By Thornton Parker
Discussions on this forum generally treat MMT in isolation rather than in the context of other forces that drive an economy. In Japan, for example, the sales tax increase to reduce the government’s deficit is widely seen as a recent cause of its lagging economy. But a bit of history shows a different picture.
At the end of World War II, the country was decimated. Many of its young men were dead; its industries and cities were in ruins; its people were humiliated and overwhelmed by two atomic bombs; even its religion was repudiated. An island nation, it had no local friends, little fuel, and almost no raw materials. The only thing it was rich in was poor people.
Most western economists believed it was destined to remain a basket case indefinitely. But the Japanese rejected that assessment, saying if that was what conventional economics predicted, they would invent their own economics. And they did just that.
These slides are from Bill Black’s presentation at the Cockefair Chair Lecture held at UMKC. The Lecture topic was the rise of American Industrialism. It was presented on October 28, 2014.
INETeconomics’ Marshall Auerback interviews NEP’s Bill Black. Topic of discussion is the “f” word – fraud.
UMKC is providing live video streaming of some of the key sessions of the 12th International Post Keynesian Conference.
Here is a list of the events they are streaming (all times Central):
- Wednesday, 6:00-8:00pm: Bruce Greenwald lecture in Royall 111
- Thursday, 5:45-7:30pm: “What Should We Have Learned from the GFC?”
- Friday, 5:45-7:15pm: Jamie Galbraith Keynote
- Saturday, 11:45-1:00pm: Lord Robert Skidelsky Keynote
- Saturday, 7:00pm: Lord Robert Skidelsky “Economics After The Crash”
To view any of the events, click here to go to the UMKC Streaming Video page and then click on the link at the bottom of the page for the platform you are using to view the stream.
Streams start approximately 15 minutes before the event.
UMKC’s Streaming page is located at: http://www.umkc.edu/ia/streaming/live-streams.cfm
Video of public debate on the role of Government in the economy presented at the Kansas City Public Library, Plaza Branch on September 16, 2014. This excerpt only contains Dr. Stephanie Kelton’s presentation. Her slides are available below the video. The full version of the debate including the Q&A session at the end is available on our YouTube channel.
By Tadit Anderson
There is an interesting provenance between the defaming of the democracy of Pericles’s Athens as dysfunctional and the use of this fiction to support an “aristocratic” form of governance in opposition to democracy, even two thousand years later. The life of this misrepresentation was then extended in fabrication of creation myths about the peculiar nature of allegedly modern “democracy.” By the end of the 19th century a more reliable analysis of the Golden age of Athenian democracy was available. This new narrative should have replaced the misrepresentation by Plato and his lineage, but propaganda, if repeated often enough will begin to seem true. Making a distinction between a form of oligarchy and a functional democracy seems to be difficult when gaining unearned wealth is such a disincentive.
The 12th International Post Keynesian Conference is being held in Kansas City, September 25 – 27, 2014 at the University of Missouri – Kansas City. Below is the complete schedule for the conference. For a direct link to the schedule, click here.
A Modern Money Network contributor – Jason Kessler put together this beautiful graphic based on Randy Wray’s Meme for Money series that appeared here on NEP.
Randy will be on Thom Hartmann’s show July 18th, 2014 at 1:00 pm Eastern time. You can catch Randy and Thom live on radio stations coast to coast…live on XM/Sirius satellite radio…simulcast LIVE on Free Speech TV on Dish Network, Direct TV, Comcast Cable, RCN, Cox Cable, Time Warner, Verizon Fios and over 200 independent community cable providers nationwide including Manhattan Neighborhood Network.
The audio and video are streamed LIVE on Thom’s website. Free Speech TV also streams the program LIVE on their website.
The program is also streamed LIVE (audio and video) on The Thom Hartmann Program app available for iPhone and iPad (free of charge on iTunes)
By Raúl Carrillo
“Where does money come from?” That’s our question. That’s the trump card Deficit Owls play to explain why the case for austerity is shallow and sadomasochistic, now and forever. When one spreads the true answer—that the Federal Reserve creates dollars with keystrokes, that the U.S. government, unlike like a state or a household, can’t possibly “go broke”, that Uncle Sam has to worry about inflation but doesn’t need to tax or borrow to spend—policy creativity explodes. The false choices of public finance are illuminated. We can decrease taxes AND increase expenditures. We can achieve full employment AND price stability at the same time. Once we align conversation with operational reality, and recognize that we can’t collectively run out of money, we can have an honest—if always antagonistic—conversation about what institutions should do to create, administer, and regulate stocks and flows of resources.