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I would argue that It is impossible/hard to implement any form of modern monetary theory to a sovereignless currency like Euro.

One of the reasons among many for Greece's economic failure is that the currency couldn't be devalued to boost exports and attract tourism.

Europe has been in a slow recovery from 2008 crisis due to unified currency for different nations.

That been said I do not see any possible way to use MMT in such a centerless environment.

Reading recommendation for Euro:

The Euro: How a Common Currency Threatens the Future of Europe By Joseph Stiglitz

Great question. I think the answer to your question depends on how smart policy the country crafts.

I believe UBI is the correct answer. We're in the midst of technological revolution and faing the climate change. As new book Bill Gates published, we have to shift from production based economy to environmentally sustainable one. UBI is powerful key to this transition because it can allow people to do what GDP doesn't count.

MMT is how spending *already* works. That’s what MMT is: a description of how money works.

Here’s a suggestion for you: pay attention to what’s been going on the past several years, learn arithmetic, read a book.

As best I understand it, this is what MMT accepts for price theory. Nathan Tankus recommended this book to me about a year ago. I have it but, unfortunately, it's going to be a bit!

Fred Lee's 2008 Post Keynesian Price Theory

Macroeconomics, by william mitchell, randall wray, and matin watts. All very great guys with their own good insights.

https://www.amazon.com/Macroeconomics-William-Mitchell/dp/1137610662/

Edit: you can rent it for relatively cheap and view it in browser. I went through and screenshotted the parts i wanted to save.

>America. The only problem is getting it done politically. It’s pretty much a rewind to the past, but doing it the right way.

You might find the latest episode of Macro N Cheese interesting. It's about an upcoming book from Jakob Feinig that among other things deals with the history of "monetary consciousness" and “monetary silencing” in the US.

As someone mentioned, it is just looking at the real accounting. Although streamlining the inherited archaic system would help politically- the existing structure makes it very difficult for the real mechanics of gov spending etc to be understood. I try to covey that here, by having a streamlined country (the island) and then comparing it to the real world structurea we have inherited https://www.amazon.com/1000-Castaways-Fundamentals-Clint-Ballinger/dp/0648390616

To expand on this consider that from the viewpoint of OPEC countries that oil, though technically a commodity, functions as a sort of sovereign currency whose supply can be restricted or increased at will. To get a bit more abstract, dependency on oil is little different than being a subscriber state in a federal system. As in all MMT, users of a currency are virtually powerless to the sovereign currency controller and just as Greece and Italy had a crisis with the euro circa 2008 because they couldn't restructure their debt the US of the 70's couldn't restructure it's energy dependence when oil got squeezed. Well, not without an overthrow of the currency controllers at least (and it's not far fetched to see the gulf war as a not subtle message to OPEC that if they tried the big oil squeeze again we might be sending those patriot missiles their way next time).

Now imagine an alternative scenario where the powers that be decided that instead of cranking up interest in a misguided notion that to save the economy we must first destroy it had instead applied the concept that a sovereign currency can always repay it's debts and borrowed heavily putting people to work creating alternative and renewable energy sources and replacing gasoline cars with EV's, technology that was readily available even if primitive. Some short term inflation would remain, but no stagnation.

However the main consequence would be that fat cat oil executives would lose their shirts. And that, truly was and remains a consequence that we're not willing to accept. Worth a read: https://www.amazon.com/Prize-Epic-Quest-Money-Power/dp/1439110123?ref_=d6k_applink_bb_dls

Hello, I do not have a written article for you, but you might be interest in an episode of the "Macro n Cheese" podcast called "MMT basics with Eric Tymoigne".

Eric Tymoigne is a big scholar of MMT and goes over a list of myths about MMT and provides some arguments on why they are not true.

Hope you find it interesting!

https://podcasts.google.com/?feed=aHR0cDovL21hY3JvbmNoZWVzZS5jb20vcnNz&ep=14&episode=NzY5MTRkNGYwM2FkNDNjNWExZWRjZmQyYzI2MWUyOWQ

Edit: added a link to the episode on google podcasts

For those who don't know the book I'm talking about:

https://www.amazon.com/Let-There-Be-Money-Understanding/dp/B09NH31Y4C/ref=sr_1_1?crid=24MMV9BV2NT7T&keywords=let+there+be+money&qid=1641464936&sprefix=let+there+be+money%2Caps%2C142&sr=8-1

A quote I liked from the review:

As I read comments this morning to a New York Times article on how four families used the Child Tax Credit during the pandemic, I was struck, but not surprised, by how many writers had opinions on what their fellow American deserved or what they should/should not be spending our tax money on.

Ideas of earning and deserving are very wrapped up in our identities and notions of morality, but perhaps we should detach a bit from those and take another look.

>OTOH, I don't know of any MMT leftist who doesn't support the JG.

There's pro-UBI pro-MMT people.

here is Bill Black podcast on how Correa changed Equador to avoid being the usual neoliberal test case similar to other failed south American nations: https://www.podomatic.com/podcasts/fromalpha2omega/episodes/2013-06-22T02_33_39-07_00

No clue regarding Pocket Casts. I tried submitting my podcast but it "failed" because "Podcast error: Html page found." Whatever that means. There's nothing on Libsyn to push it to Pocket Casts that I'm aware of.

<shrug>!

FJG are meant to be temporary. It has to be low-skill and something that can be abandoned without harming the community.

The stimulus money has had no impact on employment. Increased UI has had some impact, but you're paying people not to work.

"If I were the type of person who had any illusion that either a Marxist political revolution or Anarcho-Syndicalist general strike strategy had any hope of success in bringing down this mode of production, I would be seriously reconsidering either of those strategies in light of the experiences of the past year."

https://therealmovement.wordpress.com/2021/03/30/can-your-general-strike-or-political-revolution-do-this/

Also, inflation is caused by shortages. I recommend this book:

https://www.amazon.com/Free-Money-Rodger-Malcolm-Mitchell/dp/0965832317

🤣 im with you about a 400 page book but I’ll still buy this book. Taming the Megabanks: Why We Need a New Glass-Steagall Act https://www.amazon.com/dp/019026070X/ref=cm_sw_r_cp_api_glt_fabc_3YWH17QYRKRWF40JZ488?_encoding=UTF8&amp;psc=1

Also, I recommend the latest podcast from Macro and Cheese. They discuss the books.

To shed some light to your question: banks. Banks were deeply involved in the USA financial crisis. That’s is due to the repeal of the glass steagall act. This allowed the banks to entered the stock market and sell Bad securities which were tied to mortgages.

Hello, email me at [email protected]
See also https://www.amazon.com/1000-Castaways-Fundamentals-Clint-Ballinger/dp/0648390616

The math that MMT builds on comes from the stock-flow consistent modeling of Godley (difference equations for dynamic modeling)