Welcome to the very first newsletter of Deficit Owls Worldwide, where we hope to enDOW you with some knowledge and what is happening in the world of Modern Money.

Modern Money has been known by many names over the years, everything from Neochartalism to Modern Monetary Theory to Modern Money.  Modern Money has garnered a worldwide follow for being a consistent coherent understanding of macroeconomics - the economics of a nation.  It is popularised with the brand MMT.
The big news is the very first worldwide conference of Modern Monetary Theory being held in Kansas City Missouri September 21-24 2017.  We encourage everyone to attend if you can.  The line up and details can be found here.

Modern Money Blog Highlights

New Zealand has a new political party TOP - The Opportunity Party.  Great name.  Great acronym.  TOP is one party moving closer to the Modern Money paradigm.  They are not there yet as Bill Mitchell explains in his blog post When Neoliberal Masquerades as Anti-Establishment.

Eric Tymoigne continues to work on his Money & Banking textbook. He is currently providing an overview of financial institutions in the USA.

Peter Cooper at continues to make MMT accessible with his short and simple posts. He is currently on #16 but I'd start at number one.


MMT proponents clearly agree that there is “no free lunch”.

But unlike the conventional economic framework that deploys the so-called ‘Government Budget Constraint’ framework, which invokes an a priori financial constraint on government deficits, MMT shows that the constraint on government spending is ultimately determined by the real resources that are available for purchase in the currency that the government issues.

So, ultimately a nation’s standard of living is limited by the real resource base it commands.

What is a Deficit Owl? A deficit owl believes that the deficit is a result, not a cause, of economic difficulty, and that it’s not something policy should work on directly.
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Meme of the Month 

The most significant meme of the month will feature here.
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Alternatively Here.

Bill Mitchell

Upcoming events

Labour Conference Week - Brighton UK 25th September 2017 2:00 pm - 5.00 pm

Professor Bill Mitchell, a leading proponent of Modern Monetary Theory, has agreed to be the speaker at a fringe meeting to be held during Labour Conference Week in Brighton in September 2017.

The meeting is being  organised independently  by a small group of Labour members whose goal is to start a conversation about reframing our understanding of economics to match a progressive political agenda.  Our funds are limited and  so we are seeking to raise money to cover the travel and other costs associated with the event.   Your donations and support would be really appreciated.

For those interested in joining us the meeting will be held on Monday 25th September between 2 and 5pm and the venue is The Brighthelm Centre, North Road, Brighton, BN1 1YD.  All are welcome and you don't have to be a member of the Labour party to attend.  

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