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Advocating A Right to Work

I discussed in this post a history of the right to work and an advocate of ensuring a legislated right to work of UK member of Parliament from the Independent Labour Party, Keir Hardie. There were similar attempts at employing idle labour in 1848 in Paris via a politician Louis Blanc. Blanc established Ateliers Nationaux […]

Let’s have a rational debate on government spending.

Twitter is full of comments around MMT being something you do – rather than something that is, We have articles like ‘Don’t let the Reserve Bank just give the Government money’ and articles that the leader of the opposition tells shadow cabinet to find cuts and spending offsets ahead of campaign. The foundations of MMT […]

Jobless still out number Job Vacancies

Below is an article I wrote in attempts to get published in various media outlets. Obviously that has been unsuccessful. Most journalist look at the incorrect indicators in assessing ‘economic’ performance. Things like the underlying inflation rate (which harps back to fight inflation first over unemployment), the decreasing or less than expected government spending (as […]

E is for Effort

Alan Kohler wrote his first piece for The New Daily. It’s a rather optimistic piece where he says thankfully we haven’t entered a long depression as many feared. Irrespective of labels and what you define 2020 as, it has demonstrated that currency issuing governments always have financial capacity to deal with a collapse in spending. […]

History of Australian Currency – More Detail

The below is some more writing on how Australian monetary system came to form. There is a rather dry boring post here that deals with legislative instruments and various changes. I deal with some background on how private banks issued notes prior to 1910 and why The Australian government chose to issue notes. There are […]

A History of Australian Coinage and Note Issuance- Part 1

This is a project I’ve been working on tracing the legislation that has created Australian currency. There is information a colleague and I are uncovering on a 1893 Queensland Notes bill, that was the model used on The Australian Notes act. The early days of federation money was defined as British or Australian coins – […]

Modern Monetary Theory and The Job Guarantee

I recently wrote an oped piece for challenge magazine It is difficult to condense what I had hoped to say into 750 odd words, so here is the ‘extended’ edition. Modern Monetary Theory (MMT) is an incredibly complex body of work that studies macroeconomics. At its most elemental level it says a currency is a […]

Understanding Value

I’ve been neglectful of this blogging project as my mind has been pre-occupied with other projects. I finally have one space to get back into writing. A little while ago I did an interview with US based podcast macro ‘n cheese on a general chat about MMT and an understanding on how we understand and […]

Sectoral Balances

One of the most important concepts to understand within macroeconomics is the concept of sectoral balances. Macro can be divided into three distinct sections Government and Non-Government with the latter being divided into domestic and foreign. These divisions come from the system of national accounts (an international standard) and the way GDP is calculated. GDP […]

Currency Issuing Governments Finance Themselves

There have been a lot of stories in the media around the debt and the ‘cost’ future generations will bear as a result of the spending required during the covid-19 crisis. Each and everyone of these sports the same neoliberal garbage that taxes need to rise and suggest tax changes that work in favour of […]

The Mythology of Printing Money Part II

This is a follow up from yesterday’s post and aims to dispel the myth of the term ‘printing money’ and the orthodox understanding of inflation. The end looks at what happened in Venezuela and Zimbabwe and identifies the cause of hyperinflation as minimal productive capacity and minimal capacity to purchase imported products. They are supply […]

The Mythology of Printing Money

Since the beginning of the corona virus Governments around the world have began to spend huge sums without a call from anyone on ‘How are you going to pay for it?’ In a recent 730 interview the reporter asked the question on how a sovereign currency issuing government would ‘pay for’ its spending down the […]

Job Guarantees aren’t all the same

There’s been a number of articles I’ve read over the last few days on what we should do and what has been done in regards to people’s employment and well-being. This article on giving rooms to the homeless reported by the BBC has shown the power governments hold and that it is not a lack […]