Warren Mosler Glasgow-n

MMT SCOTLAND Warren Mosler

What does it mean for Scotland to have its own currency?

Acclaimed economist discusses this and other implications of independence including debt sharing arrangements with UK.

Warren Mosler currently lives in st Croix in the U.S. Virgin Islands and is economist and entrepreneur and his role as a financial professional has given him 40 years of insider knowledge on monetary operations.

One of the founding proponents of MMT, Warren is the author of “7 deadly innocent frauds of economics” and “soft currency economics”

Bideoa: https://www.youtube.com/watch?v=MClyK7vS_jw

Ikus, halaber, ondokoa:

Zertan ari dira? Zertan ari gara? (W. Mosler eta B. Mitchell) —> http://pileusmmt.libsyn.com/15-warren-mosler-bill-mitchell-patricia-pino-chris-cook-modern-monetary-theory-and-the-economics-of-an-independent-scotland


Warren Mosler Eskozian (Glasgow-n)

Iruzkinak (3)

  • joseba

    Derek Henry (iruzkinak)

    (in Currency Matters, https://bellacaledonia.org.uk/2019/04/26/currency-matters/)



    Derek Henry
    27th April 2019 at 9:12 pm
    There are 2 large Elephants in the room that nobody in Scotland wants to talk about and these should also be at the forefront of the debate and tackled head on and MMT economists along with MMT Scotland should be leading this debate as they are the experts. They are teaching mainstream economists every day how the monetary system actually works
    1) What to do with the commercial banks and how to set up the central bank.
    Independence isn’t enough or our own currency what we do with the commercial banks and how we set up our central bank are just as important. Don’t let anyone tell you they know what to do with both apart from Warren Mosler. Warren is the only person I know of who can set these up the way they need to be.
    2) The EU
    An independent Scotland has to keep an arms length away from the EU. The current SNP position of trying to steal remain voters and wanting to be at the heart of Europe and join the single market and customs union is economic suicide. It’s a faux independence and Scottish voters have to start to recognise that the Stability and growth Pact, the 6 pack, 2 pack and excessive debt proceedure and EU neoliberal treaties are the foundation stones of the Growth Comission failures. The seeds used that produced everything wrong with the Growth Comission.
    It’s no use being open and honest about the failures of the growth comission then completely ignore the adject failures of the Eurozone and the European union. You are not only lying to yourselves but what’s even worse is you are lying to the people of Scotland.
    The 22 “advisory groups” that the ECB maintains. They have “517 representatives from 144 different entities: either corporations, companies or associations, mainly trade associations.” All groups but one are completely dominated by financial corporations, and the number of seats taken by the private financial sector is an astonishing 98 per cent (508 out of 517).
    What was and still is at work is an Orwellian strategy of rhetorical deception to represent finance and other rentier sectors as being part of the economy, not external to it. This is precisely the strategy that parasites in nature use to deceive their hosts that they are not free riders but part of the host’s own body, deserving careful protection.
    1) To reduce economies to debt dependency, to transfer public utilities into creditor hands, and then to create a rent-extracting tollbooth economy.
    2) The financial objective is to block governments from writing down debts when bankers and bondholders over-lend.
    3)Taken together, these policies create a one-sided freedom for rentiers to create a travesty of the classical “Adam Smith” view of free markets. It is a freedom to reduce the indebted majority to a state of deepening dependency, and to gain wealth by stripping public assets built up over the centuries.

