Modern Money and Public Purpose – Session 1

First Session of Modern Money and Public Purpose – The Historical Evolution of Money and Debt featuring L Randall Wray and Michael Hudson.

21 responses to “Modern Money and Public Purpose – Session 1

  1. It’s all about faith once again. I remember when people had faith in the value of their homes

    • I don’t see any element of faith in the factual presentations. Professor Wray made the point clearly that he was not prescribing policy. The only situation where faith is involved is in the regard the general public have for the politicians who have to make policy decisions. Most of that faith is whether each politician is a believer (or not) that a society operates for the benefit of all its members, not just a select few. I believe some societies put too much value on brains and cunning relative to those who intellectual abilities suit them only to accomplishing less intellectually demanding tasks. Societies where gross inequalities exist tend to have more crime and less total well-being. The ultimate outcome in such societies is best described in the last few sentences of Dickens’ “A Tale of Two Cities.”

  2. Thomas Bergbusch

    What a lovely presentation! I trust that organizers will get a more able, and less self-regarding, moderator next time. It would be helpful if the moderator were someone who listened and reasoned, or perhaps, to be a little uncharitable, was capable of understanding what the presenters had said.

  3. wonderful to have access to this talk truly educational.

  4. Michael still cuts corners with his “treasury bonds finance US government spending.” Wray IMO made it very clear that is not the case.

  5. I guess in theory “monetary imperialism” could work like MH says, and people in US may actually believe it works that way, but in practise it does not..

  6. ..or perhaps US treasury knows what they are doing, and are just selling bonds to chinese to keep them out from US property market..

  7. I felt that Wray spoke with a better economic understanding than Michael. Michael uses a lot of short-hand which probably didn’t help with people first introduced to MMT. Still a good presentation.

  8. Randell Wray for Fed chairman and Michael Hudson for Secretary of Treasury or vice versa.

  9. OK, but perhaps that would only work if Warren Mosler were president.
    Or perhaps William Black, or Sheila Blair.

  10. First of all, what a great lecture. Can’t wait for more. Perhaps “social media” can reach the people and be used as a free means to enlightenment. Perhaps more will be made available as soon as possible.
    Justaluckyfool would hope that the topics are less in quantity and more in quality: example, When “What is money” was the topic, if there could have been discussion of “The Role of Money”,
    or why today all money is “fiat”.
    To state it as simple as possible do it as a lecture “Economics for Dummies” or I would prefer “Economics for Fools”.
    More questions, tons of questions for the best way to instruct perhaps would be to give profound answers to all questions. This of course was limited but well done.
    And how about Wray got in “Hyman Minsky” but then Hudson; “Frederick Soddy”.
    OMG , with Michael Lewis as moderator that could have been a five hour session.
    But maybe, just maybe it would have been revealed that both called for “free banking”
    PLEASE,PLEASE, continue this thru “social media”. The entire world may be watching and listening. Even the moderator would agree ” the best education should be a free education” (not an exact quote but close)
    So how about it .A series of lectures and debates for the betterment of mankind.
    Only in America is it the sole purpose of government (by the people, for the people, of the people)
    to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…””
    Justaluckyfool says, “We went wrong and we need to correct it”
    “The Redistribution of the Wealth of a Nation” is how we can fix it.

    • Hi Justaluckyfool,

      Thanks for the comments – we did not end this session until all in-person and online questions were answered (although some more moderator-speaker engagement couldn’t have hurt!), so if you would like us to go in more depth, please make sure to contribute questions and get others to do the same!


  11. Would love to hear why prof. Harris thought he heard a lot of fantasy history. I guess Michael’s presentation of Roman history was a bit simplistic, but I don’t mind the polemics every now and then.

  12. I love Hudson’s lectures. The moderator was a bit full of himself. Great STUFF

  13. The Dork of Cork

    The Moderators knowledge of Ancient Roman history may be very extensive but his logic leaves much to be desired.
    At the end of the talk he stated driving a farmer off the land in a Agrarian society (where money was of less importance i.e. you could possibly feed yourself without money tokens in the past) is very different from sinking people into debt.
    But almost all food is exchanged for money /debt today…..rather then the partial money economy of yesteryear.
    Its really the same phenomena now especially in Ireland where the mortgage debt is never written off your slab.

    It appears to be less extreme today (for the moment) as the state will continue to give you Dole (bread) money but they are in the process of taking that away also in Ireland.
    So you must leave the land… you leave the state…..GET OFF THE LAND…….Go to Australia or something but just go….or kill yourself or something.
    The Euro is a new experiment of the High Elite…..they seek to destroy the nation state that they themselves created and replace it with the so called market state and the Euro is at the heart of this darkness.

  14. The Dork of Cork

    Also no one asked Randy how you could have a free banking crisis under a Central bank system…… was (The FED) designed to prevent such crisis was it not ? or at least we were told this charming story.

    This is much worse then the free banking crisis of the 19th century as at least the bankers had the decency to print their own money credit rather then the states money.
    Its up there with the run on the BoE and HMs Treasuary bid to bail out the BoE via the printing of 10 shilling notes to bail out the BoE by then slowly killing off the 10 shilling note holders……

    Soldiers as a conduit.
    Consumers as a conduit.
    Citizen serfs functioning as a conduit for the hidden banking system.

    Goverment money must become Base money again rather then interest money if you are to become a true Roman republic rather then a false Cromwellian banking republic.

  15. The moderator completely ignored the fact that Greeks, Spaniards, Irish, and Latvians are emigrating in droves. That’s what happens when you crush a population with debt.

    Note to whoever is running this blog:

    The text in parts of the MMT primer is all stuck together and difficult to read. Wordsarestuck togetherlike this, for example. Is there any way someone could do something about this?

  16. I’m working my way slowly through the presentations, and am now through Randy’s. I thought it was beautifully organized and very well-delivered. The first few questions were answered very well too. I liked the emphasis on the facts and the clear distinction between descriptive and policy points when the distinction was relevant. I think this one is a very good model for an introductory MMT presentation.

    On to Michael’s presentation and the various exchanges. Warren and Stephanie on tap for this evening. I’ll try to get to the live stream.