The Continental Economics Institute
Professor Dr. Antony P. Mueller

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antonymueller@gmx.com

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FEATURED ARTICLE

MMT - Modern Monetary
Theory

"The case against Modern
Monetary Theory"
by Antony P. Mueller
Adam Smith Institute UK (
ASI)

-Modern Monetary Theory (MMT)
contends that government can spend
without restraint and large deficits
and debt don’t matter when the
economy is not at full capacity. It
asserts that the state, as the issuer
of the nation’s currency, cannot go
bankrupt because it can just keep
creating and printing money; taxation
exists not to obtain revenue but to
oblige people to use a nation’s
currency and control inflation; and
that all public expenditure
can be financed by debt or creating
money.

There are a number of serious flaws
in MMT:
• MMT asserts, with limited
evidence, that there is substantial
unused economic capacity that
government spending can activate.
However, in practice, when
government excessively expands the
monetary supply (prints money) the
impact is inflationary, if not
hyperinflationary.
• MMT depends on governments
knowing much more than they
possibly could and acting more
rationally than politics allows. It
depends on government knowing
precisely the natural rate of
unemployment, and therefore when
to spend, to stimulate activity, and
when to tax, to drain the excessive
inflationary impact of creating
money. This ignores
ignorance.
• MMT is premised on substantial
public employment policies
to create economic activity for the
unemployed. This policy
underestimates the bureaucratic
costs and the coordination problems
that come with public employment
policies. Only autocratic
governments would have the means
to
enforce such policies

Read more
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Publications 2020

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Publications MISES USA

Publicações MISES BRASIL

Veröffentlichungen MISES DEUTSCHLAND

Publications LewRockwell.com

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Publicações ORDEM LIVRE

Publications AIER

Publications FEE

Publications ACADEMIA.EDU

SSRN PAPERS

PUBLICATIONS 2019

PUBLICATIONS 2018

PUBLICATIONS 2017

Earlier Publications

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New Publications

"2020 ist nicht 2008. Die gegenwärtige
Wirtschaftskrise lässt sich nicht einfach mit
billigem Geld und mehr Staatsausgaben
bekämpfen"
Medium
28. Juni 2020

A extrema expansão fiscal e monetária
interromperá a desaceleração global ou
será uma receita de desastre?
Medium
Junho 26, 2020

"2020 não é 2008"
Medium
Junho 25, 2020

"Wirtschaftskrise: 2020 ist nicht 2008"
Mises Institut Deutschland
22. Juni 2020

“Coronavirus crisis management — what
really happened and why it failed”
NOTEWORTHY Medium Journal
May 15, 2020
also at
LewRockwell

“Fooled. How Gullible Politicians Promoted
the Destruction of the Global Economy and
Threw Us into the Abyss of Serfdom”: at
Medium   March, 31, 2020
lso at
LewRockwell

Diseases Are Bad. Government-Forced
Shutdowns Are Often Worse"
Ludwig von Mises Institute
March 24, 2020

“Coronavirus: The Economic
Consequences of a Failed Response”:
Medium
March 16, 2020

“How best to cope with the coronavirus. The
government will not protect us — we must
do it ourselves”
Medium
April 22, 2020

"Diseases Are Bad. Government-Forced
Shutdowns Are Often Worse"
Ludwig von Mises Institute
March 24, 2020

"Coronavirus: The Economic
Consequences of a Failed Response"
Medium
March 16, 2020

„Coronavirus-Fehlplanung — Was ist
wirklich passiert und warum lief es
schief?“
Medium
16. Mai 2020

„Getäuscht. Wie die Politik falschen
Prognosemodellen folgte, der
Massenhysterie zum Opfer fiel und weltweit
die COVID-19 Panik auslöste“
Medium
2. April 2020

„Operation gelungen, Patient tot. Wie die
Politik einem Phantom nachjagt und dabei
die Wirtschaft zerstört“.  
Medium
18. Mai 2020

Die Coronavirus-Epidemie rechtfertigt nicht
was der Staat derzeit tut.
Medium
6. April 2020

„WIE KANN DIE WIRTSCHAFTSKRISE
NACH DEM LOCKDOWN ÜBERWUNDEN
WERDEN?“
Mises Institut Deutschland
10. Juni 2020

