……and even probably many of us all and perhaps of some of society in general…Christine Desan in discussing her book said she initially “majored in religion and sociology of religion”. The book itself ‘Making Money: Coin, Currency, and the Coming of Capitalism’ is unfortunately expensive to buy but at least it is cheaper as a… Read more
Category:
Banks
Promissory notes, Treasury notes and Bank notes
In Felix Martin’s Book ‘Money the Unauthorised Biography’ he quotes this wonderful fact: In 1702, just six years after the foundation of the Bank of England, in Clarke v, Martin, the Chief Justice described the still very new ‘promissory notes’ as ‘a new sort of specialty unknown to the Common Law’ and ‘invented in Lombard… Read more
‘Moneyness’ – first impressions…
I’m certainly intrigued by this ‘Moneyness’ concept by Christine Desan outlined in The Monetary Structure of Economic activity. It effectively highlights what the City of London wants – while all the while suggesting that they are (allegedly) influential in ensuring that we all lack sufficient quantities of it – that is, money. In fact, the… Read more
Review of ‘The Magic Money Forest’
The much hyped – at least by the BBC – ‘Magic Money Forest’ on Radio 4 was much as most of us cynics expected. The presenter originally worked for the HSBC bank as an economist and is now a BBC economics correspondent. So although she mentioned MMT it was first as the ‘Magic Money Tree’… Read more
Like almost everything else debt is privatised…
I thought this was a good article in ‘Prime’ Economics, by Geoff Tilly, Senior economist at the TUC . It is interesting because there is no Modern Monetary Theory here- but it doesn’t matter because all the normal Conservative arguments of unaffordability are still not true. Just look at this table for the last century… Read more
Fiat Money Facts.. continued
If proof were needed that we need to adopt – rather than MMT, actual ‘Fiat Money Facts’ we have it from the Treasury Select Committee. About three quarters of the way through the session there are questions from Steve Baker MP, Brexiter and Tory, no less. Remarkably he asks about Modern Monetary Theory (MMT). He… Read more
REWIRING THE BANKING AND MONETARY SYSTEM – by Jim Osborne
In his masterpiece of a book “Debt- the First 5000 Years”, David Graeber concludes in the final chapters with what is a prediction and a challenge. The prediction is that we are at the early stage of a new age in the history of debt and money which is likely to last 500 or 600… Read more
Sunak is wrong and Positive Money is actually right…
This from Positive Money, who I’ve been critical of in the past, is absolutely spot on – although never mind three things wrong that they advocate – I’d suggest that Sunak is actually completely lost – or perhaps, lying… Apologies for the double billing below – only the first one needs attention. ‘Fraid I cannot… Read more
We need a Money History Month
I’m indebted to this post on ProgessivePulse (PP) from ‘Schofield’ for leading me to think of this idea. We should be persuading Positive Money (PoMo) to start a MONEY HISTORY MONTH on similar lines to those of Black History Month. Whilst Black History is certainly informative, I suggest that Money History is likely to be… Read more
Degrowth and the ‘assistance’ of Modern Monetary Theory
This is an excellent article by Jason Hickell on degrowth and how Modern Monetary Theory (MMT) helps that narrative. Indeed MMT always helps anything that needs resources directed towards it because it actually explains how the monetary system works and shows that money is human created for whatever purpose is required! The article itself is… Read more