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.
Sorry, I’ve been very busy in recent weeks, finishing up a book on Minsky and revising my Modern Money Primer for a second edition (more on both of those projects later).
Meanwhile, Lola Books is gearing up to release the Primer in Spanish next week. I’ll be in Madrid for the launch and for a series of meetings. I’ll give two presentations that are open to the public. Details are below. Hope to see our Spanish friends there!
The Workers’ Think Tank: With an eye on the United States and Greece, scholars at the Levy Economics Institute are developing plans to ensure full employment, by Sasha Abramsky, February 2, 2015, The Nation.
As Sasha notes, the Levy Institute has a novel approach to fighting unemployment: JOBS! Hardly anyone ever thinks about that–that the cause of unemployment is lack of jobs.
For some reason, virtually all policy-makers and economists (including progressives) think that jobs will magically appear. True, some suggest that US unemployment is created because China (et.al.) “steals” jobs that are rightfully due to America. Hence, the solution is to steal them back.
With Syriza in the driver’s seat, Greece now has some hope for the end to austerity imposed by Germany and the Troika.
Here’s a good short piece by C. J. Polychroniou, a research associate and policy fellow at the Levy Economics Institute. As he explains, what Syriza wants is no more—and no less—radical than what the USA did in the 1930s to deal with its Great Depression: “the bulk of Syriza’s economic program for addressing the catastrophic crisis in Greece, which has evolved into a humanitarian crisis, is inspired by President Franklin D. Roosevelt’s New Deal programs”.
Since the shooting of Michael Brown in Ferguson by a cop, we’ve seen video after video of cops killing unarmed young men and even boys. The excessive militarization of our domestic police has come into question. The institutionalized racism among our police forces is only part of the problem.
It certainly looks like our police are literally scared to death of the population they are sworn to protect. The operative notion seems to be that our police should not take any risks—they should assume all boys and men—at least if they are black–are armed and dangerous, hence police should shoot first and sort things out later. In any event, prosecutors do not indict police who are doing their job, and juries rarely convict them for bad judgment. Better to err on the side of their own safety. It is indeed hard to second-guess them. I say this sincerely even if I find this unacceptable.
As Joe says: “Few matters of economic importance are as woefully misunderstood as modern money. It can seem a fiendishly complicated subject, even to economists. Schumpeter confessed to never having understood money to his own satisfaction, while Keynes claimed to know of only three people who really grasped it: ‘A Professor at another university; one of my students; and a rather junior clerk at the Bank of England’.”
Some of you will remember that MMT got its first huge mainstream exposure through a Washington Post article written by Dylan Matthews. He’s just written another excellent story, this time about Stephanie Kelton going to Washington. Finally, there might be an alternative to the deficit hawk and timid deficit dove lovefest!
As Dylan says: “For years, the main disagreement between Democratic and Republican budget negotiators was about how to balance the budget — what to cut, what to tax, how fast to implement it — but not whether to balance it. Even most liberal economists agree that, in the medium-run, it’s better to have less government debt rather than more. Kelton denies that premise. She thinks that, in many cases, government surpluses are actively destructive and balancing the budget is very dangerous. For example, Kelton thinks the Clinton surpluses are nothing to brag about and they actually inflicted economic damage lasting over a decade.”