Capitalism’s indebted dynamism

Paul Mason has an interesting article in the New Statesman, which starts: In his own dumb way, Matt Hancock just summed up the survival strategy for global capitalism. Blinking into the camera lights, Britain’s hapless Health Secretary assured viewers that he could promise to build 40 new hospitals with just £100m because “the rest of the… Read more

Rohan Grey’s ‘Banking Under Digital Fiat Currency’ Proposal – A Guest post by Richard Taylor

Rohan Grey, president of the US MMT supporting Modern Money Network, recently wrote a rather good article about why Facebook’s putative Libra currency is a bad idea. In it he links to some proposals for future banking regulation. In my view these proposals for “Banking in a Digital Fiat Currency Regime” are really interesting and… Read more

Understanding monetary ‘plumbing’ and where it gets us

There is an interesting podcast from the American site Macro’n Cheese with the Scottish Professor Mark Blyth, who, though he long ago emigrated and has become Eastman Professor of Political Economy at Brown University in the US, he has certainly managed to hang to most of his Dundonian dialect! I have to say I usually… Read more

Is Interest the Opiate of the Masses?

This is the title of an interesting article examining alternatives to interest bearing debt including Islamic finance. Now, looking at the website on which the article appears, I must emphasise that I am not of any religious persuasion and I’d be wary when it gives voice to some rather dubious – to me anyway –… Read more

Swiss ‘vollgeld’ referendum seems to have been as much a fraud as Brexit

I understand that Positive Money’s (PoMo) replacement book on ‘Modernising Money’ has been cancelled and that they are refocussing in favour of research and shorter campaigns such as that which endeavours to stop further sell-off of the Royal Bank of Scotland and others like the report as to how and why the Bank of England… Read more

The Wörgl Experiment

I discovered this short video on the Austrian Wörgl Experiment, by Hollis Doherty, who is as may be too apparent, an actress, and also a writer. She has apparently written the screenplay for a film, “The Miracle in Wörgl”, though, unfortunately, I can’t find evidence of it having been actually made. Still it describes well an… Read more

Outsourcing political decisions can be dangerous for democracy

Something else this ‘mysterious’ Professor of Eighteenth Century Studies from the University of Indiana, Bloomington, said was: “Money, like law, is a POLITICAL creation and (like law) it works most smoothly (if not fairly) when it is not recognized as such. Depoliticised money/law means we have something uniting us.” This may be a form of… Read more

What gives money value

I was intrigued by a Professor of Eighteenth Century Studies at the University of Indiana, Bloomington, whose name is unfortunately lost in an FT article I cannot now access. But… this Professor was asked to write about Italian mini-BOTS and assignats. “Some would say they’re complete opposites: assignats “backed” by land, mini-BOTS by nothing. But… Read more