    Derek Henry
    27th April 2019 at 9:15 pm
    The idea that the euro has “failed” is dangerously naive.
    The euro is doing exactly what the bankers who adopted it – predicted and planned for it to do.
    Removing a government’s control over currency would prevent nasty little elected officials from using Keynesian monetary and fiscal juice to pull a nation out of recession. It puts monetary policy out of the reach of politicians. Without fiscal policy, the only way nations can keep jobs is by the competitive reduction of rules on business.
    Currency union is class war by other means and given rise to the SNP and populism everywhere you look.
    Bank-friendly writers and lobbyists fostered a myth that the economy needed its investment banks to remain solvent to keep the economy functioning. But many former officials, including Bair, Neil Barofsky, and Reagan Administration budget director David Stockman, rejected the claims that public guarantees for reckless bank loans was needed to protect insured depositors. Retail savings and current accounts were never threatened by the bad gambles that banks made. But this myth had to be promoted in order for Paulson, Geithner Bernanke and other bank protectors to persuade Congress to overrule Bair and make governments pay.
    Their aim was to save the banks from being nationalised, and to protect bankers from being prosecuted for fraud or reining in the exorbitant salaries and bonuses they had given themselves. No attempt was made to change the system that had led to the crash.
    The return to classical bank policy would deem loans fraudulent and annul debts when creditors do not lend with any reasonable calculation of how the debt can be paid in the normal course of economic life. Loans made without such a calculation should be considered predatory. The natural check on such behavior is to permit mortgage debtors to walk away from their homes, free of the debts attached to them, letting title revert to the banks that over-lent in the first place.
    The banks seek to shift responsibility onto the financial victims (“the madness of crowds”). Governments are blamed for running deficits, despite the fact that they result mainly from tax favoritism to the rentiers. Having used FICA paycheck withholding as a ploy to cut progressive tax rates on themselves since the 1980s, the rentiers blame the indebted population for living longer and creating a “retirement problem” by collecting the Social Security and pensions.
    The financial mode of conquest against labour and industry is as devastating today as in the Roman Republic’s Social War that marked its transition to Empire in the 1st century BC. It was the dynamics of debt above all that turned the empire into a wasteland, reducing the population to debt bondage and outright slavery. Livy, Plutarch and other Roman historians placed the blame for their epoch’s collapse on creditors.
    Tacitus reports the words of the Celtic chieftain Calgacus, c. 83 AD, rousing his troops by describing the empire they were to fight against: Robbers of the world, having by their universal plunder exhausted the land. If the enemy is rich, they are rapacious; if he is poor, they lust for dominion; neither the east nor the west has been able to satisfy them.To robbery, slaughter, plunder, they give the lying name of empire. They make a wasteland and call it peace.

    Derek Henry
    27th April 2019 at 9:23 pm
    The other elephant in the room that NOBODY wants to talk about. One of the EU four prisons.
    Europe’s war against debtor countries was turning into class war, which always ends up being waged on the political battlefield as we’ve all seen with the rise of populism. One IMF analyst noted that the money raised for putting up islands and public buildings, ports and the water system for sale “will barely put a dint in Greece’s now-unpayable public debt.”
    Creditors simply hoped to take as much as they could, in the absence of public protests to stop the selloffs. That is why bankers resort to anti-democratic methods in opposing any political power independent of creditor interests. The aim is to centralise financial policy in the hands of “technocrats” drawn from the banking sector – not only Lucas Papademos in Greece, but also Mario Monti in Italy.
    The fear is that democratically elected officials will act “irresponsibly,” that is, in the interests of the economy at large rather than catering to the demands of banks and bondholders.
    The acquisition of power soon leads to its abuse, to economic and social hubris. By seeking to protect its gains, perpetuate itself and make its wealth hereditary, the emergence of a power elite locks in its position in ways that exclude and injure those below. The wealthy indebt them, shift the tax burden onto the less powerful, and turn governments into an oligarchy.
    This has led pro-creditor economists to exclude the history of economic thought from the curriculum. Mainstream economics has become censorially pro-creditor, pro-austerity and anti-government except for insisting on the need for government bailouts of the largest banks and savers. Yet it has captured Congressional policy, universities and the mass media to broadcast a false map of how economies work. So most people see reality as it is written and distorted – by the One Percent. It is a travesty of reality.
    Ponzi austerity schemes, just like Ponzi growth schemes, necessitate a constant influx of new capital to support the illusion that bankruptcy has been averted.
    The IMF which is nothing more than a lobbying arm for Wall Street, The City Of London and Frankfurt have told Greece they have to run government budget surpluses for the next 50 years. Which in Greek government accounting terms means the non government sector which include Greek households, businesses have to run deficits for the next 50 years. Forcing more Greek households and businesses to take on more debt keeping the bankers happy.
    I give them less than a decade before the whole thing implodes again unless they chase the IMF out of Greece. Then the ECB will just threaten to turn off the tap of Euro’s again forcing the Greeks to surrender.


