AskProfWolff: What is Modern Monetary Theory?

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Information AskProfWolff: What is Modern Monetary Theory?

Title	:	AskProfWolff: What is Modern Monetary Theory?
Lasting	:	6.39
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This guy can explain everything very easy, i would like to hear him talking about the messy russian civil war
Comment from : Nahuel Piguillem

06:15 And he proves his cluelessness at the end MMT undermines EVERY argument Conservatives use to justify Capitalist exploitation
Comment from : John Lenin

What a load of crock Why are marxists always such obnoxious narcissists?
Comment from : Belegar Ironhammer

I admit, I do not understand this What exactly happens in the bank when someone makes a deposit?
Comment from : Katie K

Excellent!
Comment from : Joshua Harel

Um… Patreon account for mister Marxist?
Comment from : Gene Arin

It caused the great inflation of 2021-2023, that is its contribution, just like Richard Wolff's economics caused a minimum of 100 million deaths, with at least 50 million of that from starvation
Comment from : C O

It's what the Germans did after WWI Didn't go well for them
Comment from : Hardy Wright

MMT is very dangerous
Comment from : Done Deal

What would this theory say about stagflation in the 70s?
Comment from : Caleb Lee

You need captioning
Comment from : Maxwell Neely

Why can't this ignoramus see that printing money leads to inflation and is a tax on savers
Comment from : Snooker Coaching At The Snooker Gym

this aged well keynesian economic model which says government monetary policy doesn’t have an effect on the economy relying mainly on the philips curve got disapproved in the 1970s after the stagflation and once milton friedman came in with his free market, tax cuts, low regulations approach inflation subsided and that led to a 20 year boom Looks like the same thing will most likely happen again
Comment from : Senator Rand Paul

2:13 The government creates the bcurrency/b Banks can create b"money"/b with credit
Comment from : Susan Mercurio

Yeah happens to be where the mob hangs out, MMT will be the downfall of the western world
Comment from : Jordan Moss

Proof that communism made its way into the US without people even realizing it MMT is like socialism and communism - it sounds great in theory, fails in practice MMT could potentially world if: 1 The entire world was under the same government, currency and monetary and fiscal system and 2 Govenrments could indeed tax effectively (in reality, wealthy people find ways to optimize their bill or move their assets abroad) A good reason for why CBDCs should never exist unless people want a communist and authoritarian regime, kind of like China
Comment from : Jose

Richard Wolff is just what is commonly called intellectually challenged !! Here he demonstrates his shallow knowledge of believing paper money was until recently only paper moneybr It was not ever in reality and has not ben so for many hundred or thousands of years because it was in all recorded history largely in the form of credit and debt recorded in accounts It's form, paper or digital or other has very little to do with anything
Comment from : Rob

Please stop pretending like you understand MMT You really should differ any MMT questions to someone who actually understands it You are trying to make a pre 1972 understand of economics work with an MMT understanding while believing banks work like it's 1920 You are beyond confused
Comment from : Kar Far

How Modern Monetary Theory saves the economy is simple Your wage stays the same, but the bread now costs double than before However, the official numbers look good, so we "won"
Comment from : cherubin7th

For the algorithm!
Comment from : Infinite Donuts

"Money has always been a big problem in economics" Where is my phd?
Comment from : Juangalt

absolute pseud easily debunkable
Comment from : non interventionist chad

What is MMT ? Answer in short: - Dumb stuff for dummies in denial who are hiding from real world facts
Comment from : Rob

this stinks to high heavenbrits too easy brthere are no "short cuts" in life brand this is a short cut brThey are pulling a rubber band and someday its gonna snap brthe chickens are gonna come home to roost brI hope I'm not here to see it
Comment from : SDsc0rch

what I don't like about this is it all "just happened"brit happened without an election - without a public debate - without any articles written on itbrour governmental overlords - our betters - our managers - the establishment - the elites they just "decided"brthey just DID ITbrquite a far cry from how America began eh?brthis isn't "America"brAmerica is an idea bran idea I believe in bran idea I love brthis is the "United States"brthis is not my country brI have no "loyalty" to this entity brI never voted for it brI didn't "want" it brI don't want it now, either
Comment from : SDsc0rch

a good thing to keep in mindbr"figures never lie - liars always figure"
Comment from : SDsc0rch

