Eskoziaz, Kataluniaz eta Euskal Herriaz (gehigarriak)

Eskoziar batek (Derek Henry) dioena DTMz (gehigarria)

Hasierarako, ikus Eskoziar batek (Derek Henry) dioena Diru Teoria Modernoaz


In Bill Mitchell-en Timor-Leste – challenges for the new government – Part 2

( —-> comments

Derek Henry says:

Wednesday, May 16

I had a chat with Robin Macalpine who runs the Common Weal project in Scotland over the weekend.

I gave them Trade and external finance mysteries – Part 11 and 22. Which highlights the errors of their ways.

The feedback was very positive and they are starting to get it and they are going to start publishing more material in support of the job guarentee. With an interest in the combination of a JG and a UBI as discussed within the Mosler – Keen debat3. Which is a giant leap forward because in the past they have only ever supported a UBI.

Scotland is obviousley further advanced than Timor-Leste but when setting up a central bank and issuing a new currency there are similarities here.

Eskoziako Common Well-eko Ben Wray-k autodeterminazio-eskubideaz

Ben Wray-ren The European Union towards the New Old (

(…) there is the ambivalence with which Brussels appears to hold for the rights of minorised People, and the way in which referenda – an important democratic forum for the expression of public consent – is treated with contempt. Catalonia’s independence referendum in November 2014 was snubbed by the EU Commission in June via technocratic reference to the Spanish constitution (1978). This reference failed to take account of articles 10 and 96 which ratify all international treaties defending the Right to Self-determination of People which were formally signed by the Kingdom of Spain in 1977. This was to get the Spanish State accepted as a Western democracy after the death of the facist dictator Franco.

This is chance for the EU at this crucial stage in its development (…) by supporting the official Catalan referendum about independence scheduled for the 1st of October (supported by elected President Puigdemont and the absolute majority of Catalan Parliament with the massive support of the 80% of Catalans). We’ll see if once again, any concern for the consent of the people is secondary to meeting the needs of those with power in the EU. (…)

From Vocale Europe to ICEC-Euskal Herria

Hasierarako, ikus ondokoak:

ICEC-Euskal Herria eta Warren Mosler

ICEC-Euskal Herria eta Warren Mosler (segida)

Warren Mosler eta ICEC-Euskal Herria


Ikus From Vocale Europe to ICEC-Euskal Herria

(Euskaraz, ikus Vocale Europe delakotik ICEC-Euskal Herria delakora)


In Oh Scotland, don’t you dare! – Part 2:


William says:

Wednesday, June 6, 2018

Derek Henry said:
“Commercial banks will create the new Scottish Currency from thin air like they always do. Loans create deposits.”

Do they create the actual national currency?
We are repeatedly told by Stephanie Kelton and Randall Wray etc. that only the State can create the sovereign currency, so there must be a conversion of bank created money to State money at some point.


Derek Henry says:

Wednesday, June 6, 2018

Dear William and others (at 2018/06/06 at 9:28 am)

Your queries are why the original MMT proponents use the term ‘net financial assets’ instead of ‘money’.

The commercial banks can create ‘money’ (liquidity) by creating loans (credit). But they cannot create new net financial assets because the asset (loan) is offset within the non-government sector by the liability (debtor).

Only transactions between the government and non-government sector can create or destroy net financial assets.

The government is also the monopoly issuer of the currency (notes and coins). The commercial banks can get access to that and distribute it (vault cash) but only by sacrificing bank reserves held at the central bank.

I hope that helps.

best wishes

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