    Derek Henry
    27th April 2019 at 9:34 pm
    Wall Street and the City of London and Frankfurt scream for balanced budgets or budget surpluses. So the banks can allocate resources and the banks can be the main issuer of the currency. We don’t want the government to fund public infrastructure. We want it to be privatised in a way that will generate profits for the new owners, along with interest for the bondholders and the banks that fund it; and also, management fees. Most of all, the privatised enterprises should generate capital gains for the stockholders as they jack up prices for hitherto public services.
    This idea that governments should not create money from thin air implies that they shouldn’t act like governments. Instead, the de facto government should be Wall Street and the City of london. Instead of governments allocating resources to help the economy grow, the commercial banks should be the allocator of resources – and should starve the government to save the wealthy. Starve the government to a point where it can be drowned in the bathtub and which is what austerity and neoliberalism is really all about.
    Allowing the commercial banks to control the money supply they then proceed to privatise the economy, they can turn the whole public sector into a monopoly. They can treat what used to be the government sector as a financial monopoly. Instead of providing free or subsidised schooling, they can make people pay for it to get a college education. They can turn the roads into toll roads. They can charge people for water, and they can charge for what used to be given for free under the old style of Roosevelt capitalism and social democracy.
    Which now means a large and increasing % of our wages are paid directly to landlords and the economic rent seekers.
    The people of Scotland have to drop this obsession that somehow the EU are left wing and will save them. The people of Scotland have to take a step back and understand you can easily have your own currency thinking you are independent and sovereign but still be fooled into a debtors prison which is no independence at all.
    The EU have to be kept at arms length if Scotland ever gains independence or all that would happen is Scotland would be swapping one currency slave owner master for another. Huge swathes of the 60% that voted to remain in the EU are simply oblivious to these facts. they have been fooled to believe the EU are on their side. Choose to ignore what is happening in France, Greece and Italy and HUGE rise of populism across Europe who are people just like them tying to break free from the bankers that now control Europe.

    Taken from Common Space
    “Kirsty Hughes, Director of the pro-EU Scottish Centre on European Relations (SCER), has argued that Sterlingisation would make EU membership difficult, due to “divergence” with the EU rulebook.
    Writing on SCER’s website on Friday, Hughes said: “Scotland would also be unlikely to get any opt-out from the euro, so it would have to commit to eventually joining the euro (although once in the EU, this process could be put off indefinitely). But the currency debate comes to the fore here. If Scotland had kept the pound sterling, but the UK was outside the EU, then Scotland would not be able to demonstrate that it could commit to join the euro at some indefinite future point. Nor – if it took up to a decade to adopt its own currency – could it show that as a member state it would use its independent monetary policy to target price stability and make its exchange rate a ‘matter of common concern’ with other member states (as required by the EU’s Lisbon treaty). So this would be a significant political challenge.”
    Kirsty Hughes should be stopped at all costs. The SNP and Kirsty Hughes will sleepwalk Scotland into a neoliberal globalist nightmare if Scotland was to gain independence. As more and more voters in countries within the EU are taking a step back from the EU’s neoliberal globalist vision. Kirsty Hughes wnats to march head long into the centre of it.
    Complete and utter madness !!!!

