Bernard Lietaer on Modern Monetary Theory (MMT) AKA Chartalism
(h/t Clonal Antibody via email)
"Academically MMT has not been challenged. And from what I study on it, they are right!"
The New Paradigm of Money: Monetary blind spots and structural solution
Bernard A. Lietaer, Research Fellow, University of CaliforniaCovering the Crisis Conference, Brussels, 9-10 November 2009http://coveringthecrisis.eu
6 comments:
Very interesting. This excerpt comes from a longer talk that is quite interesting, especially when he discusses the taboo of challenging the orthodoxy on money.
http://www.youtube.com/watch?v=Q7uJIjSO-a4&feature=player_embedded
Peter
You have a good post on this yourself - Economic Orthodoxy = Intellectual Dishonesty
Thanks, Clonal. I only became aware of the talk because of its mention here. It motivated me to explore some of Lietaer's other talks.
He was part of the technical staff that helped design the euro framework.
He is sort of a specialist in alternative currencies and monetary system, very interesting and insightful man. I recommend searching his stuff on youtube and in google. Also this excerpt which comes from the lecture clonal posted is from 2009 (maybe even 2008), it's good to see how many of these taboos are being untangled since 2009.
The Breton Woods institutional arrangement and the operations of central banks and the banking system are being questioned in a daily basis today, and discussions on how to properly manage fiat regimes for the public good are no longer a taboo.
this has yet to end in new institutional arrangements or policies, but I think that naturally we are getting there. The status quo is dead and they even don't know it, specially financial industry, which will have ceased to exist in its present form in some years probably, as well as the role of credit and the power of the banks. It's just a zeitgeist, its like a natural consequence of the circumstances, if capitalism is to survive in any form the current financial system is incompatible with the new paradigm we will be entering in the next decades.
But capitalism without a financial system like the current one is probably going to be a very different system (even if private ownership of the means of production and market based pricing are still the basis of the system).
Here is last recorded talk, from Feb 2012 in one TED show: TEDxUHowest - Bernard Lietaer - Crisis as opportunity. Next steps.
Very cool real experiment there.
Thanks Anon, very interesting.
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