Eskoziako mugimendu ‘independentistaz’ hitz bi

Hasierarako, Kataluniaz eta Euskal Herriaz ikus Katalunia, Israel, Suitza eta Europa

Gehigarria Eskoziaz:

Zantzu batzuk segituan…

Bill Mitchell-ek Eskoziaz, berriz (1)

Bill Mitchell-ek Eskoziaz, berriz (2)

Eskoziaz, behin eta berriz

Eskozia hasiberrientzat, DTM tartean

Eskozia: ohar batzuk independentziaz

Eskozia: Ikasgai batzuk

Jakina denez, hala Warren Mosler nola Bill Mitchell Eskozian egon dira, eskoziar Independentistei eta independentistekin hitz egiten:

Eskoziako independentziari buruzko eztabaida eta DTM

Bill Mitchell: Eskozia independente baterako zenbait gogoeta (1)

Bill Mitchell: Eskozia independente baterako zenbait gogoeta (2)

Warren Mosler Eskozian (Glasgow-n)

Eskozia hasiberrientzat, DTM tartean

Zer dago ‘kilt’-aren azpian? What is under the ‘kilt’?

Oso ‘independentistak’ omen diren SNP-ko asko eta beste ezagun batzuk ez ziren agertu estabaida sakon horietan… (E-posten trukaketa Robin McAlpine-rekin)

Afera argi ote daukate?

Ez dut uste gaia argi daukatenik, lekuko Derek Henry (in Eskozia: Ikasgai batzuk)

Baina lasai, ‘independentistek’, hangoek eta hemengoek, gora independentzia oihukatzen segituko dute, etengabe, independentzia hori zertan oinarriten den zehaztu eta esplikatu barik!

Eskoziako mugimendu ‘independentista’ eta bereziki Robin McAlpine erabat galduta daude, Kataluniako mugimendu ‘independentista’ dagoen antzera.

Granada honetan hauxe gehitu behar da, zoritxarrez: super independentistek mandangarekin segitzen dute, alegia, era kolektiboan existitzen ez den ‘derecho a decidir’ (sic) delakoarekin: ‘Mandanga’, zer ote da?

Iruzkinak (2)

  • joseba

    Money Monopolist

    Australia regularly goes through these sorts of exchange rate swings but manages to be classified as among the richest per capita nations in the world. It is simply untrue that a flexible exchange rate system severely compromises the material living standards of workers.
    Second, it is false to think that a flexible exchange rate regime is more prone to speculative attacks on a nation’s currency. If anything, the reverse is true.
    When currency traders form the view that a government will have to eventually devalue a fixed peg parity to stem the consequences that accompany a chronic current account deficit they can easily hasten that decision by short-selling. It becomes a self-fulfilling inevitability.
    And, in this context, the nation state has the capacity to impose capital controls if there are destabilising financial flows present. Iceland has demonstrated the effectiveness of using capital controls to stop the financial sector undermining currency stability through speculative capital outflows. Similarly, unproductive capital inflows can be subjected to direct legislative controls.
    Moreover, the history of fixed exchange rates tell us that costs of defending the exchange parities (the recession-bias) tend to dwarf all other costs including fluctuations in price levels that might be sourced in exchange rate variability.
    This is not to deny that a nation may have to take some hard decisions in relation to its external sector when it experiences a depletion of foreign exchange reserves or its currency depreciates against foreign currencies that it requires to purchase essential imports.
    This is especially so if it the nation is reliant on imported fuel and food products. In these situations, a burgeoning external deficit will threaten the dwindling international currency reserves.
    In some cases, given the particular composition of exports and imports, currency depreciation is unlikely to resolve the external deficit without additional measures.
    As noted above, the depreciation may impart an inflationary bias to the economy. Moreover, depreciation leads to expectations of further depreciation and fuels the run out of the currency. There may be no interest rate that is high enough to counter expectations of losses due to depreciation and possible default.
    The reality is that a nation facing a lack of ability to purchase imports, for whatever reason, has to either increase its exports or reduce its imports.
    For less developed countries faced with currency crises, there is probably no short-run alternative but to urgently restore reserves of foreign currency either through renegotiation of foreign debt obligations, international donor assistance or default.
    For an advanced nation, similar constraints might apply and a sudden shift in international sentiment against the nation or other financial assets denominated in that currency are no longer deemed as desirable, then adjustments in the flow of real goods and services sourced from foreigners are required.
    The limits for a nation are clear – if it cannot command access to real resources owned by foreigners the it must rely on the resource wealth it has for sale in its own currency.
    But none of that reduces the financial capacity of the currency-issuing government to purchase whatever is for sale in that currency.
    Further, it introduces a valid role for an international agency to replace the International Monetary Fund. A new agency could ensure that weak nations were always able to purchase essential energy and food imports.

