The Deficit Myth
Modern Monetary Theory and the Birth of the People's Economy
Ratings28
Average rating4.1
Everyone should read this. And there needs to be a popular education campaign for this targeted at politicians.
THIS BOOK MADE MY HEAD EXPLODE. Apparently I had an incorrect understanding of the US federal deficit and it's a misunderstanding that is perpetuated by our politicians on both sides of the aisle.
I was thinking that the federal government had to manage its spending like a household when it most assuredly does not since, unlike a household, it issues its own currency.
If you haven't read this book and are interested in how money works you should read it ASAP. I'm going to go stare into the abyss. My brain feels broken in the best of ways
This book is way longer than it needed to be based on the amount of information that is being presented. Much repetition of concepts and arguments, like readers aren't going to get it when it's really quite simple, particularly when you bear in mind that money is an artificial construct and only works because (or when) enough people believe it has value. It's value is ultimately tied to the body (usually a government) that issued it.
This book is an amazing introduction and overview of MMT - Modern Monetary Theory. I didn't agree with all of the points of view in this book, but I can honestly say there were some huge breakthroughs about money and economics for me while reading it.
I love talking with people about the policies I support: M4A, GND, UBI, universal pre-k, etc.. Inevitably, it always comes back to the thought-terminating cliché “but how are ya gonna pay forrr ittttttttt?” Before, I would wax poetic about taxing billionaires and cutting defense spending and the conversation would derail. This book will help you reset the way you think about “The National Debt.” The fear-mongering myths that the US government is “flat broke” or is “mortgaging our grandchildren's future” are just that: Myths. Modern Monetary Theory asserts that a government that has total control in printing their own currency (like the US, Canada, Japan, UK) cannot run out of money. We should not worry about the national debt because these types of governments should not be run like a household. Or, to put it more simply: Money isn't real. The stock market isn't real. “The national debt” isn't real. People dying from preventable illnesses is real. Homelessness is real. Childhood hunger is real. Human suffering is real. Let's solve real problems instead of bailing out the rich or bombing more countries. There is no excuse for solving these real problems beyond greed and selfishness. I recommend this book to anyone who is tired of hearing “But how are we going to payyy for it” When bringing up systemic solutions to the needless suffering of billions.
Highly Recommended