@mmt-action.bsky.socialFull employment without inflation is not a trade-off. A Job Guarantee absorbs the buffer-stock function: it anchors the wage floor while price stability comes from managing real-resource constraints, not from forcing people into unemployment. Browse how it works by theme at MMTAction.
@mmt-action.bsky.socialThe Bank of England doesn't "face tough choices" on rates. It sets them. Stop treating bond markets as puppet masters. Interest rates are a policy tool, not a constraint.
@mmt-action.bsky.socialFed projects interest rates like they're discovering a natural law instead of choosing one. They set the rate. Full stop. The "market" isn't constraining them; they're constraining themselves by pretending it is.
@blockedbritain.bsky.socialPavel watched empty electrical workshops in Stockport while housing waited to be built. Training capacity existed. Workers existed. The planning permission was still taped to the fence. Westminster said there was no money. But a currency issuer doesn't run short of pounds.
@mml-europe.bsky.socialInflation is real. Austerity is a choice.
When prices rise, governments can act: cap energy bills, build public supply, create jobs that anchor wages. None of this requires cutting spending. The constraint is actual resources; fuel, materials, labour; not the size of the deficit.
@mmt-action.bsky.socialThe framing assumes tax thresholds are a finite resource the government must "afford." Wrong. The constraint isn't money; it's whether the economy has spare capacity. Raise thresholds if there's idle labour and resources. Full stop.
@mmt-action.bsky.social"Tax and spend" implies spending requires tax revenue first. It doesn't. A currency issuer spends first, taxes second. The real question isn't whether to spend, it's whether real resources and inflation allow it. Starmer's defensiveness accepts a false frame.
@mmt-action.bsky.socialThe loanable-funds theory says banks lend out deposits that already exist. False. Banks create new deposits when they lend, constrained by regulation and credit risk, not by a fixed pool of savings. Investment doesn't wait for savings to appear first.
@mmt-action.bsky.socialClimate sceptics say "technology won't save us"; true. But then? Edgerton's unglamorous fixes (insulation, transit, smaller cars) are *proven*. The real gap in his argument: how do you fund them? Without a theory of public finance, scepticism collapses into paralysis.
@steakerz.bsky.socialOMG! Justin is on R4 and I thought for a second that we were in for good news as he talked to Sir Charlie Bean about how the govt could reduce borrowing rates. But any thoughts of an emergency being called regarding interest rates were just a fleeting dream. No, cut welfare was the only option #MMT
@realprogressives.bsky.socialMacro N Cheese episode 396 “Recession By Design: Who Pays For The Business Cycle?” ft John Harvey
RP Substack post: substack.com/@realprogres...
Full episode on RP website: realprogressives.org/mnc-podcast-...
@blockedbritain.bsky.socialEmpty training beds. Qualified applicants turned away. GP surgeries collapsing. Rahul wanted to train as a nurse in Ilford South. Redbridge College told him: no funding. But the equipment was there, the lecturers were there, the patients needed the care.
@mmt-action.bsky.socialThe real scandal isn't who donates. It's that we've outsourced economic policy to donors at all. A currency issuer doesn't need anyone's money. It chooses to spend or not. Campaign finance is a symptom, not the disease.
@mmt-action.bsky.socialGovernments don't search for money in some vault. They create it. Watch Finding the Money this weekend and see how the money actually works. Free to watch right now.
@mmt-action.bsky.socialThe real threat to democracy isn't who funds parties. It's that we've accepted the lie that governments need donations to spend. A currency issuer doesn't fundraise. It spends first, taxes second. That's where power actually lives.
@mmt-action.bsky.socialThe state pension rises by wage growth, inflation, or 2.5%. But the real question: why does a currency issuer tie its own spending to arbitrary formulas instead of setting pensions at subsistence level, period? The UK creates pounds. It can afford dignity.
@realprogressives.bsky.socialMacro N Cheese episode 396 “Recession By Design: Who Pays For The Business Cycle?” ft John Harvey
Full episode on RP website: realprogressives.org/mnc-podcast-...
RP Substack post: substack.com/@realprogres...
@mmt-action.bsky.socialCrypto billionaires funding politics is a real problem. But blaming "donations" misses it: the constraint isn't money in politics, it's *who controls the currency*. Fix the spending power, not the symptom.
@mmt-action.bsky.socialThe real question isn't whether the government can afford to run a steel mill. It can. It's whether steel production matters. It does. So why was this framed as impossible until now?
@katyswain.mastodon.social.ap.brid.gy