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Saturday Quiz – April 4, 2015

Welcome to the Billy Blog Saturday Quiz. The quiz tests whether you have been paying attention over the last seven days. See how you go with the following questions. Your results are only known to you and no records are retained.

1. Modern Monetary Theory tells us that a sovereign national government can run deficits without issuing debt. But the debt issuance allows the government to drain demand (private spending capacity) so that the public spending has more non-inflationary room to work within.

2. The government and the private domestic sectors cannot simultaneously reduce their debt levels (under current public sector debt-issuance arrangements)

3. A sovereign currency-issuing national government cannot generate full employment without taxation.

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    This Post Has One Comment
    1. Prof. Mitchel,
      Following the MMT’s instructions i depict the Greek economy. IMF, EU and ECB lead the Country toy full tragedy!

      The Greek Economy From 2010- 2014

      GDP226,2 100,0 207,7 100,0 194,2 100,0 182,4 100,0 179,0 100,0
      G-T 11,9 9,7 9,6 8,1 6,2
      I-S -3,1 -3,0 -5,3 -5,7 -4,4
      X-M -8,5 -6,7 -4,3 -2,4 -1,8
      Tot. 0 0 0 0 0
      Unempl. 12,7 17,9 24,4 27,5 27,4
      D/GDP 148,3 170,6 176,7 188,4 188,9

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