) – Why, What & How www.udemy.com/course/mmt10...

1. Nothing gets borrowed when the government borrows Despite the name, government borrowing does not result in additional spending money for the government. When the government issues bonds - as part of their government borrowing process – those bonds are swapped for the

1. Modern Monetary Theory (MMT) Explains Why the Phrase ‘The National Debt’ Is Misleading In this post I will cover the basics of what the mainstream media and orthodox economists call, ‘the national debt’.

"Money is not itself a real resource. Money is a tool to organise and mobilise real resources" Dr Mathew Forstater

1. Modern Monetary Theory (MMT) Explains Why the Phrase ‘The National Debt’ Is Misleading In this post I will cover the basics of what the mainstream media and orthodox economists call, ‘the national debt’.

The bell rings and the silent protest begins in #Edinburgh, peaceful, dignified, highlighting the farce of facing arrest for holding placards and wearing t-shirts while genocide is committed in #Gaza. The Stop the War march arrives and joins in solidarity for #palestine youtu.be/yhs99cozRak?...

New on MMT101: MMT Basics: National Debt – Defined and Explained mmt101.substack.com/p/mmt-basics...

Spend money on your citizens education. All citizens would get free education for life. If you really want a dynamic, well-educated, innovative, productive workforce. To fail to invest in your citizens is at the pinnacle of the stupidity pyramid. Photo by Dennis Jarvis on Flickr

Our Right To Decide.

6. teaching the gospel of neoliberalism? To get back to my argument: this is no way to study how the economy works; this is no way to diagnose economic problems; and this is no way to develop useful economic policies. mmt101.substack.com/p/7-reasons-...

1. You Need Assumptions to Build Useful Economic Models – But Those Assumptions Should Not Influence the Results And, as I hinted earlier, mainstream economists’ models are based on assumptions that are unrealistic.

Has the neoliberal policy approach addressed the issues that most of our citizens are experiencing right now (poverty, joblessness, inequality, increased cost of living, ill-health)?

1. MMT can help governments to make better policy decisions By Solving The Knowledge Deficit: Since the late 1970s early 1980s inequality has continued to widen, jobs have continued to be lost, poverty has continued to increase and public infrastructure has continued to

New on MMT101: 7 Reasons for Adopting the MMT Approach & 1 Good Reason for Dumping Neoliberal Economics mmt101.substack.com/p/7-reasons-...

Learn Modern Monetary Theory (MMT) – change the world for the better by learning a school of economics that can actually make a difference to people's lives.: www.udemy.com/course/mmt10...

Learn Modern Monetary Theory (MMT) – change the world for the better by learning a school of economics that can actually make a difference to people's lives.: www.udemy.com/course/mmt10...

MMT uncovers stuff that most orthodox economists don't know. Commercial banks don't add or remove reserves from their accounts at the central bank (settlement accounts). Only the central bank can do that. Commercial banks just move those reserves around among themselves.

Do UK and US Politicians Know That They Can Literally Buy Anything That Is for Sale in Their Own Currency?

1. DOES MMT HAVE NOTHING TO SAY ABOUT THE ENVIRONMENT? As the saying goes: the proof of the pudding is in the eating. And the facts show that MMT economists - in putting resource constraints at the heart to its analysis - by default, put ecological limits at the heart of MMT.

1. MMT offers several approaches to tackling inflation - depending on the cause Supply-side inflation is not just mentioned as a cause of inflation; MMT offers alternative approaches to tackling that inflation, when mainstream economists, in practice, offers no workable approach

New on MMT101: My reply to economist James Meadway's criticisms of MMT. "MMT is ‘intellectual toxic sludge’, writes economist James Meadway. 3 things he gets wrong about MMT" tinyurl.com/muw6xwss

1. MMT is neither a policy (which I mention as that’s a common misconception about MMT) nor does it start with a ‘body of theory that explains novel facts about the world’. What makes MMT different and unique is its methodological approach.

New on MMT101: My reply to economist James Meadway's criticisms of MMT. "MMT is ‘intellectual toxic sludge’, writes economist James Meadway. 3 things he gets wrong about MMT" tinyurl.com/muw6xwss

I will be writing a reply to James Meadway's view on Modern Monetary Theory (MMT) in my weekly MMT101 newsletter. Subscribe to the MMT101 Substack to get notified as soon as it is published: mmt101.substack.com

It's simple... that is the line the billionaire class who funds economics institutes wants propagated nc it ensures their outsized voice in our politics and economy. When the 99% realize we don't need the 1%'s money to have nice things, the gig is up!

1. All Spending for Currency Issuing Governments Is New Money In practice, it is governments that issue new currency into the economy and from that pool of money taxes are paid (all spending is issued in the same way, there’s no special ‘deficit spending’).

1. The reality is that all government spending (by currency issuing governments) is issued in the same way; there’s no special ‘deficit spending’. And there is no pile of tax income - digital or otherwise (taxes are destroyed when they are paid).

1. So, I’m looking at this scenario, and I can’t figure out how orthodox economists can justify their assertion that taxes must come first and spending later, when in reality it’s impossible to maintain a healthy economy while sticking to that rule.