Electronic money doesn't mean anything Money still has to represent the actual value that human labour produces - even serious bourgeoisie economists realize thisbrThe value that is created with labour and the commodities and services that a worker produces is what is real, the money is just a representation and a tool for more effective trading between commoditiesbrbrThe tendency for profit to fall is still in effect, as it has been proven over the course of the last 100 years The tendency for profit to fall means the capitalists have to exploit labour, which decreases the purchasing power of the working class, who sell their labour for ever decreasing wagesbrThis is what are the underlying causes an economic crash Speculation, housing bubbles etc is only the catalyst Marx was 100 right about thisbrbrThe only way to temporarily save an economic crash is with Keynesian economics or MMT In other words, to pump artificial money into the economy This is done with either taxing the rich (which only leads to reduced investment and further unemployment), taxing the poor (which only further decreases the purchasing power of the working class), or by taking enormous loans, which has to be paid back eventuallybrIn all cases, you temporarily save your economy, but will have to pay for an even greater economic crash down the linebrbrElectronic money will never prevent this, if anything it will only make economic crashes happen faster because it's only use in the end is so that it can crash the economy more effectively - as we are seeing today
Comment from : 96kto9u

lol, money has always only been an "accounting mechanism" That is literally the purpose of it
Comment from : something else

Cringy af
Comment from : Rash Daniel

Sounds so smart, but the bottom line is that certain economic issues cannot be resolved by printing or withdrawing money from a system It's a fair weather theory, and has lots of potential to be abused
Comment from : Brian Gaona

What this professor does not tell you is that a newly created money kills the old existing money The additional money created kills the purchasing power and devalues the savings Basically, the government can steal money from savers and hand it over to spenders with a click of a button
Comment from : ratnendrapandey

Wow I never heard someone talk so confidently and forthright about something that they clearly don't understand Please folks, if you want to be smarter on this subject, you need to go find a different video Listening to this guy will make you dumber
Comment from : ARenTube

MODERN MONETARY THEORY Is just another banker led group to misinformed brthe public As soon as you start to ask the serious questions the brfallback into ad hominems, and buzzwords with no real meaning such as br"BANKS CREATE DEBT, THEY DONT ISSUE MONEY" Just another devious group
Comment from : se7ensnakes

Recently the Fed actually admitted it had no idea what created inflation Wars haven't created it The CARES Act has not created it That magnificent bail out of the banks did not create it Hmmmm
Comment from : Carol Isaac

Dollar is world reserve currency USA is expected to pay the principle of the debt like any other countries brbrIn order to gain wealth you have to sell something instead of just spending, but USA just kept stretching the world credit card MMT would work if dollar wasn't world reserve currency like Venezuela peso
Comment from : william snyder

MMT has no track record, it is not based on empirical, factual evidence of success Countries have tried printing giant piles of money before only to go bankruptbrThe folly of this nonsense is that MMT never talks about interest rates If interest rates on the USA debt rose to the historical average, 5, America would have to pay $1 trillion in interestbrThat would wreck this country brYou bet interest rates will rise The world will stop believing that America will stop honoring it's promises at some point ans will want a premium in higher interestbrbrNo one respects a family, a business or country that is deep, deep in debt It is a castrophe waiting to happen We can only break the rules of economics with massive deficit spending so longbrbrAs a Marxist, Wolff really wants to wreck America to shut down all corporations and have the government own the means of productionbrThat's why the Socialists like MMT: they want to destroy this country to create the Classless SocietybrbrThey just aren't honest enough to admit it
Comment from : Mian Feng

Prof Wolff, you do understand wealth and money aren't the same thing, right?
Comment from : Dan Martin

Well this hasn’t aged well Really none of Richard wolfs ideas have aged well
Comment from : Weigner Leigner

Never seen more bullshit propaganda
Comment from : cyrusol

The very background rational of this theory has been absolutely failed in some emerging markets already See south korea with crazy left wing regime Its been absolute disaster
Comment from : J Kim

so recessions aren't inherent to capitalism?
Comment from : Vessy

Money is a big lie It’s merely a tool to hold power over someone
Comment from : Rød789

Any time cool names are given to stuff it’s probably a bad thing lol
Comment from : M W

Ik want to kiss this man, but I have to keep up my stiff economist image😂😎
Comment from : David de Ridder

Debate Lawrence Summers
Comment from : Doug Dellwo

MTT is refuted by the performance of Singapore They had a budget surplus of 384 GDP in 2009 and has no net debt when assets and liabilities are booked According to MTT they should have a lot of slack, with high unemployment and low productivity The opposite is true, they have low unemployment and high productivity
Comment from : Jacob Klein

What happens when people lose faith in the system?
Comment from : Bob L

Rudimentary and incomplete to the point of Absurdity Read Mises and Hayek and learn something about what money and credit really are Better yet- go to misesmedia and watch "Keynes and Hayek head to head"- learn the difference between the circular flow and trangular models Keynes sees the economy as static, without time preference and entrepreneurial components- and makes no distinction between consumption and investment spending Ugh
Comment from : soapbxprod

