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Achieving Public Purpose
Modern Monetary Theory (MMT) reveals that currency-issuing governments like those of the US, Australia and UK face no financial constraints. They can thus invest whatever is necessary to achieve public purpose, including full employment, renewable infrastructure, universal healthcare and education, and more—by leveraging their money-creation capacity to provision society sustainably.
Contrary to popular myth, such governments cannot 'run out of money' or be forced to 'balance budgets'. Their spending injects new funds into the economy, with taxation then withdrawing them to curb inflation. Government surpluses, far from 'responsible', slash private wealth and spending power, as evidenced by the Global Financial Crisis. All real limits on investment are available resources and inflation risk—both resolvable at full capacity via good policy.
Unemployment is thus voluntary for monetary sovereigns, a political choice. An MMT-aligned Job Guarantee would offer a public service job to all who want one, eliminating involuntary unemployment and achieving true full employment with stable prices. Beyond a living wage for life, it would provide experience, skills, and social participation, especially benefiting youth and other disadvantaged groups.
MMT's implications are radical, with austerity, inequality and insecurity not economic necessities but policy choices. Transitioning to renewable energy and a sustainable society with a flourishing, equitable culture thus becomes a practical possibility if we dramatically reimagine the role of money in society. Yet criticism of MMT lacks intellectual honesty or rigour, with mainstream economists refusing to acknowledge MMT's actual arguments. Instead, straw men about 'limitless money printing' and hyperinflation are attacked—though neither MMT proposes or implies.
The incoherence of such criticisms—which swing between dismissively labeling MMT 'magic pudding' economics and acknowledging its significance—exposes poor comprehension of the monetary system. This hints much criticism predominantly serves to protect professional reputation or advantage, not advance understanding. It can scarcely be coincidental ubiquitous media present such misrepresentations as authoritative MMT 'debunkings', diffusing its transformative potential.
By contrast, some of the most eminent economists support MMT's insights or policy vision, including former World Bank Chief Economist Joseph Stiglitz and former IMF Chief Economist Olivier Blanchard. Leading social policy experts like Pavlina Tcherneva advance MMT-aligned solutions in detail. Around the world, union activists and members, political parties such as Britain's Labour under Corbyn and McDonnell, and more are responding to MMT's hope: that another world is possible if we dramatically reimagine the role of money in society.
The choice before us as societies could scarcely be more significant. We can cling to an orthodoxy legitimising inequality, climate inaction and great harms. Or we can embrace an MMT-aligned program with potential to realise full employment, renewable prosperity and a society and planet with life nurtured, not commodified for profit. It's time to stop shadow-boxing 'money printers' and interrogate what MMT argues with honesty and rigour. Our future depends on it. The moment is now. Spread the word.
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