Ellen Brown gets MMT

Good piece by  the excellent Ellen Brown in Truthout writing this time about central banks instead of local state (regional) owned banks as she is wont. She seems to have understood the MMT (modern money theory) message of the advantages of truly sovereign currency and a central bank that responds to the peoples needs.

… Nothing to Fear But Fear Itself

We have been frightened into believing that government debt is a bad thing, but nearly all money today originates as debt. As Eccles observed in the 1930′s, “That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.”

The public debt is the people’s money, and today, the people are coming up short. Shrinking the public debt means shrinking more than just the services the government is expected to provide. It means shrinking the money supply itself, along with the ability to provide the jobs, wages and purchasing power necessary for a thriving economy. (link to full article)

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