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Modern Money Theory
Taxes back money in a sovereign state
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Michael Hudson: C is for Camouflage

Michael Hudson: C is for Camouflage | Modern Money Theory | Scoop.it
By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond.” Originally published on his blog.
Emer O'Siochru's insight:

I like Hudons entry for 'Commons'

Commons: Publicly held land and other economic infrastructure in the public domain, such as water, land, radio airwaves, forests and air, and natural monopolies such as transportation, power and telephone service, to be organized in society’s overall long-term self-interest rather than monopolized by private-sector rentiers. The idea of an inherent “tragedy of the commons” resulting from overuse often is cited as the reason why this policy cannot work over time. However, that ideological position does not reflect historical reality. The commons traditionally have been treated with a view toward long-term preservation of social integrity and balance.

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Greece Needs a 21st Century Marshall Plan - Bloomberg

Greece Needs a 21st Century Marshall Plan - Bloomberg | Modern Money Theory | Scoop.it
Greece Needs a 21st Century Marshall Plan Bloomberg In December 2010, the so-called troika of lenders -- the European Commission, the European Central Bank and the International Monetary Fund -- predicted that their measures would move Greece's...
Emer O'Siochru's insight:

And so say all of us....

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"Greece needs a 21st century Marshall Plan" - Capital.gr (press release)

"Greece needs a 21st century Marshall Plan" - Capital.gr (press release) | Modern Money Theory | Scoop.it
"Greece needs a 21st century Marshall Plan" Capital.gr (press release) The 240 billion euro ($319 billion) bailout from the euro area and International Monetary Fund has shown little sign of success, and Greece is experiencing its sixth year of...
Emer O'Siochru's insight:

ireland needs a plan too.

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Galbraith on the Greek Crisis and the “Very Patient and Stubborn Profession”

Last week, James Galbraith was supposed to be interviewed by ERT, the public broadcaster in Greece.  Events intervened when the Greek government ordered that ERT be shut down, and so instead of sitting for the interview, Galbraith delivered this...

Emer O'Siochru's insight:

Jamie is also so reasonable, and right.  I fantasise about him being invited to Ireland to fix our economy. 

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The self-destruction of economics

The self-destruction of economics | Modern Money Theory | Scoop.it

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Emer O'Siochru's insight:

Sharpest brain I know.  Where does he find the time?

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How Gold Lost Its Luster - The Market Oracle

How Gold Lost Its Luster
The Market Oracle
His ideas are interesting in that he examines markets from a behavioral economics perspective, with ample doses of game theory and history, a combination that few people can bring to the table.

Emer O'Siochru's insight:

Very interesting and well argued article.  Made me think...

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Warren Mosler, a Deficit Lover With a Following

Warren Mosler, a Deficit Lover With a Following | Modern Money Theory | Scoop.it
From his home in the Virgin Islands, Mr. Mosler is waging a well-financed academic battle against economists who want to cut government spending.

Emer O'Siochru's insight:

Mosler responded to some of the mistakes and misunderstandings in comments.  Still all publicity is good at this stage of the game. 

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The Campus Network | New Economics Institute

The Campus Network | New Economics Institute | Modern Money Theory | Scoop.it

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Emer O'Siochru's insight:

So great to see the alternative ideas are spreading in the nation state that controls much of the world's economy. 

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The Real Reason Why TED Banned Nick Hanauer’s Talk On Income And Inequality |

The Real Reason Why TED Banned Nick Hanauer’s Talk On Income And Inequality | | Modern Money Theory | Scoop.it
About two years ago, billionaire Nick Hanauer (a venture capitalist from Seattle) gave a talk at the TED conference about income and inequality in America. The...

Emer O'Siochru's insight:

Watch and learn.  Plain talking that fingers the 1% for inequality and poverty. This is soemthing we are not supposed to know...

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Dan Kervick Interviews Bill Black and Marshall Auerback on The ...

Dan Kervick Interviews Bill Black and Marshall Auerback on The ... | Modern Money Theory | Scoop.it
I then talked with Linda Hutton and Bill Weidacher about the state of the housing market in New Hampshire and the country. In the second half of the show I talked with fellow NEP bloggers Bill Black and Marshall Auerback.

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Looting of America- William K. Black and Stephanie Kelton – Video ...

Looting of America- William K. Black and Stephanie Kelton – Video ... | Modern Money Theory | Scoop.it
NEP's William Black and Stephanie Kelton appear on RT's Truthseeker. This episode focuses on the looting of America.

 

Emer O'Siochru's insight:

Very compelling viewing.

 

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Expansionary Austerity: Reinhart&Rogoff and the Neolibs - EconoMonitor (blog)

Expansionary Austerity: Reinhart&Rogoff and the Neolibs - EconoMonitor (blog) | Modern Money Theory | Scoop.it
Expansionary Austerity: Reinhart&Rogoff and the Neolibs EconoMonitor (blog) (See here: http://www.levyinstitute.org/pubs/wp_603.pdf) First, the notion that one can simply aggregate across 800 years of data (from a variety of sources) and countries...

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Modern Monetary Theory - An Introduction: Part 1 | New Economic ...

Modern Monetary Theory - An Introduction: Part 1 | New Economic ... | Modern Money Theory | Scoop.it
By Dale Pierce. Chapter One. Introduction. This is Chapter One of a three-part overview of a body of economic thought known popularly as “Modern Monetary Theory” or “MMT”. The aim of this chapter is to explain the basic ...

