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#mmt

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Eric Maugendre

"The report highlighted some of Europe’s weaknesses, including its openness to global trade, its reliance on advanced technology and essential materials and minerals from overseas, as well as its high energy costs."

#Securitisation is pooling financial assets (such as Small and Medium Enterprise loans or mortgages) into interest-bearing, tradable securities.

William Thomson: braveneweurope.com/william-tho

Brave New Europe · William Thomson - More securitisation creates less financial security - Brave New EuropeDeregulating finance is in vogue in Brussels once again. William Thomson is a Political Economist and Founder of Scotonomics. (www.scotonomics.scot) Billed as simply a ‘technical reappraisal’, the European Commission has concluded its consultation on a [...]
#finance#securities#Europe
En réponse à Daniel Lakeland
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Steven Zekowski

@dlakelan
The article was written in 2011 but that takes nothing away from it, makes it no less informative.

Sadly, the HuffPost has become so trashy in its UI, UX, ads (somehow bypassing my iOS ad-blocker), etc.

Here’s a cleaner copy from Warren Mosler’s #MMT blog.

moslereconomics.com/2011/09/19

Mosler Economics / Modern Monetary Theory · The UMKC Buckaroo- A Currency Model for World Prosperity - Mosler Economics / Modern Monetary TheoryIt’s been more than 10 years since the economics department at UMKC (University of Missouri at Kansas City) introduced its own currency. It’s called the buckaroo, named in sync with the school mascot, the kangaroo. It all began when the … Continue reading →
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Daniel Lakeland

huffpost.com/entry/the-umkc-bu

Holy shit. University of Missouri Kansas City #MMT economist actually created a currency for the university and has demonstrated since the 1990s exactly how currency really works.

The last line: "It's also has made it obvious that the world's leaders and their economists are necessarily subversive and/or ignorant. "

HuffPost · The UMKC Buckaroo: A Currency Model for World ProsperityIt's been more than 10 years since the economics department at UMKC introduced its own currency. It's called the buckaroo, named in sync with the school mascot, the kangaroo.
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Daniel Lakeland

Imagine if you will the following scenario. You beam down onto a planet as a observer from Starfleet and you find a ruler named Bonald Stump who has just invaded Northern Someplace with an army of millions. Of course an army of millions would require extensive food and sleeping quarters and etc. So Stump has hit on the following idea. He makes little PVC disks with a hard to counterfeit holographic 3D depiction of his scrotum. #anarchy #economics #mmt

A répondu dans un fil de discussion
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The Sleight Doctor 🃏

@BernieDoesIt Under the prevailing economic orthodoxy, yes that's basically it.

But most modern monetary theorists - Stephanie Kelton being one prominent voice who's made this argument explicitly - the belief that we need rich people's money to pay for things only perpetuates a false view of how public finance works, and that actually does more to stall progressive policymaking than the refusal of governments to tax more.

The USA can, today, pay for whatever it needs without rich people.

#MMT
A répondu dans un fil de discussion
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Daniel Lakeland

@ScottishGreens
The UK issues its own currency. Taxes don't "raise money" what taxes do is keep the total quantity of money from getting out of hand by destroying money.

Of course wealthy people don't want taxes, it straight up reduces their economic power that's the purpose. You don't fund the govt with taxes, you keep the economy working for all with taxes.
#mmt

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GhostOnTheHalfShell

@economics-that-works

4 min
In the discussion of GOP plans to destroy SNAP, are work requirements. The only consequence of the work requirements is people are pushed off of the service. Their employment does not improve.

But what’s very interesting are the dollars spent versus dollars of commerce generated. When the government invests in feeding people, a kind of UBI, it generates business. It has positive ROI.

youtube.com/watch?v=3QLg6zNa-H

YouTubeLet's talk about 290 billion, SNAP cuts, jobs, and studies....Par Belle of the Ranch
#uspol#economics#mmt
A répondu dans un fil de discussion
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Greengordon

@snazzyq

I agree 💯 except I think the government could just print the money rather than go into debt.

"The internet is an essential public utility and should be treated as such.

"Fiber networks should be (a) municipally owned, (b) funded by bonds and repaid by subscriber fees/dues, (c) leased to many different ISPs to ensure the lowest prices possible.

