The similarities of colonial Britain and the politics in American society today are brought to light by examining a centuries-old satirical essay, A Modest Proposal.
MMT, aka Modern Monetary Theory, however poorly the name works for you, is not a system that has to be implemented someday. It is a perfectly accurate description of how our currency works. It is a myth-busting destroyer of propaganda and myths. The establishment and the activist alike speak in lies from the tablecloth... MMT destroys those arguments by shining a light on the functional realities.
I shall skip my usual line-by-line critique and begin here, because, finally, a politician says something that is honest and it makes the news! The end of austerity does mean that we’re going to allow the deficit to rise, and we don’t care. And that is totally honest, because nobody in Britain should care if it rises. The UK Government is what we call ‘monetarily sovereign’. Osborne knows this as well, but he doesn’t want you to know that he knows. It has the exclusive, monopoly authority to issue British pounds. Actual pounds come from nowhere else. When the UK Government spends, it is literally spending pounds into existence to ‘pay for’ programmes.