(i) Maileguek gordailuak sortzen dituzte
Loans Create Deposits: Inside vs Outside Money
Warren Mosler talking about the difference between bank-created money and government created money. In our floating exchange rate system, the textbook explanation of the money multiplier does not apply. Instead, loans create deposits, and the Central Bank must supply any necessary reserves after the fact in order to be able to hit their interest rate target.
Bideoa:
https://www.youtube.com/watch?v=G7-j3kDvB04&feature=youtu.be&list=PLZJAgo9FgHWZzhpkjtMxIwZns26A0OdFz
(ii) DTMko politika gobernuaren edozein tamainari aplikatzen zaio
MMT Policies Apply To Any Size Government
Warren Mosler discussing the difference between political decisions over the size of the government, and economic decisions over how the government should run the economy. Modern Money Theory is perfectly compatible with people who believe that the government should be small. However, MMT also proposes, through the Job Guarantee, that the government should be used to employ resources that the private sector is ignoring (by giving a fixed wage low enough to not compete with the private sector).
Bideoa:
https://www.youtube.com/watch?v=MRoXspgL-DY&feature=youtu.be&list=PLZJAgo9FgHWajc5BdOP8e75eddFmWhtzh
(iii) Gobernuaren Defizita = Sektore Pribatuko Aurrezkia
The Government Deficit = Private Sector Saving
Warren Mosler discussing the relationship between the government budget deficit and the private sector savings. They’re equal. Net financial assets in the non-government sector only increase when the government deficit spends. Central Bank operations (like quantitative easing) only shift assets from one form to another.
Bideoa:
https://www.youtube.com/watch?v=F9zEEsgjxto&feature=youtu.be&list=PLZJAgo9FgHWZzhpkjtMxIwZns26A0OdFz
(iv) Langabezia Gobernuak sortzen du eta soilik Gobernuak konpondu dezake
Unemployment Is Created By Government And Can Only Be Solved By Government
Unemployment is defined as actively seeking employment. So, before the tax, there was no unemployment because nobody was seeking work that paid in the government’s new money. After the tax but before the government has hired people, everybody is unemployed! As the government pays people and the money works its way to various hands, the unemployment rate drops. Since the private sector has a strong desire to save, this means the government must run deficits: the government must issue more in spending than it plans to collect in taxes, or else the private sector won’t be able to save because there won’t be any excess. If there isn’t a large enough deficit to allow people to meet their savings goals, then there will be unemployment, as people hoard money instead of spend it to create sales and jobs. So the only way to eliminate unemployment is for the government to have the proper sized deficit. And in particular, to do so without causing inflation, requires a Job Guarantee program
Bideoa:
https://www.youtube.com/watch?v=NBgfAV78yII&feature=youtu.be&list=PLZJAgo9FgH
(v) DTM: Lan bermeak alokairu minimo efektibo bat jarriko luke
MMT: A Job Guarantee Would Set An Effective Minimum Wage
Warren Mosler and Bill Mitchell discussing the minimum wage impact of a Job Guarantee policy. A Job Guarantee would set a true minimum wage: any person working a job at less than the JG wage could quit and join the program, pushing those wages up. A similar effect could happen with benefits. This would help to reduce income inequality, by setting a positive wage floor, since the current wage floor is zero for unemployed people.
Bideoa:
https://www.youtube.com/watch?v=4qLhVy-uRU0&feature=youtu.be&list=PLZJAgo9FgHWZHiVWJyW2KzOWsIresj_N2
(vi) Nola has dezakeen euro nazio batek moneta berri bat
How Could Euro Nations Start A New Currency?
Warren Mosler, father of Modern Monetary Theory, answering a question about how a Euro country could switch to its own currency. Mosler outlines the steps that would be involved. In Mosler’s proposal, the government would simply switch its taxing and spending to the new currency, without forcing anybody to convert their savings, and without trying to convert the existing Euro debt.
Note that at 3:26, Mosler says “Lira debt” when he should have said “Euro debt.”
Bideoa:
https://www.youtube.com/watch?v=V2iBD1x5ofw&feature=youtu.be
