PostOrientalism · @steveirons
274 followers · 187 posts · Server mas.to
#johnmenadue's @StephenWilliams
If #Whitlam and his advisers had understood #modernmonetarytheory (#MMT, although it was not formulated until decades later) there would likely have been no loans affair.
Central to MMT is the principle that a #monetarysovereignnation is one with (i) its own #currency; (ii) a #floatingexchangerate; (iii) #nosignificantborrowings in a #foreigncurrency; and (iv) its own #centralbank to create the money it needs.
https://johnmenadue.com/the-whitlam-government-a-new-perspective/
#currency #johnmenadue #centralbank #foreigncurrency #nosignificantborrowings #floatingexchangerate #monetarysovereignnation #whitlam #mmt #modernmonetarytheory