Modern Money & Public Purpose 1: The Historical Evolution of Money and Debt
Economy | Information | History | Online | Facts | World | Global | Money
Moderator: William V. Harris, William R. Shepherd Professor of History and Director, Center for the Ancient Mediterranean, Columbia University Speaker 1: L. Randall Wray, Research Director of the Center for Full Employment and Price Stability and Professor of Economics, University of Missouri-Kansas City Speaker 2: Michael Hudson, President, Institute for the Study of Long-Term Economic Trends and Distinguished Research Professor, University of Missouri-Kansas City Tuesday, September 11, 2012 About the Seminar Series: Modern Money and Public Purpose is an eight-part, interdisciplinary seminar series held at Columbia Law School over the 2012-2013 academic year. The series aims to present new perspectives and progressive policy proposals on a range of contemporary issues facing the U.S. and global macroeconomy. Seminars will feature a mix of academics and practitioners on topics ranging from the history of debt and money and the structure of the financial system to economic human rights for the 21st century. http://www.modernmoneyandpublicpurpose.com Help us caption & translate this video! http://amara.org/v/Cm5t/
Comments
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Poor acoustics! 😟
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demystifying the jewy hocus pocus
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I would urge students of monetary policy and monetary history to read what Adam Smith had to say about the Bank of Amsterdam and its impact on the international economy of that era. The Bank at that time was publicly owned, was a deposit bank and not a lending institution, and issued receipt money fully backed by coinage of a standard weight and measure.
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One of the biggest obstacles is getting people to even listen about this, they are fully convinced of what they have been told for so long about federal debt that to turn them around is a daunting task.
You start to talk to them about this and they just turn off seemingly willing to believe what they have been told and will not listen to an alternative view. The big bother syndrome..
Many in congress don’t really understand how it works and don’t want to listen either.
They are also willing to accept the narrative without question..
Truth is those in positions of power are don’t want the truth to be known, that no one needs to live in poverty, no one.
The government’s ability to spend without limit could house everyone and feed everyone that needs it.
Homelessness, drug addiction, prostitution would drop dramatically, and as a result of that so would the crime rate.
But as always it is politics that prevent this from happening.Ideology and greed is stopping this. No one that employes people want their workers to have a public option.
The ability to make choice about the job they do to survive the ability to say no, the ability to live free.
Instead those employers would much rather have you live in fear of losing your job, being thrown in the street.
Fear is how they rule, how they keep you line. Hell of a way to live isn’t it. In fear! -
Germany was forced into the EU. after ww2 Germany was divided by treaty agreements. they had the mark which was not a fiat currency. this pissed off all the EU fiat countries who were destroying their currencies value vrs the mark by over printing.. so to force Germany into the EU they allowed Germany to reunite itself if it abandoned the mark. So Germany and the mark were economically destroyed..
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The audio is horrible because the person speaking is so far from the microphone, therefore as much room reflection from the original person speaking and what is coming out of the PA speakers is getting into the mic than the original source. Were the person within 4" of the mic the mic gain could be lowered and we would hear little room reflection so the recording would be much less harsh and also clearer. Fault - AV Department.
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Was it BYOB? I've never heard so many cans being opened. ::Cah-snick::
Just saying... -
hi people, I just wanted to say thanks modern money network for sharing these lectures, also I really enjoyed L. Randall Wray's lecture simple, to the point and easy to understand.
just a question for whomever, is Canada's financial system the same as the usa credit debit financial system?
one last thing to contemplate on, why is it, a subject of such importance pulls in only 27,089 views? why is it, so many people would rather watch a bunch of miss guided losers on a reality tv show wherein the loser whom is the most selfish the best lair and all around acts the worst, wins a few thousand dollars that last maybe 1 year. its shameful what we have let society become. goodnight -
There are many who don't want to believe what MMT is advocating. I was just like them for some time having been convinced so by major economists, especially when there was no internet since those are the only guys our corporate owned media let us listen to. But thanks to Internet I discovered MMT and as I see it, what they put forward are the most rational and logical theories. The nation's budget is not like the budget of an individual and there is no need to balance it and there won't be any inflation as long as the money being created being used to produce goods so there won't be a lack of demand. The current system makes wealth only for a few and these few also own the media and they pay their spokesmen really well to come up with theories that only benefit this small group. But MMT exposes those fallacies. I hope people would really take the time to listen to them instead of having knee-jerk reactions since they tend to let them know that all these years they have been believing BS that make no sense. It is not your fault you did not know this, but that is all you have been taught who you considered are brilliant people.
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This channel is pushing BS. They are scamming you. He talks about the history of money and never talks about it's relationship to gold. Not only does he not, but tries to make it seem like the dollar was never backed by gold. He compared fiat money to a ruler. That is ludicrous! That ruler would have to get shorter every single year, and would be impossible to use as a ruler.
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1. Dollars only have value because they are demanded as payment of taxes. You can only tax producers (taxing a government paid employee is the same as paying them less). What happens when producers leave the country?
