Home > Reflections | ⏮️
2025-10-30 | 📜🏛️ The Ledger of Sovereignty 📚💌📊
📚 Books
- 🏁 Finished 💰📉➡️📈🗳️ The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy
- 💰⚔️ How to pay for the war: a radical plan for the chancellor of the exchequer
- 🧑💼🏦💸 The General Theory of Employment, Interest, and Money
📜 The Ledger of Sovereignty 🏛️
In realms where the 💰 fiat flows and the 📜 debt is a name,
A fresh fiscal doctrine ignites a new 🔥 flame.
It’s 💡 Modern Monetary Theory, a challenging call,
To the orthodox wisdom that governs us all.
The sovereign state, with its 🖨️ printing press might,
Need not fear the 📈📉 bond market, day or through night.
For the currency it issues, its own, from the start,
Means a different relationship for the governmental heart.
They whisper, “The Treasury can 🚫 never run bare,“
Of its own native coinage—a comforting snare,
Or a truth oft-forgotten? The key, they attest,
Is not revenue-raising, but what is the test…🤔
The 🧱 real resource limit is the constraint they observe,
If factories are idle and workers preserve
Their time without labor, then the spending should fly, 🚀
To hire them and build things, beneath the wide sky.
The focus is shifted: from deficits that loom,
To the 🔥 inflation that spell economic doom.
Taxes are levers, a tool to control 🛠️
The aggregate demand that might burn up the whole.
For taxes aren’t needed to fund every quest,
But to mop up the money when the economy’s blessed
With too much demand, to cool down the heat, 🌡️
And keep prices from rising on every main street.
A 🤝 Job Guarantee promise, a floor and a right,
To steady the wages and lend people might.
This anchor, they argue, a buffer so wide,
Is a check on the system, where labor can hide.
So let the bond vigilantes look on with disdain,
MMT’s adherents shout out through the rain:
“The budget is not like a 🏠 household’s small purse,
When the state is the issuer, and not the reverse!”
A complex prescription, a 💭 dream or a 👿 curse?
A debate for the thinkers, for better or worse.
It re-frames the horizon, a powerful, new view,
Of what a sovereign power has the mandate to do. 👑
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🐦 Tweets
In realms where the 💰 fiat flows and the 📜 debt is a name,
— Bryan Grounds (@bagrounds) October 30, 2025
A fresh fiscal doctrine ignites a new 🔥 flame.
It's 💡 Modern Monetary Theory, a challenging call,
To the orthodox wisdom that governs us all.
1/9https://t.co/tv2441C3YC