„Lockdown und Wirtschaftsfolgen“. Kunis
Plauderecke
Video
Youtube
7. Juni 2020

„Im Kreis des Coronawahns. Von der
Ignoranz zur Hysterie“
Video
YouTube
6. Juni 2020

„Pandemie 2020. Warum der Lockdown
nicht hilft und auch in Zukunft nicht helfen
wird.“
Video
Youtube
31. Mai 2020

„Belogen und Betrogen. Deutschland im
Corona-Wahn“:
Video
YouTube
18. April 2020

„Coronavirus-Fehlplanung — Was ist
wirklich passiert und warum lief es schief?“
Video
YouTube
23. Mai 2020

“A gestão da crise do coronavírus
fracassou, por que?”
em
Medium
Maio 18, 2020
No Instituto Rothbard Brasil

“Coronavírus: O que é melhor? Deixar a
epidemia seguir ou achatar a curva?”
em
Medium
No Instituto Rothbard Brasil
20 de março de 2020

Há uma solução privada ou só pública para
controlar a epidemia?
Medium
5 de abril
No
Instituto Rothbard  Brasil  

“A gestão da crise do coronavírus
fracassou, por que?”
Medium:
18 de maio de 2020
No Instituto Rothhbard

“Coronavírus: O que é melhor? Deixar a
epidemia seguir ou achatar a curva?”
20 de março de 2020
Em
Medium
Instituto Rothbard Brasil

“COVID-19: Há uma solução privada ou só
pública para controlar a epidemia?”
Em
Medium
5 de abril de 2020

No Instituto Rothbard Brasil

“Pandemia 2020. Da ignorância e
negligência à raiva e o delírio. Uma análise
sócio-psicológica“
Vídeo
YouTube

“A pandemia do coronavírus na Europa em
retrospectiva”
Vídeo
YouTube

“A Pandemia do Coronavírus na Luz dos
Dados.” (19 de abril de 2020)
Vídeo
Youtube
19 de abril de 2020

“Entrevista sobre a pandemia do
coronavirus e suas consequências
econômicas” (16 de abril de 2020)
Vídeo
YouTube:

“O coronavirus e suas consequências
econômicas”
Video
YouTube

“Vocês foram enganados. A verdade sobre
o Coronavírus e COVID-19”

Medium
1 de abril de 2020
no
Instituto Rothbard Brasil

"Botschaft nach Davos: Die Welt braucht
mehr Kapitalismus
"
Mises Institut Deutschland 24. Januar 2020
Text
Video
Audio Podcast

RECENT PUBLICATIONS -
PUBLICAÇÕES RECENTES
NEUE VERÖFFENTLICHUNGEN

A extrema expansão fiscal e monetária
interromperá a desaceleração global ou
será uma receita de desastre?

Estamos experimentando um grande
experimento econômico. Governos e bancos
centrais nos Estados Unidos e na Europa
lançam pacotões de trilhões de dólares e de
euros para estimular suas economias após a
contração econômica devido ao bloqueio
econômico (lockdown). Essas políticas
salvarão a economia mundial ou são elas uma
receita para o desastre? Uma análise dos fatos
suscita sérias preocupações.

Leia mais

******

2020 ist nicht 2008. Die gegenwärtige
Wirtschaftskrise lässt sich nicht einfach mit
billigem Geld und mehr Staatsausgaben
bekämpfen

Die Währungs- und Fiskalbehörden scheinen
zusammen mit nicht wenigen
Finanzmarktinvestoren der Ansicht zu sein,
dass die derzeitigen Maßnahmen lediglich ein
Remake der nach der Krise von 2008
verabschiedeten Maßnahmen seien und dass
auch diesmal keine signifikante Preisinflation
daraus resultieren würde. Es wäre aber sowohl
für politische Entscheidungsträger als auch für
Investoren katastrophal, den Unterschied
zwischen 2008 und 2020 zu ignorieren.

Weiter lesen

*******

Heading Toward the Morass of Slumpflation

The term “slumpflation” was coined to
characterize an economy where an economic
slump appears together with price inflation. In
such a constellation, macroeconomic stimulus
policies do not work. Nevertheless, government
policymaker and central bankers — not only in
the United States — have launched massive
programs of expansive economic policies.

