By Avraham Baranes and Stephanie Kelton
Presentation from session on Euro Issues from 11th International Post Keynesian Conference.
Anyone have the audio for this? How can I send this to grandma or dad and mom without it. Please. Any hints where we could find it?
Unfortunately, the sessions were not recorded so there is no audio available. Only the slide presentation which we have posted here.
100% reserve lending is good, unless one thinks the banks and so-called “credit-worthy” should be allowed to steal the purchasing power of the non or less “credit-worthy.”
Moreover, there are ethical means of private money creation (e.g. common stock) so who needs credit creation anyway?
And practically speaking, a temporary* ban on credit creation would allow the entire population, including non-debtors to be given new fiat at a rate just equal to the repayment of existing credit for a non-inflationary bailout equal to the difference between commercial bank liabilities and commercial bank reserves. That’s about $8 trillion for the US. Think that would stimulate the economy? Steve Keen has suggested something similar. And Keen recommends that about 1/2 GDP should be given away which coincidentally (?) is about $8 trillion for the US.
* Until the banks are completely private businesses with no government privileges.
Nice presentation otherwise. Thanks.
An excellent guide to the issues involved. Should be required viewing for all policymakers.
Maybe this could be more brilliant, but I’m damned if I know how.
Slam. Dunk. Killed It.
Ireland has posted its largest current account surplus ever in Q2 at over 3 billion Euros…..
The role of the sov UK & the city withen the Euro soup is not covered much.
It has posted record real goods and current account defecits in the second quarter.
The Big Bang and the Euro Trap go hand in hand I should think.
In the past the UK exported oil and gas to its Euro neighbours , now given its sovergin nature withen a bunch of Euro Vassal states it can outbid these colonies to sustain its oil consumption.
Will this be available for downloading?
Scratch that question, please. Available for download at Slideshare–you need to register.
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