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 […]

How loans create deposits and why we should have public banking…

I thought this post should explain in further detail, the nature of how financial institutions extend credit (by creating it) why I think it should be a public good and how it is possible to create affordable housing and ensure housing for all seeing how I called for 0 per cent home mortgages and the […]

Economics and Language

With all the talk of ‘the economy’, spending collapse and an oncoming recession with the Prime Minister stating “We cannot prevent all the many hardships, many sacrifices that we will face in the months ahead”  I thought it worth noting that yes it is possible to avoid any financial hardships and a recession. The analogies […]