Randy’s presentation for FUHEM in Madrid, Spain coinciding with the release of the spanish version of his Modern Money Primer. The introductions are in spanish and Randy speaks in english beginning at about 10:00 with a panel member translating to spanish. He presents Modern Money Theory and then what is wrong with the Euro/EMU.
This is the fourth column in my series of articles critiquing Deirdre McCloskey’s book review in the Wall Street Journal entitled “Two Cheers for Corruption.” McCloskey has subsequently written to New Economic Perspectives – but apparently not the WSJ – to complain that the title was authored by the WSJ and is contrary to her views. As I mentioned, in my third column, the title is also innumerate in that McCloskey’s book review actually endorsed three types of corruption – and corruption is inherently a composite of bribery, extortion, and fraud. She claimed that these three types of corruption exemplified why corruption can be desirable because it makes society more “efficient and just.” I addressed in my second column in this series the first form of corruption that she endorsed – secret bribery, fraud, and corruption by firms in order to violate building safety codes with impunity.
In the first two parts of this series of commentaries on Bruce Bartlett’s testimony to the Senate Budget Committee, I’ve reviewed the first 8 paragraphs in his statement. These points debunked various concerns of those who think the United States has a serious “debt crisis” it must handle before it takes on trivial problems such as its unprecedentedly high level of wealth inequality, lack of true full employment at a living wage, roughly 30 million people still lacking health insurance, one of the worst infrastructure systems in the developed world, transitioning from fossil fuels and ending climate change, creating a first class public educational system from pre-K through graduate school, ending the student loan crisis, creating a single standard of law for all, including the various categories of violators categorized as too big to prosecute by recent Administrations, and ending the student loan debt crisis, just to name a few.
However, what was noticeably missing from the variety of arguments given in his eight paragraphs was a recognition that the United States is a fiat sovereign nation and that this fact has serious implications for most of the subject matter Bruce Bartlett covers in his statement. In this post I’ll continue my analysis of his statement to explore the extent to which his views correspond to Modern Money Theory (MMT).