Green Sovereign Money vs MMT

Recently MMT (Modern Monetary Theory) proponent and member of the Green Party of Washington, Derrick Miles, posted an article inviting us to join him in an exploration into the differences between MMT and Green Party of the United States monetary policy. We wholeheartedly agree that “realizing where our money actually comes from is paramount to administering the Green Party’s progressive agendas.” We on the Banking and Monetary Reform Committee (BMRC) of GPUS are happy to explore the differences because it is a question we have often been asked, and this article provides a welcome opportunity to make the distinctions clear.

The basic difference between Greening the Dollar and MMT is this: Greens are proposing that we change the existing monetary system to a sovereign money system and MMT claims we already have a sovereign money system, so it does not need to change.

Thus, regarding the relationship between the Green Party and MMT, it seems that we agree a sovereign money system is the best way we can address funding solutions to the convergence of catastrophes coming down on us all. The question then is, what is a sovereign money system and do we have one?

History tells us we have never had a sovereign money system in this country. Jefferson proposed sovereign money, but Hamilton convinced Congress to give the monetary authority to a private…