To update our Spanish friends:
In an effort to bring MMT into the political debate in Spain, APEEP will be hosting Warren Mosler for his presentation of the Spanish translation of his book “The Seven Deadly Innocent Frauds of Economic Policy” during a one-week tour through Spain, starting with a presentation in Madrid, on the 14th of September; Valencia on the 15th of September; and Vila-real on the 17th of September.
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Posted in MMT, Modern Monetary Theory, warren mosler
Tagged MMT, spain, warren mosler
By Alexandria J E Angus
Warren Mosler gave this talk in Chianciano, Italy, on January 11, 2014 at the Chianciano Conference entitled Oltre L’Euro: La Sinistra. La Crisi. L’Alternativa. In English: Beyond The Euro: The Left. The Crisis. The Alternative [Google translation]. The video is embedded below, but you have to listen to a realtime translation in Italian, which doubles the listening time. I thought this talk important enough to transcribe, if not deliciously subversive on the part of Warren Mosler who offers Italians a way to save their economy. The transcription follows below the video.
Mosler describes how Italy (or any of the 17 EU countries that use the Euro) can leave the European Union safely if the EU persists, as it insists on doing, in impoverishing their country and citizens.
The subheads in blue are mine, not Mosler’s, and are designed to assist reading. Some terms Mosler refers to in the body text relate specifically to the Italian economy, and I can’t identify them because I don’t know their Italian names.
Enjoy.
Warren Mosler, writing for US News & World Reports, makes the case that the Fed should not “normalize” rates or go back to trying to fine tune the economy by raising and lowering the overnight interest rate but, instead, just leave rates where they are. Let’s see if Warren’s argument will top the list of reader favorites. Read the full article here.
In Part I of this six-part series I presented the President’s explanation of why he can’t use alternative options for coping with the default threat arising out of refusal to raise the debt ceiling, a summary of the kinds of difficulties characterizing it, and discussed two of seven options, selective default, and the exploding option, the President has to deal with it, apart from the way he seems to have chosen. In Part II I discussed the next three options, platinum coins, 14th amendment, and consols, and commented on the legal issues related to them. Here, in Part III, I’ll cover two options which have started getting attention most recently.
Posted in Joe Firestone
Tagged austerity, bill black, debt ceiling, debt limit, debt limit crisis options, debt-subject-to-the-limit, default, deficit spending, great betrayal, Jack Balkin, Kevin Drum, L. Randall Wray, Matt Levine, MMT, modern money theory, President Obama, public debt, warren mosler, wigwam
By Dan Kervick
Stephanie Kelton has inaugurated a new series of New Economic Perspectives podcasts with a fantastic interview of Warren Mosler. The discussion covers current forecasts by Goldman Sachs and others on the state of the US economy; the Fed’s quantitative easing program and market jitters about tapering; the impact of Japan’s “Abenomics”; the political inertia behind the European community’s intractable political commitment to austerity; the investment foibles of the goldbugs; and more.
For all of those people who wonder why MMTers are so skeptical about QE, this is the podcast for them. Mosler’s explanation is as clear as a bell.
The podcast can be downloaded via iTunes by searching for “Stephanie Kelton” or “stephaniekelton’s podcast”. But is also available here via the web. Highly recommended!
Cross-posted from Rugged Egalitarianism
Marshall Auerback interviews Warren Mosler for the Institute for New Economic Thinking.
Posted in Marshall Auerback, warren mosler
Tagged Great Financial Crisis, MMT, warren mosler
By
Warren Mosler
(Cross-posted with permission of the author from
The Center of the Universe)
The intellectual dishonesty continues. As before, it’s the lie of omission.
R and R are familiar with my book ‘The 7 Deadly Innocent Frauds of Economic Policy’ and, when pressed, agree with the dynamics.
They know there is a more than material difference between floating and fixed exchange rate regimes that they continue to exclude from their analysis. Continue reading
Posted in Joe Firestone
Tagged austerity, Carmen Reinhart, chained CPI, grand bargain, Kenneth Rogoff, MMT, modern money theory, Vincent Reinhart, warren mosler
This series provides a framing document for Platinum Coin Seigniorage (PCS). In the four previous parts of the series, I pointed out that there are three classes of opponents of High Value Platinum Coin Seigniorage (HVPCS, $30 T and above). The first and largest group opposes all Platinum Coin Seigniorage (PCS) of whatever type. The second, opposes HVPCS, but favors using the Trillion Dollar Coin (TDC) for the limited purpose of avoiding the debt ceiling. The third, opposes HVPCS, and doesn’t really favor using the TDC either, except, perhaps, as a last resort to avoid the debt ceiling. It favors an incremental approach to PCS beginning perhaps in the millions or billions in face value, and over a long period of time, after giving people years to adjust to Treasury using platinum coins with unusual, and unprecedented, face values, eventually building up to a TDC.
[Revised 1/6/2013]
This post records the history of platinum coin seigniorage in the blogosphere through the debt ceiling agreement on August 2, 2011. Its purpose is to correct errors in the record about the history of this idea appearing on mainstream blog posts by Joe Wiesenthal, John Carney, and Brad Plumer, during the past week. The idea of using coin seigniorage, the profits made from minting proof platinum coins, depositing them at the Fed, and receiving electronic credits in return, to remove the need for issuing debt, and so to always stay under the debt ceiling is due to a commenter (and occasional blogger) on economics and politics blogs whose screen name is beowulf (Carlos Mucha). Beowulf’s first comment on Platinum Coin Seigniorage (PCS) was on Brad Delong’s site on July 6, 2010 (h/t Cullen Roche, 01/05/13). But, the first comment of his I noticed on PCS was at New Deal 2.0. Unfortunately, when The Roosevelt Institute redid its New Deal 2.0 site, it wiped out the record of beo’s comment. However, I quoted his ND 2.0 proposal in a post on November 12, 2010 discussing a possible Government shutdown due to the debt ceiling. I cross-posted this at Correntewire too where beowulf commented further on the platinum coin option.
The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. How many Americans believe this garbage? My guess? Most of them.
Pete Peterson has won and the American people have lost. There is no effective counter narrative, not even from the left. Nearly all “progressives” have accepted the fundamental premise that the federal government is like a great big household. That it faces the same kinds of constraints that you and I face. That it should spend only what it takes in and that deficits are morally and/or fiscally irresponsible. President Obama told the nation, “We’re out of money.” . . .
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