The Lighthouse | 2014 April 21

Debunking Modern Monetary Theory (MMT) & Understanding it First

By Erik Zimerman On April 21, 2014 · 56 Comments · In The Whiskey Room

Firstly, your humble writer, who was distracted first by untimely (though much enjoyed) reserve duty, and then quite a heavy workload, failed to convey his profound and (at the time) prophetic commentary on important recent events; Putin and Ukraine, the capture of El Chapo, and so forth. Though we shall hopefully revisit some of these in any event, a good way to get back into rhythm is write about a subject less pressing on the clock. And what better field than the “Voodo” mysteries on the attempts at making a science out of economics. In recent years, an imaginative group often going by “MMTers”, and usually finding the amiable and articulate Mr. Warren Mosler leading their charge, have caused quite a stir, at least among the more thoughtful part of the electorate. Firstly, we must point out that for the most part, proponents of MMT insist that it is not an ideology or even a proponent of any specific economic policy, but rather merely aims to describe the way money works in the modern world; hence Modern Monetary Theory. Specifically, they refer to a fiat currency regime (with the fiat as legal tender, and taxes) with a free-floating exchange rate. [...]

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Debunking Modern Monetary Theory (MMT) & Understanding it First

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