Moderna monetarna teorija - MMT

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https://en.wikipedia.org/wiki/Modern_Monetary_Theory

Modern Monetary Theory (MMT or Modern Money Theory) is a macroeconomic theory that describes and analyzes modern economies in which the national currency is fiat money, established and created by a sovereign government. The key assertion of MMT is that sovereign governments that are the sole supplier of national currency can issue currency of any denomination, and in physical or non-physical forms. Consequently, these governments have an unlimited financial ability to pay for the things they wish to purchase and to fulfill promised future payments. The real limits to a currency issuing government's spending are the availability of natural resources, goods, assets, workers and services in the real world. MMT claims that these governments also have an unlimited ability to provide funds to other sectors, and that because of this, it is not possible for a government that issues its own currency to be bankrupt.[1]

MMT is seen as an evolution of Chartalism, and is sometimes referred to as Neo-Chartalism.

In sovereign financial systems, banks can create money but these "horizontal" transactions do not increase net financial assets as assets are offset by liabilities. "The balance sheet of the government does not include any domestic monetary instrument on its asset side; it owns no money. All monetary instruments issued by the government are on its liability side and are created and destroyed with spending and taxing/bond offerings, respectively."[1] In addition to deficit spending, valuation effects (e.g. growth in stock price) can increase net financial assets.[citation needed] In MMT, "vertical" money (see below) enters circulation through government spending. Taxation and its legal tender enable power to discharge debt and establish the fiat money as currency, giving it value by creating demand for it in the form of a private tax obligation that must be met. In addition, fines, fees and licenses create demand for the currency. This can be a currency issued by the domestic government, or a foreign currency.[2][3] An ongoing tax obligation, in concert with private confidence and acceptance of the currency, maintains its value. Because the government can issue its own currency at will, MMT maintains that the level of taxation relative to government spending (the government's deficit spending or budget surplus) is in reality a policy tool that regulates inflation and unemployment, and not a means of funding the government's activities by itself.

MMT se oslanja na ideju da je novac drzavni, a dokle god se zaduzuje u sopstvenoj valuti drzava ne moze da bankrotira, tj. ne postoji obaveza koju ne moze da izmiri upumpavanjem novca.
Glavno ogranicenje je inflacija, tj. obezbediti dovoljan rast ekonomije, kako ne bi doslo do inflacije.

Kako bi sistem funkcionisao, potrebna je koordinacija trezora i centralna banke, kako bi se uskladila emisija novca i obveznica, i kontrolisala cena obveznica (kamate na njih). Drugi faktor je poreski sistem koji uslovljava sve subjekte da koriste drzavni novac, kako bi izmirili obaveze prema drzavi.

Poznati su po tvrdnjama da ne postoji ogranicenje na drzavni dug ili ako postoji nije ni blizu 100% BDP. Barem jedan zastupnik ove teorije smatra da ne postoji cvrsta obaveza da se isplate drzavne obveznice, ako strana zemlja preti prinudnom naplatam, vec se te obveznice mogu ponistiti.

U dobroj meri prate Kejnsa i stimulaciju privrede kroz ciljano finansiranje, posebno grupa koje ne prave akumulaciju, vec sve trose, tj. siromasnije grupe. Finansiranje moze da se vrsi smanjenjem poreza tim grupama ili vecim davanjima.

 

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U politickom smislu podrzavaju Sandersa i ova zena je njegov savetnik.

Ako Sanders pobedi mozda vidimo MMT u praksi.