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The “Fiscal Cliff” Validates MMT

The “Fiscal Cliff” Validates MMTBy Thornton “Tip” Parker The fiscal cliff of increased taxes and reduced federal spending resulted from the hasty wedding of Congress and the Administration a few months back when the debt ceiling became a shotgun. ...
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The Money Chronicle
Issues dealing with money reform and changes to our monetary system
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▶ Money creation in the modern economy - Quarterly Bulletin article - YouTube

For the Bulletin article on money creation, see: www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf Film...
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“Most money in the modern economy is in the form of bank deposits, which are created by commercial banks themselves…  When a bank makes a loan to one of its customers it simply credits the customer’s account with a higher deposit balance. At that instant, new money is created…”

 

the relationship between reserves and loans typically operates in the reverse way to that described in some economics textbooks. Banks first decide how much to lend depending on the profitable lending opportunities available to them…It is these lending decisions that determine how many bank deposits are created by the banking system. The amount of bank deposits in turn influences how much central bank money banks want to hold in reserve (to meet withdrawals by the public, make payments to other banks, or meet regulatory liquidity requirements), which is then, in normal times, supplied on demand by the Bank of England

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Nomadic Thor on Twitter

Nomadic Thor on Twitter | The Money Chronicle | Scoop.it
Banks create money outta thin air. They dont take in Deposits and Savings and then Loan it out #PositiveMoney #Bank pic.twitter.com/qVjGG2wBGL
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Simon Thorpe's Ideas: Money Creation without Debt is possible

Simon Thorpe's Ideas: Money Creation without Debt is possible | The Money Chronicle | Scoop.it

One of the main insights that I got from reading Ellen Brown's "The Web of Debt" is that it is perfectly possible to create the money needed for the economy to function without taking on debt. The trick is to use central banks to create the money and to use it exclusively for financing activities that are in the public good.

 

Currently, nearly all money creation is done by commercial banks. And the logic that governs the use that gets made of the money is simple - the money gets used for whatever maximises the profits for the banks. Sure, some money is currently being created by Central Banks. For example, the Bank of England has created £325 billion of Quantitative Easing in the last few years. But this money has gone exclusively to commercial banks. Similarly, the European Central Bank, under the direction of its new head Mario Draghi (ex European Director of Goldman Sachs), has recently printed over €1 trillion - but again, the only ones to benefit were commercial banks.

 

So, effectively, the commercial banks have a complete monopoly. Furthermore, whenever they lend (read create) money, they insist on being paid interest.

 

Imagine a different world. A world in which commercial banks can only lend money that they have taken in as deposits. But a world in which the money creation process is entirely under the control of the central banks, and where the choice of use for the newly created money is determined not by the need to maximise profit, but by the interest of citizens.

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Beyond left and right: Real money is vital for our freedom and...

Beyond left and right: Real money is vital for our freedom and... | The Money Chronicle | Scoop.it
MORE important than the issues of “left” or “right” are surely those of being right or wrong. So why is it that the people who have been elected to lead us persistently ignore those who have been consistently correct on their calls for the economy? Mainstream media and the government...
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Liberty & Nation Issue 3 – Help Spread The Word! » National Liberal Party | LIBERTY: INDEPENDENCE: DEMOCRACY: ECOLOGY

Liberty & Nation Issue 3 – Help Spread The Word! » National Liberal Party | LIBERTY: INDEPENDENCE: DEMOCRACY: ECOLOGY | The Money Chronicle | Scoop.it
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A gap in the understanding of the money system at the Treasury

A gap in the understanding of the money system at the Treasury | The Money Chronicle | Scoop.it
  The Commons Debate on Money Creation and Society: both front bench spokespersons display a yawning gap in their understanding of how the money system works A wake up call is needed That both front bench spokespersons got it so wrong … Continue...
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Yellen vs Mosler

Yellen vs Mosler | The Money Chronicle | Scoop.it
At her press conference Janet Yellen stated that the net effect of the drop in oil prices is that of a tax cut, and therefore supportive of US output and employment.
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▶ The True View of Nature of Money (1948) - YouTube

▶ The True View of Nature of Money (1948) - YouTube | The Money Chronicle | Scoop.it
This is my 501st post. lol. I'm grateful for everyone who's followed. [...] A credit redeems a debt and nothing else does, unless in virtue of a special stat...
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▶ Elizabeth Warren Rages Against Executive Branch - YouTube

"Sen. Elizabeth Warren failed to stop a change in bank regulations last weekend, but she raised her profile yet again. The Massachusetts Democrat tells NPR t...
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The College Trap That Keeps People Poor

The College Trap That Keeps People Poor | The Money Chronicle | Scoop.it
On December 15, 2014, Jim Tankersley writes in The Washington Post:
The odds are stacked against low-income Americans seeking the education they need to move up.
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U.S. Wealth Gap Hits Record High

