A layperson-friendly introduction to MMT, a heterodox school of economics that could finance a Green New Deal

Modern Monetary Theory (AKA MMT) is the latest incarnation of a long-running current in economic thought, once called Chartalism, which has gained prominence in recent years as an alternative to austerity economics, whose dictates have immiserated millions, destabilized world politics, and threaten the extinction of the human race thanks to climate inaction in the guise of "fiscal restraint." Read the rest

Washington establishment freaks out as Modern Monetary Theory gains currency

Modern Monetary Theory (previously) is an economic philosophy based on the idea that all state spending is "deficit" spending, since money comes into existence when the government spends it, and when the government raises taxes, it does so in order to take that money out of existence, both in order to control inflation and to limit the concentration of power in the hands of the wealthy. Read the rest