I don't understand "Modern", your honour I was taught 50 years ago already that primary banks could "create" money through loans based on a lever between deposited money and lent money The idea of the bank's liquidity (reserve) was part of that lesson in secondary school At that time, computers started to appear, but the principle must be older, so the idea that creation of money is linked to bits and bytes makes no sensebrAgain, I don't understand why "modern"
Comment from : JP dJ

I don't see how this is materially different to Keynesian economics I learnt that banks create money (reserve ratios being a restriction or upper limit on this creation) when I studied economics in the 1980s
Comment from : Philosophics

What a disaster Just a big excuse for bigger government
Comment from : Dj Diemonte

Money and gold has no real value and no connection to the planet’s natural resources It’s made up Like organized religion and market economics Faith based theology
Comment from : Paul Page

97 of all money today is created out of thin air from computers/ digitally The other 3 actually exists in physically currency 2019: $200 trillion of global debt $80 trillion in global money There’s more debt than money in circulation because of interests/ principal
Comment from : Paul Page

this guy is a M0r0n brcreation of money by private banks are central idea of Neoclassical economics nothing to do with MMT (if there is such thing)
Comment from : dark6c

Keep your MMT Ill keep my bitcoins and gold and silver coins MMT can work for a while but ultimately if you keep priting money, you just keep devaluing whatever money there was in existence prior to the last printing Money priting has been happening like crazy the last 50 years, as if deficits dont matter Well, 40 to 50 years ago one parent working was able to sustain an entire family with little household debt Today you need both parents working full time while incurring alot of household debt just to get by So you still think there are no negative consequences to MMT or infinite money printing, inflation doesn't matter to you Good luck with that
Comment from : truth seeker

It sounds like MMT is great for keeping an economy stable, so long as governments act fairly in their power to create and distribute new currency accounts and tax/pull back that currency as required What happens when they decide that people making a certain widget are more deserving of new wealth or people of a certain race are less deserving? What’s the best wait to fairly implement this policy so there are not individuals who gain or lose too much over time?
Comment from : techguy651

Superbly concise and easy to understand explanation Thanks!
Comment from : Peter Bollwerk

So it'd be safe to say that Wolff agrees with mmt?
Comment from : sando can

Inflation Absolutely no mention of inflation Just look at Germany in the 20’s and Venezuela’s current hyperinflation disaster
Comment from : Jamie Legg

Whoops 2020 !
Comment from : william johnston

External money controls you, yes ? So, in the " real economy", you are the money, your time and abilities, by the hr equally One hr product for hr product, or service,or whatever Life is free yes ?brSo, maintain the ecosystems that gives us all free raw materials Everyone talking about what is wrong with Capitalism, not hearing much about how we're getting out
Comment from : David Evans

So is this why politicians never bring up the debt when talking about defense spending or corporations bailout etc but they do when it comes to things that would benefit the American people
Comment from : Iloveass 22

Think I need an infographic to follow this one 😐
Comment from : samsonlovesyou

I respect Richard Wolf, but we do not practice capitalism If this is capitalism, there needs to be another shared definition that the masses understand because this constant market manipulation is anything but capitalism Just like he said, we truly have not experienced socialism, we've only experienced capitalism in small doses If the system was left to its own devise it would run much better What we have now is a 2 "street" system that have diverged, wall street and main street Yet Socialism would never work unless we went to an asset based economy and set the rate of money expansion, taking the monetary decisions out of the hands of politicians
Comment from : Danaw0207

Fascinating
Comment from : Daniel Alvarado

So in all this debate, why at all do we still have to work? Why paying for education from own pocket? Why reducing budget for education in first place? Why healthcare is a problem? What is giving value to things? Why not having infinite UBI? We will definitely have more thinkers, more people doing what they like? Can MMT answer?
Comment from : ujku

Money is weird
Comment from : Suadela

what i miss in this story is that money is printed, and is actually borrowed from the future, creating future money devalutation
Comment from : Ad van de Pol

MMT allows us to pay for reforms under capitalism and while those reforms do help as I’m sure we all know we need to go further than that and get ride of capitalism entirely
Comment from : Blank Slate

Yeah let’s trust a handful of individuals to decide how all money should be managed
Comment from : ryan

No government in the world "issues" currency
Comment from : Rapier P

I thought of MMT when I was 5 years old I should get a novel price
Comment from : Cesar

please talk more about fiscal policy - congressional appropriation is the key to end suffering
Comment from : NoneYoBusiness

