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Quote by William F. Mitchell

“The multilateral institutions that were introduced in the Post World War II period to coordinate international aid – the IMF and the World Bank – have failed in their respective missions. They became agents for the ‘free market’ ideology and through their structural adjustment packages and related policies have made it harder for a nation to develop.”

Quote by William F. Mitchell

Work

Modern Monetary Theory: Key Insights, Leading Thinkers

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William F. Mitchell

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“MMT recognizes that finance is not a limited resource. It is manufactured and created in the act of spending. In the modern world, the exclusive monopoly to issue the currency endows governments with unparalleled spending power. For MMT, that the issuer can spend without technical constraints is a rather trivial observation. What MMT stresses is that taxes and borrowing cannot pre-fund the issuer of the currency, as the currency must be provided before it can be used for tax collections or bond purchases. The substantive question for MMT then is how to deploy this spending power for achieving the two central macroeconomic goals: full employment and price stability.”

“The surest way to deny our purpose is to search for it outside ourselves — or worse, to let others define it for us. The moment we look outward for something that can only be felt inward, we turn away from the very source we seek. Trying to fit purpose into a sentence is like taking something alive — something ever-flowing, ever-changing — and freezing it into a monument of words. No matter how beautiful or precise, it becomes a still image of what was once moving. At best, it is a snapshot of a moment in time, a reflection that has already passed. But life’s purpose is not meant to be carved in stone. It is a living current, flowing and evolving in rhythm with our life. To define it is to risk stripping it of its aliveness — we would barter something wild and sacred for something safe and fixed. Purpose is to be lived, embodied, and surrendered to. It is something we meet anew in every moment we choose to show up in alignment with what stirs our soul.”