But one thing I have had to complete by today is the introduction to the German Translation of my friend Warren Mosler’s 2010 book – The Seven Deadly Innocent Frauds of Economic Policy. The publisher wanted an introduction for the German readership that helped them relate the discussion in the book to the reality in Europe – given that the Economic and Monetary Union is a perverted hybrid of a fixed exchange rate/fiat currency system that works for no-one really. So you may be interested in reading my introduction.….Bill Mitchell – billy blog
Is MMT applicable to the Eurozone?
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
1 comment:
Thanx to the Mike Norman Economics blog (and Tom Hickey's contributions), we can see pieces like this, a great synopsis of Warren Mosler's book by Bill Mitchell. Glad to see the 'Billy Blog' creator is writing the forward to an 'Innocent Frauds' overseas edition - glad to see an overseas edition at all, because perhaps the best prospects for the advancement of widespread MMT understanding won't begin here in the US (where most Americans are still having a difficult time wrapping their heads around the possibility that the president isn't a Muslim from Kenya trying to destroy the country or will Starbucks destroy her with plain red coffee cups instead)...
My 2 cents is that today, the Eurozone needs an Alexander Hamilton. The Eurozone is in the same boat as the united American states were in right after winning the Revolutionary War: Free and independent, yet still floundering under the weak 'Articles of Confederation'. The American states then were similar to the Eurozone member states today, both were/are, without a constitution/a banking unification, more specifically, neither had/has a strong central executive authority nor a federal level gold-standard era 'debt' market/post-gold-standard era modern monetary 'debit' market.
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