"The challenge for those who wish to see progress, is to erase from their minds all traces of orthodox economic thought."

Monetary System Reality

Four undeniable truths regarding national government spending

Currency

Many people think that national currencies come from the private sector. That is not true. The governments of the US, UK, Australia, Canada, Japan and, in fact, most national governments have the sole authority to issue currency.

Infinite Issuance Capacity

Sovereign currency-issuing governments can never go broke. They cannot run out of their own currencies. Because their currencies aren’t pegged to gold or another currency, the supply of currency available to these governments always equals infinity.

Taxation and Borrowing

Sovereign currency-issuing governments never tax or borrow to fund spending, because they issue the currency that is used to pay taxes and buy bonds.

National Debts

The national debts of sovereign currency-issuing governments are not actual debts, because the “debt” is denominated in the currency that only the national government issues.

Did you know?
One in five suicides is related to unemployment.

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The Federal Job Guarantee Proposal

Perpetual full employment with price stability
A federally funded, community administered full employment initiative

The Job Guarantee creates a pool of workers employed in their communities to perform work that is socially beneficial (constructing nature trails, protecting valuable habitats, clearing urban blight - the list of jobs is indeed endless) Private sector employers may hire from this pool at any time.

Because the Job Guarantee is a voluntary initiative, in good economic times, the pool of Job Guarantee workers will shrink as that labor moves to higher paying private sector jobs. In a downturn, the pool will expand as more workers who lose their private sector jobs transfer into the Job Guarantee. As a result, the Job Guarantee brings an end to all involuntary unemployment whilst over time, enhancing the private sector.

The Job Guarantee is a powerful automatic stabilizer for the economy and will result in a greater positive impact on output than that which unemployment insurance and welfare payments alone currently provide.

  • Perpetual Full Employment

    Guarantees a job at a decent wage for all who are willing and able to work, maintaining a situation of full employment indefinitely.

  • Price Stability

    By fixing the floor price of labour, the Job Guarantee provides a nominal anchor against inflation.

  • Automatic Deficit Management

    The pool of workers and the deficit shrink and expand automatically based on the condition of the economy.

  • Administered by Communities

    Funded by the federal government, but all decisions are made by local communities based on their needs.

The Hunter Keane Institute

Advancing the Job Guarantee and Public Accessible Macroeconomics Education

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Unemployment is a public health hazard.

Reality: What a Concept!

Discussions on MMT and Macroeconomics for the General Public