Reply To: State Funding and Modern Monetary Theory

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Mr Shigemitsu

@Mark Russell,

Fiat currency and the abandonment of the Gold Standard and Bretton Woods is a good thing! Please don’t let your anti-establishment leanings push you into the arms of alt-right goldbugs and the sound money brigade – they’re economic views are reactionary, recessionary, and lead to immiseration.

Since Thatcher, or arguably Denis Healey, economic policy in the UK has been run as if we *were* still on the Gold Standard, or in a currency peg, whereas the truth that we’re not is potentially extremely liberating.

MMT is really the *present*, and accurately *describes* the existing currency creation process in a nation like the UK – with its own sovereign, fiat, non-convertible currency. It’s *descriptive*, not *prescriptive* (apart from the Job Guarantee policy).

What politicians – or voters – do with this MMT knowledge is up to them – they can carry on with business as usual, or fully use the power of the State, like the UK, that creates its own currency, in the interests of the greater good.