This BBC video of Stephanie Kelton explaining MMT is great. I just can't embed it.
So please get to it via this Tweet:
Why we need to debunk the 'deficit myth' https://t.co/CCpXFEKw3X via @BBC_Reel
Well worth watching
— Richard Murphy (@RichardJMurphy) June 29, 2020
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Excellent! Will use this extensively as it explains the facts far better than I can. Thanks for sharing and keep up the good work.
Thanks for this. Not come across BBC Reel before – which is very good.
This is the direct link – https://www.bbc.co.uk/reel/video/p08jbbry/why-we-need-to-debunk-the-deficit-myth-
A few days previously it featured Kate Raworth: ‘How the Dutch are reshaping their post-pandemic utopia’ – https://www.bbc.co.uk/reel/video/p08hppxt/how-the-dutch-are-reshaping-their-post-pandemic-utopia.
Progress!
(There is also a YouTube channel. However, as I write, Stephanie’s presentation has not yet been uploaded – https://www.youtube.com/channel/UCfYW5GXBXueSO5p9bxD45qg).
Thank you for sharing the link, it is so clearly explained by Stephanie.
Appreciate all the effort that goes into this blog, it’s an eye opener.
MPs should be sat in a room and made to watch this.
About time.
we need something like this in the Guardian too.
Excellent video. Explains everything is an easily understood way.
I would like to see the reaction of MPs if they did have to watch this. Would be fascinating.
Craig
I love it. Let’s hope that the BBC Economics team watch their own productions!
I have read her book (which I like) but this 5 min video will be far more influential. Of course, nobody gets to make a BBC video unless they have all the credibility that goes with a well-regarded book and academic career…… but this is the way to get broad exposure.
That is why your short podcasts, short myth-busters are so powerful.
Keep them coming!!
I am finishing a project of more than 50,000 words on tax transparency for submission tonight
Then I am back on MythBusters
And on Friday videos are being recorded
This is excellent, thank you. One puzzle that I’m still trying to work out: some in govt clearly understand this, hence the whopping bailout for the banks in 2008/09. So why the “magic money tree” schtick when it comes to spending in the public interest? Is it purely ideological? Or just the overriding inability to admit that they have been wrong about how the economy actually works? Or are there financial interests at stake that would lose out if such an understanding were to become mainstream?
It’s always about ‘we have to shrink the state’ because it will otherwise ‘crowd out’ business
There is no evidence for that, at all
But that’s the dogma
And it is all about dogma
Hi, thank you very good have shared it on. Im still learning about MMT and still struggle with some aspects. She says the government can’t actually spend tax money – does that mean when the money arrives at the taxmans computer it is immediately deleted? Is the department that receives tax money the same department that spends money into the economy or are they separate?
Many thanks
You’re assuming that money is ‘real’ I.e. that it exists.
It doesn’t
It’s a promise to pay. When the debt is cleared the promise fulfilled and the money has gone – literally too, from the central bank reserves from the clearing bank from which it was paid.
Think of it another way – the slate is clean
That’s what happens – the debt is erased
Cool thanks for taking the time to reply it’s helped clarify that “promise to pay” bit and that the money (electrical signal) has to leave and return to the same account.
It’s like being in the medieval era where ideas can be heresay with the way MMT is suppressed by the establishment.