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The agency problem and how to create a criminogenic environment ...

The agency problem and how to create a criminogenic environment ... | Modern Money Theory | Scoop.it
By William K. Black. Despite an enviable predictive track record and the success of our policies when they are (rarely) put into practice, white-collar criminologists are overwhelmingly ignored in our core area of expertise by ...
Emer O'Siochru's insight:

William Black should be on the sylabus of al financial regulatory manuals.

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Property bubble? That's the theory, anyway - TheBull.com.au

Property bubble? That's the theory, anyway - TheBull.com.au | Modern Money Theory | Scoop.it
TheBull.com.au
Property bubble? That's the theory, anyway
TheBull.com.au
One economist did provide a straightforward definition of an asset bubble: Hyman Minsky.
Emer O'Siochru's insight:

Australia is just teetering on the cliff of a humungous bust having learnt nothing from other property busts in other nations.

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Shifting Troika Forecasts and a Marshall Plan for Greece

Shifting Troika Forecasts and a Marshall Plan for Greece | Modern Money Theory | Scoop.it
Dimitri Papadimitriou in Bloomberg View yesterday: In December 2010, the so-called troika of lenders — the European Commission, the European Central Bank and the International Monetary Fund — predicted that their measures would move Greece’s...
Emer O'Siochru's insight:

These graphs speak a 1000 words. 

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The Neoclassical conspiracy against Post Keynesian Economics (1)

The Neoclassical conspiracy against Post Keynesian Economics (1) | Modern Money Theory | Scoop.it
Paul Krugman recently posted on predictions of the crisis before it happened, in a piece entitled “Non-prophet Economics“. It had a set of propositions about how one should evaluate such claims with which I completely and utterly agree.

Emer O'Siochru's insight:

I of 4 posts to date.   Keen has great writing ability but brevity is not one of his assets. 

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Are More Jobs the Answer? The “BIG” Bait and Switch « Multiplier Effect

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Emer O'Siochru's insight:

Yes duh!, more jobs are the answer to scarce jobs.

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Warren Mosler: A Reading List - New York Times (blog)

Warren Mosler: A Reading List - New York Times (blog) | Modern Money Theory | Scoop.it
Warren Mosler: A Reading List
New York Times (blog)
In Business Day on Friday, I profile Warren Mosler, a charismatic gearhead and hedge fund executive who is among the best-known proponents of modern monetary theory.

Emer O'Siochru's insight:

Good links for interested readers.

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Why Have Student Loans At All? Let’s Get the Burdens of Debt off College Students’ Backs — And Make Wall St. Pick Up the Tab « naked capitalism

Why Have Student Loans At All? Let’s Get the Burdens of Debt off College Students’ Backs — And Make Wall St. Pick Up the Tab « naked capitalism | Modern Money Theory | Scoop.it
Commentary on current economic and financial news.

Emer O'Siochru's insight:

The old sow eats her young in the US too I see.

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Strategic quantitative easing

Strategic quantitative easing | Modern Money Theory | Scoop.it
The Bank of England’s programmes of Quantitative Easing (QE) and Funding for Lending (FLS) are failing to stimulate GDP and rebalance the economy.

 

Emer O'Siochru's insight:

The UK can do strategic quantitative easing because they have their own money.  Only the ECB could do it fo rus and other eurozone states.  It is a good idea whose time has come - but redundant and inaccurate understanding of how the money system works stands in the way.

 

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There's no need for all this economic sadomasochism

There's no need for all this economic sadomasochism | Modern Money Theory | Scoop.it
David Graeber: If Reinhart and Rogoff's 'error' has discredited the prevailing policy dogma, now is the time for an alternative that works

Emer O'Siochru's insight:

Great article citing tax-backed bonds idea by Mosler and Pilkington.

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Gullit Simon's curator insight, May 21, 2013 10:12 AM

informatie: opinie

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Bill Black: The New York Times Thinks Bleeding Cyprus is “Strong ...

Bill Black: The New York Times Thinks Bleeding Cyprus is “Strong ... | Modern Money Theory | Scoop.it
Yves here. I'm overdue for a post on the propagandizing against Cyprus. Black describes one element of this barrage. By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of ...

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Modern Monetary Theory Means We Shouldn't Have A Progressive Tax System - Forbes

Modern Monetary Theory Means We Shouldn't Have A Progressive Tax System - Forbes | Modern Money Theory | Scoop.it
Modern Monetary Theory Means We Shouldn't Have A Progressive Tax System
Forbes
Just a small thought here about one of the implications of Modern Monetary Theory (MMT).

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Vincenzo Aversa's comment, May 13, 2013 7:26 AM
I might be wrong, but I think the author doesn't consider that according to MMT the level ox taxation would be much lower than the current one, in order to enhance people spending power during recession times. That said, people would not complain too much about taxation if they had enough money to spend. Low taxation and govt investments would lead to higher GDP, so even with a single tax band tax revenue could be higher than the current one.
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Will the Harvard Austerity Error End Economic Sadomasochism? - Truthdig

Will the Harvard Austerity Error End Economic Sadomasochism? - Truthdig | Modern Money Theory | Scoop.it
National Post
Will the Harvard Austerity Error End Economic Sadomasochism?
Truthdig
And the solution has a name: “Modern Monetary Theory.” —Posted by Alexander Reed Kelly.

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