    Regarding the ” sterling ” debt after independence if there actually is any.
    Warren Mosler covered this in detail. How the way you launch the currency, use deficit spending, ZIRP and the Job guarentee all in conjunction with each other
    then it is a non issue.
    MMT economists have spent the last 25 years working on this ackage so that it works. Sterling debt under current institutional arrangements is a drag on its economy and will continue to be a drag with it’s own currency, though it would both be a lesser drag and diminish over time. Scotland would be able to keep the population fully employed and sustain a 0 policy rate all of which would promote low inflation, a stable currency, and real gdp growth that would cause the fx debt to gdp to diminish over time all with a higher standard of living.


    Warren didn’t even mention the size of the sterling debt once. Wasn’t even interested how much sterling debt there would be. If you take the time to read above.
    This trying to make out Scotland to be a special case because of whatever Sterling debt they hold is a strawman arguement. Many countries have foreign debt it is how you manage it that counts. He even talks how Turkey are going the wrong way about it ( which we all know)
    Scotland’s sterling debt under current institutional arrangements is a drag on our economy now and will continue to be a drag with it’s own currency, though it would both be a lesser drag and diminish over time.
    As Warren showed Scotland would be able to keep the population fully employed and sustain a 0 policy rate all of which would promote low inflation, a stable currency, and real gdp growth that would cause the fx debt to gdp to diminish over time all with a higher standard of living.
    This Scotland can’t be independent because it will have some “sterling debt ” is non sensical and is ideological driven. More like a political statement than a factual one. – Scotland will not be a special case it will manage the debt like everyone else.
    You know that so it is time to stop beating this idological drum.




    Scotland’s got foreign debt now in the way of “Sterling” and we don’t issue ” sterling ” and has the sky fallen in ? Of course not.
    Turkey is not using their fiscal policy to sustain domestic output at full employment levels. Their high interest rate policy rate is basic income for those who already have Lira so it has created distributional issues. Are Turkish govt payments indexed to “inflation”? How’s banking regulation and supervision in Turkey.? What’s the situation with Turkish state owned enterprise? Lending to SOE’s? Do Turkey Index wages? They are not following the MMT paradigm.
    Turkey’s high interest rate policy is causing lenders to sell their interest payments for FX and that drives down the lira. The inflation looks at lot more like cost push than demand pull inflation.Their high policy rates means equally high forward prices for non perishable goods that continually increase with forward delivery dates. Turkey’s high policy rate is supporting their inflation rate and depreciating the currency continuously over time. They need to drop it to 0.
    Turkey isn’t maintaining high aggregate demand or using under ulitilised resources. It’s increasing the money supply largely from bank lending. Debt to GDP is low so it is not an excessive fiscal expansion story. They have a high number of FX reserves which means the government has directly or indirectly been selling Lira to buy FX which is driving the currency down also probably to drive wages down to support exporters with political clout.
    In general the private sector borrowing has been climbing rapidly probably supported by state controlled banks. So Turkey’s FX depreciation is not coming from attempts to sustain full employment but from issues in the banking system and their high interest rate policy.
    So you can’t compare Turkey with its own sovereign currency with foreign debt and an Independent Scotland with Sterling debt it is comparing apples and pears due to their political choices.
    Scotland’s sterling debt under current institutional arrangements is a drag on its economy and will continue to be a drag with it’s own currency, though it would both be a lesser drag and diminish over time.
    Using MMT understanding of the monetary system and functional finance, ZIRP and introducing a job guarantee. Scotland would be able to keep the population fully employed and sustain a 0 policy rate all of which would promote low inflation, a stable currency, and real GDP growth that would cause the FX debt to GDP to diminish over time all with a higher standard of living.


    Money Monopolist (aka Derek Henry?)

