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Dispelling Common Folktales of Government Spending, Taxation and Deficits

Alan Nasser explains How Modern Money Works.

Modern Monetary Theory has one of it’s best exponents at Australia’s Newcastle University in  Bill Mitchell. Alan Nasser here sets out the myths about government taxing and spending we are seemingly trapped with. Left wing economists as much as others, and why this is keeping us in the neo-liberal moment.

As Keynes put it, “Anything we can actually do we can afford. Once done it is there. Nothing can take it away from us.” He also said in the Treatise On Money

“[I]f the banks can create credit, (why) should they refuse any reasonable request for it? And why should they charge a fee for what costs them little or nothing?”

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