MMT describes how government spending and taxation work in fiat currency economies: no more, and no less. In this video, I explain why critics often get it wrong, why some of its fans overstate its merits, and why understanding it could change how we think about jobs, services, and growth.
00:00 – Intro: What MMT really is
00:30 – Myths and misconceptions about MMT
01:00 – MMT as description, not policy
01:25 – Which countries already use MMT
01:55 – What is a fiat currency economy?
02:25 – How governments create and spend money
02:55 – National debt = saved government money
03:25 – MMT is not left or right wing
03:55 – What MMT makes possible: full employment
04:30 – Policy vs. description: keeping the distinction clear
05:30 – Why critics confuse MMT with ideology
06:05 – Conclusion & call to action
Credit to : Richard J Murphy