"Feed your country or pay your creditors" only binds those who owe in currencies they can't issue. Dollar debt, yes. Sterling debt, no. The UK government issues the pound. Its limit is food and fuel, not a creditor's invoice.
@mmt-action.bsky.social
@mmt-action.bsky.social"Feed your country or pay your creditors" only binds those who owe in currencies they can't issue. Dollar debt, yes. Sterling debt, no. The UK government issues the pound. Its limit is food and fuel, not a creditor's invoice.
@mmt-action.bsky.social"France jettisoning neoliberalism" assumes the problem was the ideology, not the constraint. The real shift: treating real resources and employment as the binding limits, not the deficit. That's not post-neoliberal. That's MMT.
@mmt-action.bsky.socialNeoliberalism didn't fail the left, the left failed to name what it actually was: a conscious choice by the currency issuer to starve public services. That's not inevitable. It's reversible.
@mmt-action.bsky.social"Financial rupture" assumes the current system breaks down randomly. Wrong frame: it collapses when currency issuers choose austerity over their own spending capacity. Gold doesn't fix that. Full employment spending does.
@mmt-action.bsky.socialEurope's energy crisis isn't demand-driven inflation; it's a supply shock. Currency-issuing governments can fund capacity, subsidies, and price anchors. The real constraint: real resources and political will, not money.
@mmt-action.bsky.social"The EU is finished" and "China can pull the plug" both assume the US dollar loses reserve status overnight. The real constraint on US spending isn't China's patience. It's inflation and real resources. Currency issuers don't beg for permission to spend.
@mmt-action.bsky.socialFrance's currency monopoly over the CFA franc is the inverse of MMT: African nations can't issue their own currency, so they're permanently dependent on foreign central banks for spending power.
@mmt-action.bsky.socialThe frame assumes capitalism and neoliberalism are separable. They're not. Neoliberalism is what happens when you let capital set the rules. The real question: what monetary system do we want, and who gets to issue currency?
@mmt-action.bsky.socialGerman industry contracting hard. But nobody's asking: who's spending less? When the currency issuer cuts, private sector can't fill the gap. This isn't a production problem. It's a demand problem. And demand is policy.
@mmt-action.bsky.socialKeynes never finished the job because he kept one foot in the gold standard. Real monetary revolution? Currency issuer spends first, taxes second. No international order needed, just operational reality.