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Stephanie Kelton: What You Think You Know about Money is wrong[1]

(Bideoa: https://www.youtube.com/watch?v=zGen5o6vAmw)

[1] Ikus https://www.tytnetwork.com/2014/05/23/what-you-think-you-know-about-money-is-wrong-w-stephanie-kelton/. Ingelesez: “Professor Stephanie Kelton Chair of the Department of Economics at the University of Missouri-Kansas City explains the Bretton Woods System and the end of the Gold Standard in the 1970s, why comparisons to the Weimar Republic and Zimbabwe made by austerity promoters are wrong, high inflation does not happen in well functioning democracies, why we think about the deficit in the wrong way, the smart way to think about the Simpson Bowles austerity plan, the purpose of taxes, Hillary Clinton running on bringing down the debt and addressing the inequality crisis, Social Security and inequality, what Thomas Piketty misses, why labor needs to make a comeback and why fighting inequality must go beyond raising taxes at the top.”

Iruzkinak (1)

  • joseba



    “For the past four thousand years (“at least”, as John Maynard Keynes put it), our monetary system has been a “state money system”. To simplify, that is one in which the state chooses the money of account, imposes obligations denominated in that money unit, and issues a currency accepted in payment of those obligations. While a variety of types of obligations have been imposed (tribute, tithes, fines, and fees), today taxes are the most important monetary obligations payable to the state in its own currency.

    There is an approach that begins its analysis of money from this perspective, now called Modern Money Theory (MMT). It is based on the work of Keynes, but also on others such as A. Mitchell Innes, Georg F. Knapp, Abba Lerner, Hyman Minsky, Wynne Godley, and many others—stretching back to Adam Smith and before. It “stands on the shoulders of giants”, as Minsky put it.”

    “Perhaps the most important original contribution of MMT has been the detailed study of the coordination of operations between the treasury and the central bank. The central bank is the treasury’s bank, making and receiving payments on behalf of the treasury.”

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