Following Peter May’s mention in his blog of the 8th January of Dr Fadhel Kaboub and Modern Monetary Theory (MMT), and his advocacy of proposals for job guarantee initiatives, I happened to spot a link to a presentation by Dr Kaboub in a TRUK blog (http://www.taxresearch.org.uk/Blog/2018/05/05/the-case-for-a-job-guarantee-in-the-uk/). The presentation is worth watching in full, not least… Read more
Category:
Money
Suggested requirements for a properly functioning Monetary system based on MMT in the UK
It is interesting that Fadhel Kaboub, Associate Professor of Economics at Denison University, and president of the Global Institute for Sustainable Prosperity, who is a great Modern Monetary Theory ‘MMT’ (Charles Adams’ summary here) and Job Guarantee Advocate, seems to be rather opposed to the Warren Mosler and Bill Mitchell idea that exports are like a… Read more
Real progress on real local banking
We are gradually getting the rollout of local banking, which I – among many others – have long wished for! The third one is the South West Mutual covering Cornwall, Devon, Somerset and Dorset. Digressing slightly, they have an attractive logo incorporating the flags of all the counties. Except that Somerset doesn’t have one, so… Read more
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
Charity begins with government
I’d like to start with a peon of praise as to how the Hospice de Beaune has raised as much as £12million for charity this year. I notice two things since I last attended – an embarrassingly long time ago: The auction is now run by Christies. So the auction is now properly international and as… Read more
Positive Money and Monetary Progress
I’ve been having some encouraging converstions with Positive Money (PoMo) members. First, let me be clear, I use MMT (Modern Monetary Theory) in the sense that the Theory is the Job Guarantee and the Modern Monetary bit is a statement of fact. This is the view that Prof. Bill Mitchell himself takes, having in fact,… 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
Our money is actually part of democracy
It seems to me we give too much respect to the intrinsic existing processes of the workings of money in our current economy. After all, in fact, money is all created by humankind – and for a purpose, so it has to work for humankind – that’s all of us. The reason it works 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
It’s a hard life without interest bearing government debt
A rather interesting US article has surfaced commenting on a report published during Clinton’s presidency when the United States government was running a budget surplus and it seemed possible that by 2012, there could be no more US government debt at all. The world would have to do without government bonds known in US parlance… Read more