Read more
CORONAVIRUS (deutsch)
Texte, Videos und Podcasts zur
Krise um das Coronavírus


Texte
„Coronavirus-Fehlplanung — Was ist
wirklich passiert und warum lief es
schief?“
https://
medium.
com/@antonymueller/coronavirus-
fehlplanung-was-ist-wirklich-passiert-und-
warum-lief-es-schief-9de9d66e6d61

„Getäuscht. Wie die Politik falschen
Prognosemodellen folgte, der
Massenhysterie zum Opfer fiel und
weltweit die COVID-19 Panik auslöste“
https://
medium.
com/@antonymueller/get%C3%A4uscht-
54347cb4ce0c

„Operation gelungen, Patient tot. Wie die
Politik einem Phantom nachjagt und
dabei die Wirtschaft zerstört“.  https:
//
medium.com/@antonymueller/operation-
gelungen-patient-tot-b5b4c7ad1547

Die Coronavirus-Epidemie rechtfertigt
nicht was der Staat derzeit tut.
https://
medium.com/@antonymueller/die-
coronavirus-epidemie-rechtfertigt-nicht-
das-was-der-staat-derzeit-tut-
45cefcbab95d

„WIE KANN DIE WIRTSCHAFTSKRISE
NACH DEM LOCKDOWN
ÜBERWUNDEN WERDEN?“
https:/
/www.misesde.org/2020/06/wie-
kann-die-wirtschaftskrise-nach-dem-
lockdown-ueberwunden-werden/

Videos und Podcasts:
„Lockdown und Wirtschaftsfolgen“. Kunis
Plauderecke
https://
www.youtube.com/watch?
v=EX_zymdXjNs&t=1369s

„Im Kreis des Coronawahns. Von der
Ignoranz zur Hysterie“  
https://
www.youtube.com/watch?
v=8hjMg8XHMK4&t=67s

„Pandemie 2020. Warum der Lockdown
nicht hilft und auch in Zukunft nicht helfen
wird.“
https://
www.youtube.com/watch?
v=9g52tOAirGs&t=84s

„Belogen und Betrogen. Deutschland im
Corona-Wah“: https://
www.youtube.
com/watch?v=TlWwI8cbzIk

„Coronavirus-Fehlplanung — Was ist
wirklich passiert und warum lief es schief?
“ https://
www.youtube.com/watch?
v=4NpuAJBbWzo&t=16s
CORONAVÍRUS
Textos, Vídeos e podcasts sobre a
crise do coronavíurs (
em português)

Textos


“Vocês foram enganados. A verdade
sobre o Coronavírus e COVID-19”. (1 de
abril de 2020) Em Medium: https:
//medium.com/@antonymueller/voc%C3%
AAs-foram-enganados-6dd63f34a0a9
no Instituto Rothbard:
https://
rothbardbrasil.com/voces-foram-
enganados/

“A gestão da crise do coronavírus
fracassou, por que?” em Medium:
https://
medium.com/@antonymueller/a-
gest%C3%A3o-da-crise-do-coronav%
C3%ADrus-fracassou-por-que-
de5a47621f06

No Instituto Rothbard: https:
//
rothbardbrasil.com/a-gestao-da-crise-do-
coronavirus-o-que-realmente-aconteceu-e-
porque-fracassou/

“Coronavírus: O que é melhor? Deixar a
epidemia seguir ou achatar a curva?”
No Instituto Rothbard: https:
//
rothbardbrasil.com/coronavirus-o-que-e-
melhor-deixar-a-epidemia-seguir-ou-
achatar-a-curva/

Há uma solução privada ou só pública
para controlar a epidemia? No Medium:
https://
medium.com/@antonymueller/covid-
19-h%C3%A1-uma-solu%C3%A7%C3%
A3o-privada-ou-s%C3%B3-p%C3%
BAblica-para-controlar-a-epidemia-
ec7a5af6a516
No Instituto Rothbard  https:
//
rothbardbrasil.com/covid-19-ha-uma-
solucao-privada-ou-so-publica-para-
controlar-a-epidemia/

