Has the ‘Guardian’ got it?

This must be the first ‘Guardian’ editorial to quote Prof Stephanie Kelton – and the first one for a long time to suggest that deficit financing is a good idea. Before spending more money on the NHS, British politicians should take the advice of the US economist Stephanie Kelton: in a UK lecture this week,… Read more

Money for nothing is everything

There is an excellent summary in one easy blog on TRUK of Modern Monetary Theory* (MMT), which should more properly be called Modern Monetary Practice or the Modern Monetary System (MMS). As usual, below the article are the comments, many of which are highly critical, usually on the basis that if you are stupid enough… Read more

Modern Monetary Theory (MMT)’s flaw for balance of payment deficit nations

Many, if not most, would agree that we have been poorly served by Conservative austerity policies, not just because it engenders economic contraction, but also, even more importantly, because it concentrates on judging the economy using the wrong measure. It is obvious that for sovereign currencies where the government creates its own money government deficits… Read more

Is Italy the white hope for European reform?

The radical reformist and largely Eurosceptic coalition parties in the Italian government are declaring radical views. They have asked for 250 billion of Euro debt to be written off. Although it has been subtly since denied, it is entirely in character with their previous pronouncements and they still maintain that a pre-Maastricht system would be… Read more