  • joseba

    Derek Henty (2017)

    Derek Henry says:
    19 October, 2017
    @ Az
    If scotland has it’s own currency and central bank the pension issue is easy to solve.
    We would just use the Ways and Means Account is just an infinite overdraft with the Central Bank, and it grows over time to balance the net-savings of the non-government sector just as the Gilt stock does now.
    The new Scottish Treasury would simply not issue any Gilts any more. Any funding of private pensions in payment should be done by offering annuities at National Savings, which would also have the neat side effect of ‘confiscating’ net savings and making the deficit go down.
    It’s irrelevant what interest the central bank charges on the ‘Ways and Means’ account since any profit the bank makes from it goes back to the Scottish treasury anyway. So it can 50% if that gives the necessary level of satisfaction to mainstream economists.
    What you have is a standard intra-group loan account between a principal entity (Treasury) and its wholly-owned subsidiary. Normally those sort of loans are interest free for the fairly obvious reason that interest charging is utterly pointless, and they are perpetual for the same reason. Rolling over is totally pointless.
    Any term money can then be issued to the commercial banks directly by the Bank of Scotland – up to three month bills.
    Currently, If you are a member of a pension scheme then the savings of the current generation, plus the interest on Gilts and any income from the other assets owed pay the pensions of the current generation of pensioners. They are all, in effect, private taxation schemes that circulate money around the system.
    You’ll note that when there was a threat of people failing to save in pensions, the government introduced compulsory retirement saving – which is of course a privatised hypothecated tax.
    So in essence rather than the assets of a pension scheme being used to purchase Gilts, the assets would be used to purchase an annuity from the government dedicated to an individual. The result is that rather than the private pension receiving Gilt income from the state, to then pass onto the pensioner, the state would cut out the middleman (and their cut) and pay the pensioner directly as an addition to the state pension.
    There’s a whole private pension industry out there literally doing absolutely nothing of any real value. They can’t provide a guaranteed income in retirement without state backing in the form of Gilts. So what is exactly the point of having them?


    Derek Henry says:
    19 October, 2017
    @ Geeo
    The SNP have been both stupid and bad. Let’s face it. It has only taken them 80 odd years to work out the only way independence will work is if we float our own currency and create our own central bank.
    We approached Alex to help him with the currency question.
    We being the UK MMT group and Professor Bill Mitchell from Australia. We never heard anything back and you saw how that went. It was a disaster we would have had Alistar darling crying. We have people at St Andrews, Cardiff and Leeds university. People from all walks of life.
    We are on the verge of setting up MMT groups in England, Wales, Northern Ireland and Scotland It’s all being decided the best way to do it as we speak. At Univesrity College London last night. We’ve been on renegade inc.
    We work closely with Stephanie Kelton who was Bernie Sanders economic advisor and on the US budget commitee and most of the US MMT group.
    Dirk Ehnts from the Bard College in Berlin is making huge strides to get the truth out there.
    They are all making great strides especially in the US and breaking into the mainstream media and they have a huge following because people are learning the truth how the monetary system really works.
    MMT group in Italy is also getting bigger by the day.
    Labour have started their own MMT group as Bill was at their conference. We’ve presented at a few Labour meetings around the London area.
    Labour are really starting to run with the truth and starting to understand it. The SNP are oblivious to it all.
    If you want to help start the Scotland MMT group then get involved with the UK MMT group.
    You can join via a link at the bottom of this article


    Derek Henry says:
    19 October, 2017
    @ yesindyref2
    I’d love to do it.
    I’ve apporached Robin Macalpine many a time. He’s just not interested.
    He dosen’t get it. MMT goes against everything he was ever taught because he was taught that we still use a gold standard and still use fixed exchange rates. What students get taught now at Oxbridge and Harvard etc.
    It’s like asking him to give up his lifetime of work.
    He’s went with Ricahrd Murphy instead. We taught Richard MMT which he now uses. Bill schooled Richard on tax at a meeting in London and it is Richard who has wrote a book about tax. He wasn’t happy.
    If you put Bill Mitchell Richard Murphy into youtube you can watch the whole debate. Ann Petifor was there as well.
    I don’t have letters after my name which could be the problem when it comes to events like that in Edinburgh. It gives the speaker more authority.
    I work in a bookies in Glasgow but could go toe to toe with most of them. I’m all self taught and it has taken me 6 years to get the understanding I have now.
    Bill give me permission to use his weekend quizes to teach people.
    I asked Rev If I could do a weekend quiz on here. He never got back to me.

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