“A gestão da crise do coronavírus
fracassou, por que?” (18 de maio de
2020) em Medium:
https://
medium.com/@antonymueller/a-
gest%C3%A3o-da-crise-do-coronav%
C3%ADrus-fracassou-por-que-
de5a47621f06

“Coronavírus: O que é melhor? Deixar a
epidemia seguir ou achatar a curva?” (20
de março de 2020) Em Medium:
https:
//medium.com/@antonymueller/coronav%
C3%ADrus-o-que-%C3%A9-melhor-
deixar-a-epidemia-seguir-ou-achatar-a-
curva-d847874b3464

“COVID-19: Há uma solução privada ou
só pública para controlar a epidemia?” (5
de abril de 2020) Em Medium: https:
//
medium.com/@antonymueller/covid-19-
h%C3%A1-uma-solu%C3%A7%C3%
A3o-privada-ou-s%C3%B3-p%C3%
BAblica-para-controlar-a-epidemia-
ec7a5af6a516

Vídeos e podcasts

“Pandemia 2020. Da ignorância e
negligência à raiva e o delírio. Uma
análise sócio-psicológica“
https://
www.youtube.com/watch?
v=HmuJmdqXOV4&t=45s

“A pandemia do coronavírus na Europa
em retrospectiva”
https://
www.youtube.com/watch?
v=d5lMqlA4LvA&t=16s

“A Pandemia do Coronavírus na Luz dos
Dados.” (19 de abril de 2020)
No Youtube https://
www.youtube.
com/watch?v=JVW3JMBSW18&t=171s

“Entrevista sobre a pandemia do
coronavirus e suas consequências
econômicas” (16 de abril de 2020). No
YouTube: https://
www.youtube.com/watch?
v=xq3RWn7qlwI&t=2548s

“O coronavirus e suas consequências
econômicas” No YouTube: https://
www.
youtube.com/watch?
v=xq3RWn7qlwI&t=2548s
CORONAVIRUS (English)
Texts, videos, and podcasts about the economic
consequences of the coronavirus pandemic


“Coronavirus crisis management — what really happened
and why it failed”
https://
blog.usejournal.com/coronavirus-crisis-management-
what-really-happened-and-why-it-failed-844b4c927942   
also at LewRockwell: https://www.lewrockwell.
com/2020/05/no_author/coronavirus-crisis-management/

“Fooled. How Gullible Politicians Promoted the Destruction
of the Global Economy and Threw Us into the Abyss of
Serfdom”: at Medium: https://
medium.
com/@antonymueller/fooled-9de24aa66227  
also at LewRockwell: https://www.lewrockwell.
com/2020/04/no_author/fooled/  

Diseases Are Bad. Government-Forced Shutdowns Are
Often Worse: https://
mises.org/wire/diseases-are-bad-
government-forced-shutdowns-are-often-worse

“Coronavirus: The Economic Consequences of a Failed
Response”:
https://
medium.com/@antonymueller/the-economic-consequences-of-
the-virus-3abcd8edf0e8?
source=friends_link&sk=0e0ae0e1e65b5f6d5eed3004afd9cab6

“How to survive the Coronavirus. The government will not protect us —
we must do it ourselves”: https://
medium.com/@antonymueller/fighting-
the-coronavirus-caf905a480e7?
source=friends_link&sk=0abe5e1687d0b744144010c8cf90868c

Diseases Are Bad. Government-Forced Shutdowns Are
Often Worse. https://
mises.org/wire/diseases-are-bad-
government-forced-shutdowns-are-often-worse

Coronavirus: The Economic Consequences of a Failed
Response
https://
medium.com/@antonymueller/the-economic-consequences-of-
the-virus-3abcd8edf0e8?
source=friends_link&sk=0e0ae0e1e65b5f6d5eed3004afd9cab6

Fighting the Coronavirus. The government will not protect us
- we must do it ourselves: https://
medium.
com/@antonymueller/fighting-the-coronavirus-caf905a480e7
The Crisis of 2008
What Really
Happened
Day by Day

4 Vols.
Write me an -email:
antonymueller@gmx.com