    Derek Henry
    28th April 2019 at 12:27 pm
    Remain and reform is a fantasy they been trying for over 45 years and all they have got through is ban smoking in pubs. Nobody can point to one progressive reform in over 45 years all the reforms have been in the other direction.
    The way the EU is set up you would need EVERY leader to be like Jeremy Corbyn or Nicola Sturgeon and Jean Luc Mechelon and then the impossible task of all of them winning right across Europe at the same time.
    All the leaders of the left across Europe are not from the left they are liberals like Blair with some from the left actually being right of centre.
    Amidst growing popular dissatisfaction, social unrest, and mass unemployment (in various European countries), political elites on both sides of the Atlantic responded with business-as-usual policies and discourses. As a result, the social contract binding citizens to traditional ruling is more strained today than at any other time since World War II – and in some countries has arguably already snapped, as testified by a series of electoral uprisings that, despite their differences, all share a common target: globalisation, neoliberalism, and the political establishments that have promoted them.
    The simple fact is that right-wing forces have been much more effective than left-wing or progressive forces at tapping into the legitimate grievances of the masses disenfranchised, marginalised, impoverished, and dispossessed by the forty-year-long neoliberal class war waged from above. In particular, they are the only forces that have been able to provide a (more or less) coherent response to the widespread – and growing – yearning for greater territorial or national sovereignty, increasingly seen as the only way to regain some degree of collective control over politics and society, in the absence of effective supranational mechanisms of representation. Given neoliberalism’s war against sovereignty, it should come as no surprise that “sovereignty has become the master-frame of contemporary politics”,
    As Paolo Gerbaudo notes. After all, the hollowing out of national sovereignty and curtailment of popular-democratic mechanisms – what has been termed depoliticisation – has been an essential element of the neoliberal project, aimed at insulating macroeconomic policies from popular contestation and removing any obstacles put in the way of economic exchanges and financial flows. In this sense, neoliberalism and globalisation have not entailed a retreat of the state vis-à-vis the market, as most left analyses contend, but rather a reconfiguration of the state, aimed at placing the commanding heights of economic policy “in the hands of capital, and primarily financial interests”,
    As Stephen Gill writes. Given the nefarious effects of depoliticisation, it is only natural that the revolt against neoliberalism should first and foremost take the form of demands for a repoliticisation of national decision-making processes.
    I don’t fear Nigel Farage, Marie Le Pen, Jacob Rees Mogg, Alternative Fur Deutschland, the Northern League, Donald Trump, the English Defence League, Golden Dawn. The reason I don’t fear them is that as soon as they try their policies the economic results will be clear and they’ll be voted out for a generation.
    The progressive left have been asleep for nearly 50 years and these types have stole a march on them as these are the only parties that people right across Europe who want to escape from the bankers can vote for.. Use these useful idiots to take us out allow them to implode and then introduce a true progressive vision that the people are actually looking for.
    I’ve wanted Scottish independence since I was 18 and now I’m nearly 50. I’ve wanted out of the EU since the Mastricht and Lisbon Treaties. I live in Glasgow and now have nobdy to vote for. The logical step is to vote for the Brexit party and once out of the EU then vote for a party in Scotland that offers true independence.
    So I fully understand why millions upon millions of people are now turning to the likes of Nigel Farage, Marie Le Pen, Jacob Rees Mogg, Alternative Fur Deutschland, the Northern League, Donald Trump. They are turning to them to find a voice and a vote that counts.

    Derek Henry
    28th April 2019 at 12:48 pm
    Small “C” Conservatives don’t go on marches or protest. They organise coffee mornings and neibourhood watch schemes and shop in Sainsbury’s and John Lewis and play bowls and golf. Drink coffee in Starbucks where they get their name on a cup and pop out to the theatre every now and then.
    There are millions upon millions of them right across the UK. They are sharpening their pencils as we speak. A pencil sharperner is how the silent majority protest.
    It won’t happen overnight it will take a few years but I don’t think anybody in Scotland is ready for what is about to happen because the liberal metropolitan elite, Wall Street, The City Of London and Frankfurt have overturned the result of a democratic referendum result.
    Then you have the dyed in the wool unionists that don’t care about anything else who want out of Europe also.
    Then you have the fishing communities that turned Blue the last time.
    There’s a shit storm coming in what form it turns up and how long it will take to turn up I have no idea. The mainstream parties are in for the shock of their lives and why the US ended up with Trump. The SNP are deluded if they think they can run from it.

