Yesterday (March 7, 2017), I presented the Second Lecture in the 3rd Annual Joan Muysken Lecture at Maastricht University. Unfortunately, the recording from the First Lecture, which I delivered on Monday evening (March 6, 2017) was corrupted but I am told there was an alternative video recorded and I will make it available when I can. The first lecture was a public event and the presentation reflected that. The second lecture was delivered to academic staff and students and so the language was more pitched to an academic audience, although it should be generally accessible. There is a little noise interference at odd times, which I could not get rid of. The audio of the talk runs for 50 minutes and I have interleaved the slides from the lecture in with the sound.Bill Mitchell – billy blog
Anyway, this is my blog for today. I am fairly tied up with commitments during this trip to Europe and also finishing some manuscripts (textbook and book with Thomas Fazi) that have to be sent to the publishers in the coming week or so.
The failure of economics – reality and language
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
3 comments:
The liabilities (for fiat) of depository institutions toward the non-bank private sector are largely* a sham since the only way the non-bank private sector can redeem those liabilities is via physical fiat, bills and coins, i.e. by "cashing" a check.
So tell me, you who know accounting, how can we expect a stable (much less just) economic system with bogus liabilities?
*If/when physical fiat, a.k.a. "cash", is ever abolished then those liabilities shall be ENTIRELY a sham since it will then be impossible for the non-bank private sector to redeem bank liabilities. It'll be hilarious then watching Neil Wilson, Auburn Park, Yves Smith and others try to defend a system where the citizens are not allowed to use their Nation's fiat at all but must work through a government privileged usury cartel.
Don't feed the troll.
Say's one of the chief defenders of injustice.
Besides Neil, your problem is not whether I'm fed or not but whether I'm read or not. Apparently, you can do nothing about the latter on this site; certainly not by refuting what I say, if past experience is a guide.
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