6:19 MMT and economic systemsnot much commentary with regards to "Butsmall BUT at the end" For over 30 years, more than half my life, MMT has been the mechanism for 'Money on Account' At the university I graduated, MMT is taught but for bits & pieces, cursory reference only MMT repays study for one reason MMT is tool for the Establishment BTW: No easy task for the indoctrinated to learn MMTbrbr"It's an important and popular fact that things are not always what they seem" - Douglas AdamsbrbrCareful as we will, careful as we go
Comment from : Patrick McCormack

Unfortunately, this explanation of MMT is only skin deep Apparently Richard Wolff does not understand MMT as well as he thinks he does That's what happens when you just read about it, and try to fit it in with your preconceived notions Treasury securities are a veil over what is really going on He explains the veil, but not what is underneath He is also slightly off in his understanding of how fractional reserve banking actually works as well as his lack of understanding of Federal Reserve Bank created money (high powered money in MMT terms) and what private banks create
Comment from : Steve Greenberg

MMT is NOT a new way of thinking about our economy --- it is the system we have had since 1971 when US went off gold standard Wolff is full of shit ----- I suggest everyone to watch an MMT presentation by Stephanie Kelton Money is a unit of account --- which means money measure real resources like labor, iron, steel, stuff Watch Stephanie and don't listen to this communist -- he is anit American This nice talk and sweet voice he uses -- disguises he real intent -- Socialism and Communism
Comment from : kathleen smith

Nobody who calls himself an "economist" should be dumb enough to ever say the Fed "Prints new money" The Fed does not print nor coin any money It can CREATE now money (in the form of credit money), but it cannot "print money" (currency or coin) Only the US treasury prints money This guy is a quack economist
Comment from : Clare Stucki

i thought money was regulated in the available resources that existedso for example oil increases in value cuz its limited, but money is not itself an asset, its just a tool to use for ease of trading resources that have a valuemoney in itself should be worthless or the amount paper is worth that its printed onalso coins should have more value since, ten, copper, silver, zink is a limited resource
Comment from : Philip

The irony Does this mean he only replies to questions on money if he is asked on his money platform?
Comment from : iAdvance Masked

Too much money production outpacing real growth is bad Stolen a lot of my buying power since 2008 Inflation is theft Should be seeing deflation thanks to retiring boomers and automation But we aren’t The monetary base is absurdly large relative to the real economy
Comment from : Joseph565112

I watched that with hope that you would help me teach my father Very disappointed
Comment from : Scovs 420

WELL SAID !! THANK YOU
Comment from : JP

Ahh the worlds worst economist still has a yt channel somehow
Comment from : William French

So As long as I have a credit card with no limit, I can't suffer economic hardship? Are you sure about that?brThe problem I see is that money (gold and silver) must first be accumulated (worked for) before it can be invested Debt (currency) is invested before it has been accumulated (taxed) It's like saying payday loans are a good way to run a budget I disagree
Comment from : Yamaha NTX700

Wolff is wrong again Actually, the Fed does not "print money", only the US Treasury "prints money" The Fed does 'create money', but it does NOT "print money"!
Comment from : Clare Stucki

Richard Wolff for president either 2020 or 2024
Comment from : guillermo Delatorre

You kick ass Mr Wolff, thanks
Comment from : Domingo De Anda

Economic theory brOur poor my friends just can't ignore See I live out here in all of this mess knowing not how!! Take a guess!!brStill shaming an blaming the homeless or displaced?? Look all around it's right in your face!!!brShareholders need Profit! More Profit!! They always need Profit This is a big problem with Capitalism!! The worker can be replaced with a machinebrCreation of jobs??brLet's think about that!!!brSelf driving cars, busses, trains, trucks and planes!!brThirty Six million jobs lost !brFarm tractors, lawnmowers, combines, seeders, spreaders all heavy and light construction and farming equipment completely automated!!!brSixty million jobs lost!!!brOnline stores!! No need for small local stores of any sort!! All in one warehouse with completely automated pickers and loaders of autonomous vehicles!!?brThirty two million jobs lost!!brBuilding?? Three D printers now printing super luxury condominiums and warehouses!?brEighty Six million jobs lost!!brFast food and convenient stores?? Now are completely automated Do not apply!!!!brGroceries?? If you can't print what you need call a drone to your home services now available!!!!brAnd for the Great Capitalists?? Not much left that hasn't been exploited!! TbrSee we the people have no jobs!!brMillions on the public dole!!brThe end goal of capitalism¿?brWas there any thought to what happens at the end????brPeople think of your children and the next seven generations!!!brAre we the living caretakers of this Earth?? Are we doing everything possible to insure a better quality of life for future generations???brWhat is left???
Comment from : Rich Bright