    Derek Henry
    28th April 2019 at 1:03 pm
    The SNP have replaced….
    Scottish voters who have wanted Scottish independence all their lives and want out of the EU because of the Mastricht and Lisbon Treaties.
    Scottish voters who have never wanted independence but want to be run by Brussels.
    Small “C” conservatives, Dyed in the wool unionists and fishing communities haven’t moved an inch. Only question is will they vote for the Tories or the Brexit party but one thing is for sure they’ll vote against the Indy Nicola is offering.
    It’s a recipe for disaster.


    Derek Henry
    29th April 2019 at 11:07 am
    Bungo Pony you should listen to the Nigel Farage show on LBC
    Voters who have voted SNP all their lives are now picking up the phone calling in to Farage and saying they’ll never vote for the SNP again.
    Because Nicola has chosen the wrong strategy.
    SNP voters are running to Farage wether you believe it or not it is already happening and this is just the start.

    Bella Caledonia Editor
    29th April 2019 at 12:35 pm
    “SNP voters are running to Farage”. Really? Evidence please (hearing someone on a talkshow doesnt count as evidence).

  • joseba

    The puppet Parliament becomes more pathetic


    Derek Henry
    Posted April 14, 2019 at 9:58 am | Permalink
    I’ve voted for the SNP all my adult life for the exact same reasons most on here have voted for Brexit. I voted leave in the EU referendum.
    Both the success or failure of Brexit or Scotland’s independence would all depend on the economic policies put in place after leaving.
    I brought people together and set up MMT Scotland and organised 2 events in May with MMT economists Warren Mosler and Bill Mitchell. Two experts who actually do know how the monetary system, central banks, commercial banks and currencies operate in reality.
    However, I will never vote for the SNP again. From day one they have tried to overturn the referendum result and I will never vote for Labour or the Conservatives in the future because of their lies, deceit and treachery. So it looks like the Brexit Party is the only party I can vote for. Does anyone know if there will be a Brexit Party in Scotland ?
    Scotland has been a currency slave of London for far too long in the exact same way countries using the Euro are currency slaves to Brussels. The SNP are deluded and beyond stupid wanting to replace one currency slave owner with another.
    I’ve fought for Scottish Independence all my adult life and I’m 50 next year and even though staying in the union keeps us as currency slaves to the fiscal Conservatives. Who have no idea whatsoever how the UK monetary system works. I’ll be fighting against the SNP for the rest of my life to stop them taking Scotland into the heart of the EU’s neoliberal globalist sess pit.
    The Scottish Growth Comission produced by the SNP was a blue print not for true Scottish independence but for joining the Euro. An independence in name only a soft Indy that would leave Scotland controlled by the bankers and the IMF.
    The SNP strategy is to steal remain Labour and Lib Dem voters in Scotland a ” Indy at all costs ” plan. That will get them across the line if there is another Indy vote. Walking Scotland into the EU prison that parade countries around like pets in a zoo.
    The Brexit Party has to be set up in Scotland to give the independence voters like myself people who voted to leave in the EU referendum a voice. I will NEVER vote Conservative until they tell the truth that we live in a spend and then tax economy not a tax and then spend one. They have morphed into a lobbying arm for the City Of london, Wall Street and Frankfurt and no longer listen to or respect the Tory grass roots.
    Surely the Brexit party wouldn’t be against Scottish Independence because Scottish independence voters are trying to leave London for all the same reasons the UK are trying to leave Brussels. If they are against Scottish independence then I have no one to vote for.

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