"It works. That is all."

#mmt#infrastructure
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DrALJONES

Mainstream economics as religion:

Don't tell the plebs the truth - it'll lead to "anarchic chaos"

In 1988, US economist Paul Samuelson explained the purpose of spreading the "balanced budget superstition".

Deregulation & privatisation in the 1980s "structurally created the basis for many later crises. Eg, the abolition of the Glass-Steagall Act was key to the GFC." @heinrichsgeist

Extract: youtu.be/4_pasHodJ-8

Full doco: sms.cam.ac.uk/media/761745/

#mmt #economics #uspol #ukpol #auspol .

On "the superstition that the budget must be balanced" "There is an element of truth in the view that the superstition - that the budget must be balanced at all times - once debunked, takes away one of the bulwarks that every society must have against expenditure out of control. "There must be discipline in the allocation of resources or you will have anarchistic chaos and inefficiency. "One of the functions of old fashioned religion was to scare people - by sometimes what might be regarded as myths - into behaving in a way that long-run civilized life requires."
En réponse à DrALJONES
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Heinrichsgeist

@DrALJONES

The 1988 publication date is important for classification: in the 1980s, neoclassical deregulation and privatisation measures were successful, but structurally created the basis for many later crises. For example, the abolition of the Glass-Steagall Act was key to the GFC in 2008 and was motivated by the Chicago School. In retrospect, one can conclude that Milton Friedman's statements (from minute 57, 'bad influence') are toxically wrong, but the exact opposite is true.

#mmt
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DrALJONES

Mainstream economics as religion:

Don't tell the plebs the truth - it'll lead to "anarchic chaos"

In 1988, US economist Paul Samuelson explained the purpose of spreading the "balanced budget superstition".

Deregulation & privatisation in the 1980s "structurally created the basis for many later crises. Eg, the abolition of the Glass-Steagall Act was key to the GFC." @heinrichsgeist

Extract: youtu.be/4_pasHodJ-8

Full doco: sms.cam.ac.uk/media/761745/

#mmt #economics #uspol #ukpol #auspol .

On "the superstition that the budget must be balanced" "There is an element of truth in the view that the superstition - that the budget must be balanced at all times - once debunked, takes away one of the bulwarks that every society must have against expenditure out of control. "There must be discipline in the allocation of resources or you will have anarchistic chaos and inefficiency. "One of the functions of old fashioned religion was to scare people - by sometimes what might be regarded as myths - into behaving in a way that long-run civilized life requires." Paul Samuelson 1988
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DrALJONES

@AndiiB @katyswain @ApostateEnglishman jfyi

Paul Samuelson on why spread the "balanced budget superstition":

From @heinrichsgeist

"...economics is abused as a religious doctrine — generations of students have been misled by dogmatic textbooks..."

Extract: youtu.be/4_pasHodJ-8

Full doco: sms.cam.ac.uk/media/761745/

#mmt #economics #uspol #ukpol #auspol .

Mainstream economics as religion: "Don't tell the plebs the truth - it'll be the end of civilised society".
Ever-so-convenient lies.

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AMonkeyInSilk 🇺🇦🇵🇸

David Speers on #ABCNewsAustralia this evening continuing the mythology around a ‘balanced’ budget.

Australia and Australians suffer whenever the federal government prioritises a budget surplus over services and infrastructure needed to maintain a strong and healthy country and population.

#auspol #mmt #fiatCurrency #election #vote #budget #budgetdeficit

From: @DrALJONES
mastodon.social/@DrALJONES/114

MastodonDrALJONES (@DrALJONES@mastodon.social)Attaché : 1 image 2 The fictions: US economist Paul Samuelson explains the purpose of spreading the "balanced budget superstition": From @heinrichsgeist@digitalcourage.social "...economics is abused as a religious doctrine — generations of students have been misled by dogmatic textbooks..." Extract: https://youtu.be/4_pasHodJ-8 Full doco: https://sms.cam.ac.uk/media/761745/ #mmt #economics #uspol #ukpol #auspol . Mainstream economics as religion: "Don't tell the plebs the truth - it'll be the end of civilised society". Ever-so-convenient lies.
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