{"id":6936,"date":"2013-03-12T01:16:40","date_gmt":"2013-03-12T05:16:40","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6936"},"modified":"2013-03-12T01:16:40","modified_gmt":"2013-03-12T05:16:40","slug":"what-is-modern-monetary-theory-or-mmt-naked-capitalism","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/","title":{"rendered":"What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism"},"content":{"rendered":"<p>Dale Pierce makes this comment when discussing make-work programs in his introduction to Modern Monetary Theory:<\/p>\n<blockquote style=\"background-color:#ddddff;\"><p>Whether the job-guarantee program makes fighter planes or wind turbines makes no economic difference \u2013 the workers employed by it will spend their wages on the same things other workers buy.<\/p><\/blockquote>\n<p>What he fails to consider is that wind turbines make an on-going contribution to GDP &#8212; from the electricity that they generate &#8212; while creating jobs at zero cost to the taxpayer to maintain the turbines. Fighter jets when built, on the other hand, make no further contribution to GDP growth and are a continual drain on the taxpayer&#8217;s purse for running and maintenance costs. While I support government or public\/private infrastructure programs, we have to ensure that the investment is in productive assets that contribute to GDP and enhance future growth. Otherwise we may as well pay people to dig holes in the ground and then pay others to fill them in &#8212; at least the on-going maintenance costs would be low.<br \/>\nRead more at <a href=\"http:\/\/www.nakedcapitalism.com\/2013\/03\/what-is-modern-monetary-theory-or-mmt.html\">What is Modern Monetary Theory, or \u201cMMT\u201d? \u00ab naked capitalism<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dale Pierce makes this comment when discussing make-work programs in his introduction to Modern Monetary Theory: Whether the job-guarantee program makes fighter planes or wind turbines makes no economic difference \u2013 the workers employed by it will spend their wages on the same things other workers buy. What he fails to consider is that wind &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[1842,2196],"class_list":["post-6936","post","type-post","status-publish","format-standard","hentry","category-economy","tag-infrastructure-spending","tag-make-work-programs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Dale Pierce makes this comment when discussing make-work programs in his introduction to Modern Monetary Theory: Whether the job-guarantee program makes fighter planes or wind turbines makes no economic difference \u2013 the workers employed by it will spend their wages on the same things other workers buy. What he fails to consider is that wind &hellip; Continue reading &quot;What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-12T05:16:40+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism\",\"datePublished\":\"2013-03-12T05:16:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\"},\"wordCount\":191,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"infrastructure spending\",\"make-work programs\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\",\"name\":\"What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2013-03-12T05:16:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/12\/what-is-modern-monetary-theory-or-mmt-naked-capitalism\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is Modern Monetary Theory, or \u201cMMT\u201d? &#124; naked capitalism\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Since then support for this approach has grown, with Lars Christensen, an economist with the Danish central bank, coining the term Market Monetarism. Sumner holds that inflation is\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24080,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/02\/13\/modern-monetary-theory-mmt\/","url_meta":{"origin":6936,"position":2},"title":"Modern Monetary Theory (MMT)","author":"Colin Twiggs","date":"February 13, 2021","format":false,"excerpt":"A reader asked me to explain MMT. I am not an economist and will try to avoid any jargon. The basic tenet of MMT is that government has the power to reduce unemployment by increasing stimulus spending. Government spending in excess of tax revenues (a deficit) is funded by an\u2026","rel":"","context":"In &quot;Deficit Spending &amp; Employment&quot;","block_context":{"text":"Deficit Spending &amp; Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29675,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/06\/the-dollar-and-commodity-prices\/","url_meta":{"origin":6936,"position":3},"title":"The Dollar and commodity prices","author":"Colin Twiggs","date":"December 6, 2021","format":false,"excerpt":"A client sent a note asking for our outlook on commodity prices, considering that the Dollar is rising. Our reply contains some overlap with other updates but provides a useful overview: Copper Global demand for copper is expected to grow substantially, boosted by: Electric vehicles -- each EV uses roughly\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/commodities-gold-commodities\/"},"img":{"alt_text":"Copper\/CPI & Gold\/CPI","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-03-copper-gold-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-03-copper-gold-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-03-copper-gold-cpi.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-03-copper-gold-cpi.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":27803,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/09\/09\/low-interest-rates-and-the-debt-trap\/","url_meta":{"origin":6936,"position":4},"title":"Low interest rates and the debt trap","author":"Colin Twiggs","date":"September 9, 2021","format":false,"excerpt":"Since 1980, debt levels have more than doubled, from 1.4 times GDP to more than 2.8 in Q1 this year. The rise has been facilitated (and encouraged) by a sharp fall in long-term interest rates, with 10-year Treasury yields falling from a peak of close to 16% in September 1981\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44537,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/10\/11\/be-wary-of-renewables\/","url_meta":{"origin":6936,"position":5},"title":"Why we should be wary of renewables","author":"Colin Twiggs","date":"October 11, 2023","format":false,"excerpt":"The chart below highlights the divergence of iShares Clean Energy ETF (ICLN - blue), representing renewable energy, from S&P 500 Energy SPDR (XLE - green) and Sprott Physical Uranium Trust (SRUUF - black). Support for nuclear is growing, while the appeal of renewables investment is declining. Why would support for\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Sprott Uranium Fund (SRUUF), S&P 500 Energy SPDR (XLE), iShares Renewable Energy ETF (ICLN)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-energy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-energy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-energy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6936"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6936\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}