Causality is, as often said, not a law but the form of a law; a discourse used to bring some understanding to a chaotic world. In that discourse the two words “cause” (C) and “effect” (E) are subject to rules of speech: E cannot precede C in time. And the connective relating them, an arrow, like C–>E, translated as “C causes/leads to/is followed by E”, or some synonyms, is two-way.
The Gower Initiative for Modern Money Studies
Published on May 20, 2019
The Gower Initiative for Modern Money Studies was delighted to host this event at which founding proponents of Modern Monetary Theory, Professor Bill Mitchell and Warren Mosler, were joined by their colleague and fellow internationally respected author, Professor Martin J Watts.
Following the launch in March of the textbook ‘Macroeconomics’ and the inauguration of the MMT training college later this year the event focused on giving academics, teachers and the wider public the tools with which they can take a more critical approach to the subject by comparing and contrasting heterodox and orthodox approaches to theory and policy.
This event aimed to challenge preconceptions about how money works and explained how such an understanding offers a lens through which we can develop solutions to the pressing economic, social and ecological issues we face.
Table of Contents
♦ MODERN MONEY THEORY: THE BASICS
♦ Taxes and the Public Purpose
♦ CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS
♦ Tax Bads, Not Goods
♦ DEBT-FREE MONEY: A NON-SEQUITUR IN SEARCH OF A POLICY
♦ Why Money Matters
♦ MODERN MONEY THEORY: How I came to MMT and what I include in MMT
♦ An MMT View of the Twin Deficits Debate
♦ A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling
♦ A Must Read: Why does everyone hate MMT?
♦ HOW TO PAY FOR THE WAR Read More
Economic stimulus packages can never satisfactorily address the real problem of unemployment and underemployment in market economies, according to Randall L. Wray. He estimates real unemployment is close to 30 million people or 20% of the workforce in the USA. But there is an effective and affordable to achieve full employment through direct job creation programs financed by the US Government. In this webcast, Professor Wray discusses the short and long term causes of unemployment, the right to employment, the hidden costs of unemployment, the unrecognized benefits of full employment, theory of how job guarantee programs can effectively balance full employment and currency stability along with practical examples of successful programs. This presentation will be of interest to all those looking for a realistic practical strategy for addressing the problem of unemployment. Wray is Professor of Economics and Research Director of the Center for Full Employment and Price Stability at the University of Missouri–Kansas City and Senior Scholar at the Levy Economics Institute of Bard College in New York. He is author of numerous books including Money and Credit in Capitalist Economies and Understanding Modern Money: The Key to Full Employment and Price Stability. For a complete bio and list of Professor Wray’s publications and links to working papers, click here
Cannabis: Moving from Insanity to Industry Patrick Martin May 15, 2019 According to Einstein, insanity is, “Doing the same things over and over and expecting different results”. Since colonialism, we have been doing a same thing.We have been acting out a deception that caused the demonization of a plant that has profound medicinal and industrial… Read More
Seven Deadly Innocent Frauds of Economic Policy
- The government must raise funds through taxation or borrowing in order to spend. In other words, government spending is limited by its ability to tax or borrow.
- With government deficits, we are leaving our debt burden to our children.
- Government budget deficits take away savings.
- Social Security is broken.
- The trade deficit is an unsustainable imbalance that takes away jobs and output.
- We need savings to provide the funds for investment.
- It’s a bad thing that higher deficits today mean higher taxes tomorrow.
October 8-12, 1974 a symposium on “Patterns of Resource Use, Environment and Development Strategies” was convened in Cocoyoc, Mexico by the directors of United Nations Environment Programme and the United Nations Conference on Trade and Development, Maurice Strong and Gamani Corea. The rapporteurs were Barbara Ward for resource use and the environment and Johan Galtung for development strategies. That part of THE COCOYOC DECLARATION—adopted by the participants–is reproduced below, with a certain sadness: it is as valid today, more than 30 years later. The two directors received a three feet long cable, from the US State Department, rejecting the declaration entirely. Signed by: Henry Kissinger.
Introduction to an Alternative History of Money Author(s): L. Randall Wray Download: Working Paper No. 717 http://www.levyinstitute.org/publications/introduction-to-an-alternative-history-of-money This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. As… Read More
Propaganda is information that is not objective and is used primarily to influence an audience and further an agenda. Propagandists present facts selectively or publish lies (colloquially known as fake news) to encourage a particular perception by using strategically drafted language to produce an emotional, rather than a rational response, to the information presented.
The objective of propaganda is to trick the reader or listener into believing what the propagandist wants him or her to believe. By purposefully choosing parts of the bigger picture or by blatantly lying about the picture, the reader can be deceived into believing partial truths or lies.
Widespread political propaganda can cause a state of information chaos within a country, which only benefits politicians and political parties (or an enemy state e.g. Russia’s alleged information attack on the US general election). A wise man once said that the sole objective of a political party is to win elections. In order to win control of the government, in our constitutional system, citizens and residents choose the political party by way of voting for its political candidates. Therefore, politicians and political parties use propaganda to keep supporters loyal and to gain new supporters.
Politicians do not want voters to be objectively informed to challenge decisions and statements made by them. Blind loyalty is what political parties crave. When politicians steal state funds, take bribes, become morally bankrupt or fail in the management of their Ministries, they do not want to lose voters in the next election at all costs, so their actions or inactions can continue without repercussion.
Politicians also want their supporters to rally behind them, no matter what scandal or bobol is associated with them. Blind loyalty of this nature is preserved by the use of propaganda. Hypothetically, if a container of air conditioners destined for a state office goes missing (ending up in a politician and his or her family members’ homes) the pro-government propagandist will issue a press release or fake news item stating that a container fell off a ship in the Caribbean Sea while sailing from Miami to St Kitts. The politicians do not care if the story is true, once it is disseminated to as many people as possible. Who are you to question what “the media” tells you happened to the container?
“Make the lie big, keep it simple, keep saying it and eventually they will believe it” is quote from Nazi propaganda chief Dr Joseph Goebbels. That is the essence of the trick used by politicians and political parties for centuries.
We live in the era of Economism. Human consciousness is deeply etched by economistic beliefs in individualism, materialism, property, markets, economic growth, and freedom as consumer choice. These beliefs are necessary to sustain the system that supports us. But the economy we have is unlikely to support our grandchildren. Natural scientists argue that we are in a new geologic era, the Anthropocene, where people have become the major force in changing the geosphere: the atmosphere, oceans, and land. But it is the economistic beliefs that describe the cosmos of most people, bind people together, support their particular behavior, and sustain the economic system. Economism is altering the physical processes of the geosphere and collapsing the diversity of the biosphere. Econocene is a more appropriate term for the new geologic era. Fossil fuels and their technologies have transformed agricultural and industrial processes, the mobility of goods and people, and the geographies of cities and rural areas. People’s values, ways of understanding, and social organization have coevolved with fossil fuels and their technologies, but it is economism that binds people together and girds the economic system we have. We need a new “ism”, a new human consciousness, to support a new relationship with Earth and its other inhabitants.