Tag Archives: monetary sovereignty

Lavoie’s Critical Look at Modern Money Theory: A Reply

In October 2011 Marc Lavoie, a post-keynesian economist, very friendly to Modern Money Theory (MMT) wrote a paper presenting a friendly critical look at MMT. In his conclusion, Lavoie states that “. . . the neo-chartalist analysis is essentially correct . . . “ affirming his substantial agreement with MMT’s analysis of banking operations and fiscal realities in nations with non-convertible fiat currencies, with floating exchange rates and no debts in currencies they do not issue, as well as MMT’s analysis of Eurozone viability. But he goes on to say (p. 25):

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Martin Wolf: “Lord Turner Thinks the Unthinkable”

By John Lounsbury
(Cross posted from econintersec.com)

February 13th, 2013

Paul Kasriel alerted me in an email this morning to check out Martin Wolf’s column today (13 February 2013) in the Financial Times.  Wolf’s title:  “A case to reset basis of monetary policy.”  The widely read associate editor and chief economics commentator for FT is one of the world’s most influential writers on economics.  And he often swims at the edge of the mainstream and sometimes thinks completely outside the box that limits many economic thinkers.  So when you want a breath of fresh air, read Martin Wolf.  He can pull heads out of the sand; there isn’t much fresh air in that medium. Continue reading

Public Debt, Debt Ceiling and Monetary Sovereignty: Some Accounting Realities

By Eric Tymoigne

The public debt is the outstanding U.S. Treasury securities (USTS). It includes both marketable (T-bills, T-notes, T-bonds, TIPSs, and a few others) and non-marketable securities (United States notes, Gold certificates, U.S. savings bonds, Treasury demand deposits issued to States and Local Gov., all sorts of government account series securities held by Deposit Funds). What are the means to reduce the public debt? Continue reading