From ‘Moneta Positiva’ towards Electronic Parallel Money and an Italian budget solution

It is interesting that Italy has its own Moneta Positiva where debt free money seems to be the call to arms. I generally consider that money is always debt, since all money is a ‘promise to pay the bearer on demand the sum of’, which indicates an obligation – and therefore indebtedness. They are clearly… Read more

A recipe for reviving European growth …

In a recent FT article (intermittent paywall), that Luigi Di Maio, Italy’s Five Star party, deputy prime minister, states that, Rome’s controversial spending plans will become “a recipe” for reviving European growth and that the continent is ready to abandon austerity and embrace the deficit-busting approach of US president Donald Trump. Current US growth at… Read more

Positive Money and MMT (continued)

I have been reading Positive Money (PoMo)’s most recent comments on Modern Monetary Theory (MMT), whose latest New York conference they attended. I’m worried that they appear to have returned from that conference with a rather confused set of views. They suggest that: “There is a significant difference between money issued as debt by commercial banks,… Read more

Even more evidence that Positive Money is embracing MMT

To start at the end of Positive Money’s latest article “It is promising that MMT (Modern Monetary Theory) is gaining traction in every corner. We greatly enjoyed attending both [MMT] events and have only warm expectations about working together to design a better, healthier, fairer economy.” “Positive Money (PoMo) has long advocated using public money… Read more

The IMF have suddenly discovered both the price of everything and the value of nothing

The FT has reported that the IMF says that “Cash-strapped governments could find a huge new source of revenues if they managed their assets more professionally” Those presumably will be the ones that the IMF was previously in favour of not just managing, but privatising. “The potential receipts, equivalent to an average of 3 per… Read more