Modern Monetary Theory – MMT
http://collectedworksofwarrenmosler.com/
Introduction
I am most indebted to Rajendra Rasu who had the vision and desire to compile this comprehensive presentation. His motivation is entirely altruistic- he is a true servant of humanity who wishes only to promote universal wellbeing.
It is Rajendra’s sincere belief that his vision can be realized through a universal understanding of what I’ve presented over the last 30 years, recently popularized as ‘Modern Monetary Theory’ the recognition of which opens the door to public policy options previously not considered viable. This vision of a high quality standard of living includes universal full employment, healthcare, education, a constructive private sector, and all in the context of social equity.
After countless long hours of development, Raj’s The Collected Works of Warren Mosler is now a reality. Rajendra, I salute you!
Warren Mosler
Notes from Compiler
Purpose of this book is to present how Warren Mosler has been revealing the innocent frauds and the operational realities of modern money
The Purpose of this book is to demonstrate clearly that every country can mobilise the public sector to realize the optimum productive potential of its real resources, with an appropriate monetary system and measures. Collected Works of Warren Mosler is a compilation of Mosler’s work on the operational realities of money and monetary system, which got the name Modern Monetary Theory (MMT) subsequently. It is collated under various relevant topics, with his simple, penetrating revelations bringing out the truths of profound significance about misused monetary measures & the real economy. Mosler has brought a totally new perspective to the way the economy is looked at, by revealing the truth that the deprivation and economic suffering inflicted on billions of people are due to fundamental misunderstandings and interpretations of our real economy in nominal terms. And for each, he offers practical policy options based on alternate undistorted operational realities of the current monetary system to achieve full employment, price stability and productivity to attain optimum economic wellbeing for all. In the process, many of the artificial nominal constraints put forth to prevent real economy’s productive performance get exposed. He calls these ‘innocent frauds’ which he revealed in his little book, The Seven Deadly Innocent Frauds of Economic Policy.
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Mandatory Readings
Warren B Mosler
“One of the brightest minds in finance.” CNBC (6/11/10)
“Warren Mosler is one of the most original and clear-eyed participants in today’s debates over economic policy.” – James K. Galbraith, The University of Texas at Austin.
“In this model of clarity, Warren Mosler debunks (in his own words) so many of the ‘innocent frauds’ that have contributed to our current economic and social malaise. More importantly, Mosler is no Ivory Tower academic. He has been a highly successful money manager, and his characterization of our modern monetary system is spot on: Mosler far more accurately depicts market realities than any of the self-styled “mainstream” economics textbooks, which dominate in the halls of academe, and in the corridors of power in Washington, Brussels, and Asia. This book should not only become mandatory reading for students of economics, but any policy maker who truly wants to deal with the grave disasters engendered from years of “reading from the wrong playbook” – Marshall Auerback
“I can say without hesitation that Warren Mosler has had the most profound impact on our understanding of modern money and government budgets of anyone I know or know of, including Nobel Prize winners, Central Bank Directors, Ministers of Finance and full professors at Ivy League Universities. It is no exaggeration to say that his ideas concerning economic theory and policy are responsible for the most exciting new paradigm in economics in the last 30 years – perhaps longer – and he has inspired more economists to turn their attention to the real world of economic policy than any other single individual.” – Dr Matthew Forstater, UMKC
“Warren is one of the rare individuals who understand money and finance and how the Treasury and the Fed really work.”- William K.Black, UMKC
Warren Mosler is a world renowned financier, economist and entrepreneur. For Mosler, life has always been about the intellectual challenge of reducing seemingly complex phenomena to their simplest terms in the chase for the “elegant solution”.
As a financier, Mosler is the co-founder of Illinois Income Investors (III), a family of leveraged fixed income investment funds. He developed numerous successful strategies that utilized US Government securities, mortgage backed securities, LIBOR swaps and LIBOR caps, and financial markets in a market neutral, zero duration strategy. Mosler originated the ‘mortgage swap’ in 1986 and orchestrated the largest futures delivery to date (over $20 billion notional) in Japan in 1996. He is also the inventor of a swap futures contract currently in operation (in a muted form) by a major exchange. III was rated number by MAR in risk adjusted returns for the prior 10 years in 1997 when he returned control over to his partners.
Warren Mosler is currently the Present of Valance Co, Inc. located in St. Croix in the US Virgin Islands, where he resides. Mosler is also Chairman and majority shareholder of Consulier Engineering (CSLR), President and founder of Mosler Automotive, which manufactures the MT900 sports car in Riviera Beach, Florida; Co-Founder and Distinguished Research Associate of The Center for Full Employment And Price Stability at the University of Missouri in Kansas City; Senior Associate Fellow, Cambridge Center for Economic and Public Policy, Downing College, Cambridge, UK; and Associate Fellow, University of Newcastle, Australia.
