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Does anyone follow Pragmatic Capitalist Monetary (MMT vs. MMR) discussions?

beebee
edited November 2012 in Off-Topic
I was introduced to the site by Investor and return to the site occasionally as I try to educate myself as to how our fiat currency system works. MMT tries to explain it. Recently I noticed that MMT (Modern Monetary Theory) is being compared and constrasted with MMR (Modern Monetary Realism) which Cullen Roche is now promoting.

Cullen Roche's Website and his Article on "MMR" (modern Monetary Realism) which I believe is his version of MMT:

pragcap

I am trying to be a student of these concepts, especially as we grapple with QEs, Fiscal cliffs, credit, and other monetary dynamics that impact the economy of my wallet, my country, my world. I thought I had all this straight...I guess its just another iteration of my financial literacy.

Here is a thread of comments regarding "CR" (Cullen Roche) writings. "JG" stands for Jobs Gaurantee...I believe this is a government jobs program that integrates itself into "MMT" (Modern Monetary Theory).

Coffee is a requirment when trying to swallow all of this stuff.

Opposing Comments from another MMT Site:

mikenormaneconomics

Comments

  • CharlesCharles
    edited November 2012
    Hi bee. First time I saw pragcap was in recent post by Bud, showing historical yields on US Treasury Bonds. Same author Cullen Roche. I just downloaded his "Understanding The Modern Monetary System." Thanks. Very much appreciate link to the opposing views as well, some irreverent. Good luck.
  • GinkoGinko
    I've been following his blog for several years and it's a gross understatement to say that's it's been a learning experience. Before I began following this, I hadn't realized how much of my thinking about the economic policy (causes of inflation, money supply, gold, monetary policy, interest rates) was really stuck in the thinking of the gold standard era.

    Although Cullen is a professional investor, he's got a tremendous commitment to educating his readers. OK, it will take some work. And some of the technical stuff you will probably want to skip over. But it's really well worth the effort. What I also find really refreshing is that this guy really tries to analyze economics on the basis of evidence, and not from ideology.

    It's also disturbing, in the sense that you realize how much of the commonly-accepted wisdom about basic economic concepts--deficits, national debt, pending debt meltdowns, and collapse of the dollar--is truly based on faulty metaphors. ("A government needs to run its budget prudently, just like a family does." "The US is in danger of becoming the next Greece." "Get ready for bond markets to abandon the dollar.")

    Even apart from learning more about how the economy works, you'll also glean a lot from the daily articles and commentaries about investing that he links to in his blog. He doesn't always agree with the sources that he links to, but he's always linking to people who are basing their arguments on data, and not on attempts at political persuasion.

    Bravo to you folks for opening yourself to this.
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