Friday, June 24, 2016

The Millennials' Money : A Look at Fiat Money and Why The National Debt Is Really The National Savings Account

The diagram (video) could still do with some clearing up of points, like government I.O.U's, but it better than Diagrams &  Dollars. 

Published on 20 Jun 2016
Introduction and overview of the reality of modern fiat money: Why the millennial generation CAN afford to build a better world. An updated and expanded version of the best-selling "Diagrams & Dollars."

From New Economics Perspectives:

 By J.D. Alt

I spent the last couple days reading and contemplating “Political Aspects of Full Employment”, the transcript of a lecture―given in 1942!!―to the Marshall Society by economist Michal Kalecki. This was recommended to me by Nat Uerlich in his May 2 comment to my post “False Choice or Real Possibilities.” Many thanks to Mr. Uerlich for taking the time to make the comment. I urgently recommend Professor Kalecki’s lecture to anyone who feels a little fuzzy (as I have lately been feeling myself) about what we are up against as a collective society as we now confront, once again, how collective society itself is structured to inexorably be its own worst enemy.

As I pondered Professor Kalecki’s analysis, I was also trying to decide whether to go public with an admittedly “amateurish” video I’d put together to promote the book “The Millennials’ Money.” I was having doubts (having produced it with a miniscule budget) whether the quality of the video is good enough to be useful. Also, I was beginning to have doubts whether these ideas actually connect with, or fit into, any kind of potentially achievable future reality. Kalecki’s lecture erased any doubts about the latter―but it also makes it clear that the path to getting there is going to be overwhelmingly obstructed by the present dominance of the corporate economy over our collective governance.

In the end, I decided to go ahead and put the video out there, hoping that, in spite of its production shortcomings, it might become useful as a quick MMT introduction that is accessible enough to actually be absorbed by a lot of otherwise busy, distracted, or only peripherally engaged people. Here it is:


Kaivey said...

The music was better in the first Diagrams and Dollars video, though.

Keynes Forum said...

Concerning federal income tax, does the IRS not add the revenue to the Treasury's TGA account? If not, can you please provide a source for the information?

It is easier to say that the IRS shreds all the revenue than it is to get the public to believe it.