U.S. Wealth Gap Hits Record High | The Money Chronicle | Scoop.it
On December 17, 2014, Maxwell Strachan writes on The Huffington Post: Never in the 30 years since the the Federal Reserve first starting collecting wealth data has the divide between the rich and everyone else been so large, according to a new...
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Obama Imports and Immunizes Banksters Who Donate to the Democratic Party

Obama Imports and Immunizes Banksters Who Donate to the Democratic Party | The Money Chronicle | Scoop.it
Obama Imports and Immunizes Banksters Who Donate to the Democratic Party
By William K.
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Ellen Brown, Gar Alperovitz, Public Banking In America

Public Banking Institute President, Ellen Brown, opens the first Public Banking In America Conference in Philadelphia on April 27, 2012, followed by keynote ...
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▶ Princes of the Yen: Central Banks and the Transformation of the Economy - YouTube

“Princes of the Yen” reveals how Japanese society was transformed to suit the agenda and desire of powerful interest groups, and how citizens were kept entir...
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The Conservative Case For A Guaranteed Basic Income

The Conservative Case For A Guaranteed Basic Income | The Money Chronicle | Scoop.it
Swiss backers of a minimum income spread out coins in Bern.
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Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money

Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money | The Money Chronicle | Scoop.it
By Ellen Brown, Web of Debt
On March 20, European Union officials reached a historic deal to save failing banks by tapping both taxpayer and depositor funds.

Via Troy Mccomas (troy48)
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Another Economy Is Possible! » National Liberal Party | LIBERTY: INDEPENDENCE: DEMOCRACY: ECOLOGY

Another Economy Is Possible! » National Liberal Party | LIBERTY: INDEPENDENCE: DEMOCRACY: ECOLOGY | The Money Chronicle | Scoop.it
Let’s be honest about it, how many members of the establishment parties (or even individual politicians) know how money is created?Indeed, do any of them even care?How many of them have spoken out against the current criminal banking system?They all seem reasonably happy enough to continue surrendering sovereign powers and let the private banks to conjure money out of nothing and then charge interest on it. 

 

However, to ensure real prosperity we need a system that benefits people – as opposed to one that robs them blind.Thus we need a system of Monetary Reform whereby publicly-created, debt-free money is the norm as distinct from privately-created, debt-based money.
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Bill Black: Obama and Holder Choose Banksters Over Whistleblowers

Bill Black: Obama and Holder Choose Banksters Over Whistleblowers | The Money Chronicle | Scoop.it
Yves here. At this point, the Obama administration's fealty to banksters is a "dog bites man" story. Nevertheless, it's useful to catalogue particular incidents to show how consistent its behavior is.
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Banks, Multinationals And Governments Are Stealing Our Future. Here’s How We Win It Back

Banks, Multinationals And Governments Are Stealing Our Future. Here’s How We Win It Back | The Money Chronicle | Scoop.it
There’s never been a better time to organize a general strike in the U.S. than right now. We must stop the Trans-Pacific Partnership and put an end to government authorized bailouts.
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Dick Eastman monetarist social credit economics ANSWERS Austrian School Pt 1 - YouTube

A walk through the economics backing American Social Credit To replace Debt Slavery System Now -- American Social Credit http://www.youtube.com/watch?v=ftT9B...
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▶ SR 346 - Money Creation Debate 5 - "Tested to Destruction" - YouTube

▶ SR 346 - Money Creation Debate 5 - "Tested to Destruction" - YouTube | The Money Chronicle | Scoop.it
Nothing will change until the current system is tested to destruction.
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The Just Third Way: Some Notes on Discounting Acceptances

The Just Third Way: Some Notes on Discounting Acceptances | The Money Chronicle | Scoop.it

When someone offers a bill of exchange and it is accepted in settlement of a debt, it is then called an acceptance.  The process is called discounting because the bill always passes as money at its present value, which is almost always a discount. The first offer and acceptance is always called discounting.  Any subsequent offer and acceptance of the same bill is called rediscounting.

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Joseph Stiglitz: Economics Must Address Wealth and Income Inequality

Joseph Stiglitz: Economics Must Address Wealth and Income Inequality | The Money Chronicle | Scoop.it
Yves here. This interview with Joesph Stiglitz is pretty subversive for a talk with a Serious Economist.
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The Technology Solution to the Democracy Crisis

The Technology Solution to the Democracy Crisis | The Money Chronicle | Scoop.it
The Technology Solution to the Democracy Crisis By Joe Firestone The spectacular intrusion of special interests into the passage of the $1.1 trillion government spending bill on December 13, 2014 was breathtaking as bankers and lobbyists whipped...
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Home - International Movement for Monetary Reform

Home - International Movement for Monetary Reform | The Money Chronicle | Scoop.it
Changing the way money is created to serve society We are a coalition of organisations and people from across the world, campaigning to change the way money is created. Search the map to find the movement for monetary reform in your country. Or find out how to be part of a new movement in your country.
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