2. Deficit spending: Gov spending that is above the taxes it demands. Why would anyone want a dollar after they have enough to pay their taxes? Dollars are absolutely worthless beyond their ability to pay taxes by your own definition.
When everyone wises up and stops using the dollar for anything except paying taxes, the dollar dies. Deficit spending is only possible because people believe the dollar is a store of value, and they trade real value for the worthless paper that is printed.
3. Government spending creates wealth (?). Wealth is the possession of things of true value (land, gold, cars, sheep, etc). Dollars have no value other than to satisfy taxes. You can simply move out of the country and take your wealth/production with you (something that is happening). Or, since the gov is doing deficit spending (IE the tax liability of the people is 100, but the gov has spent 1000), the dollar will be very cheap. There is only a demand of 100, but there is a supply of 1000.
What will Americans do as producers leave the country, and more and more people are working for the government? Will the government tax these people (in affect lower their wage) so it can pay them higher wages to keep up with inflation since more and more dollars chase fewer and fewer goods?
4. If interest rates are 0 and the only value of the dollar is satisfying tax liabilities, why not borrow dollars at 0% interest to pay your taxes? Feed the gov's bullshit right back to them.
5. “There is no direct link between the size of government spending, the size of the deficits and the value of the currency.’’ Really? If the gov taxes 100, and spends 1000 (deficit spending), and the value of money is defined by its ability to satisfy tax liabilities…demand is precisely 100. If supply is 1000, the value of a dollar is now 1/10th. Links don’t get any more direct. -
+Vilhemo De Okcidento. Thank you for your last post. People have been repeating that "banks create money" trope when banks create only credit in proportion to their necessary reserves. It is the government alone that creates interest-free money / currency.
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Michael Hudson once again proving his awesomeness, but annoying moderator. Most university undergraduates and many post graduates have no place being in university. And that's the truth. I suppose modern societies need some amount of window dressing with "academics" and "intellectuals", but the real heroes of our societies should be our engineers and scientists, our innovators and industrialists. Those who PRODUCE. When will it dawn on the talking heads that their tenured existence is one of the root causes of the problem?
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The government should only "spend more" if the upshot of its spending will be a larger national capital stock. If it spends its money producing "public relations gurus", "diversity consultants" and "economists" (people and/or agencies that continue consuming resources while producing nothing) national wealth will be run down.
If (best case scenario) its spending produces a larger stock relative to the amount by which the money proxy increased (negative net dilution), this (given reasonable dispersal of said monies) is guaranteed to crowd in private sector investment as entrepreneurs note the higher real returns available. You will have GDP growth and some amount of price deflation, determined by levels of wage stickiness and marketization and the extent to which capital generation outstrips its proxy. Longer term patterns dependent on structural and sustainability issues, resource monetization versus collective commons sentiments.
If it generates some increase in the capital stock lower than the increase in the money stock, resultant growth will be determined predominantly by how close the economy had been previous to its PPF. Short term growth inevitable while prices indeterminable, with longer term trends again determined by the above considerations, but with "false boom" concerns borne more in mind by monetary policy makers. Somewhat paradoxically, politically the hardest price inflation to combat.
If the net effect is simple currency dilution this is guaranteed to crowd out private sector investment, as increased aggregate demand met only by stagnant production. You will be left with a national capital stock priced (in its various incarnations) more dearly, and likely lower average consumer wealth, depending on how painful remedial measures to combat the price inflation are and how much entrepreneurs' animal spirits are dampened. Stagflation likely. -
All I've seen on this channel is people using other people's misinterpretations to make terrible arguments of their own. The very term economy comes from the Greek meaning "household management", so the layman's intuition that the macro should be not seen as separate from the micro is entirely correct. As in the heavens, so on earth, so in the household, as in the nation. All the larger agency has is greater leeway.
Talk about fifth columnists, I seem to have stumbled across people even more stupid than the libertarians. -
If a sovereign government issuing its own currency cannot default on its debt, why have so many states (having their own national currencies) defaulted on their debt throughout history, incl. e.g. Russia in 1998?
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Prof. Wray says that US government creates its own money and spends it into existence. This is an implied suggestion that FED is part of the government, while it is actually a private bank - private banks and persons own FED, not US government. What about the independence of central banks from governments? If government spends the money into existence, inflation is imminent. US is a special case in this regard as the USD is an internationally accepted currency, so excessive USD supply may lead to inflation elsewhere in the world.
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+outofmage Feng
- "Which means without banks loaning to us, there weren't be enough means to trade, which means we will always pay interest on our money whether through our government, industries or home loans.
I think what you are saying is that all money creation occurs through lending at interest.
While bank credit creation certainly occurs this way, government money creation via Federal spending does not.
Federal spending issues new money into the economy by crediting accounts.
Money is a non-interest bearing debt of the Federal Government.
- "That means banks will ALWAYS make a lot of money by doing nothing, is it fare?"
Banks don't "do nothing", they, in fact, do do something & for that something there is nothing wrong with a bank earning a normal rate of return. -
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