Marc Lavoie has a new paper MMT, Sovereign Currencies And The Eurozone. It’s based on a lecture he was asked to give in 2021 STOREP conference. In this he analyses what neochartalism (“MMT”) is and what is says about the Euro Area.The Case for Concerted Action
Marc Lavoie also discusses Sergio Cesaratto’s work. Sergio had an excellent book Heterodox Challenges In Economics: Theoretical Issues And The Crisis Of The Eurozone and somehow missed Marc’s review of it earlier....
Marc Lavoie On The Euro Area And Neochartalism
V. Ramanan
5 comments:
All the chat we have on here and stuff I've been watching or listening to lately I keep trying to put it together in my head.
Euro$
Most things being priced in $'s
Mercantilism and exporting your way to growth
Domestic economies can't handle their economic surpluses, savings
Most goes to the US in treasuries or recycled
Always Putting downward pressure on world interest rates
Creating the inevitable boom bust cycles
The reaction to the busts making them more often.
Trapped, I keep coming back to the word trapped and that globalisation has created a world wide system that has trapped itself.
Has it ?
What with climate change trade surpluses are going to be a thing of the past. Giving away forever diminishing real resources just to get your hands on a different currency.
Will they ?
Self preservation ?
More and more just to survive countries will start looking inward rather than outward. Focus on domestic demand, price controls, more nationalised than privatised. Come full circle and back to protectionism.
Will they ?
How will they get there , facism, socialism the anger is mounting bubbling like a volcano under the surface what will it look like.
Overpopulation does anger mean war ? Is world war 3 their answer to the wave of anger they'll struggle to hold back.
Is history just repeating itself.
How do you escape it by becoming more protectionist and MMT. Forget about what's happening out there and commit to making what is in your own borders beautiful and a fantastic place to live. Close your borders and create something wonderful on the back of a 3 day working week. You are in no rush what's the hurry, take your time, go slowly. Create 20 year plans and religiously stick to them until they are complete.
You can't lack of real resources you don't have - trapped. Have to be part of the system that has already trapped itself.
Back to the drawing board and write Extinction. The human race are going to become extinct.
Unless, you can get rid of the world wide glut of savings. What use is it as savings are the by product of things getting done. Savings are the by product of productivity, savings are the by product of achievement. Why do we need so many.
Get rid of them tax them into oblivion get rid of this tidal wave that keeps washing away progress. Extinguish this world wide glut of savings that is just a waste of both skills and real resources that looks after it.
If mercantilism don't use it tax it. Or don't even issue it in the first place. Get rid of it. No hoarding for no reason whatsoever abolish it. Destroy these fund managers and hedge funds who play with this glut of savings that destroy progress as they all rebalance their portfolios.
Rebalancing this mountain of savings causes real problems in the markets get rid of the free riders the rebalancers out them out to grass.
Come up with a way that debt is issued at home only, foreigners not allowed and that is locked in a box and can't be rebalanced or speculated on. That you collect on retirement.
Granny bonds stop exporting our savings. Stop this speculation and rebalancing of this mountain of savings.
https://new-wayland.com/blog/the-only-bonds-we-need-are-granny-bonds/
Are granny bonds our saviour ?
Are granny bonds the Queen of the geopolitical map ?
Monetarism is it a mental illness is it a disease ?
Or is the speculation and rebalancing of this mountain, this glut of mercalist world wide savings the real disease?
Is this the real mental illness that causes so much harm with a bust always around the corner that always destroys progress.
Will we ever see a decent interest rate ever again as this Dragon breathes fire all over us.
Will Sir Granny bond have to slay this beast to save the world.
50% stocks 50% bonds
60% stocks 40% bonds
70% stocks 30% bonds
80% stocks 20% bonds
90% stocks 10% bonds
100% stocks
100% bonds
40% stocks 60% bonds
30% stocks 70% bonds
20% stocks 80% bonds
10% stocks 90% bonds
The mountain of Bull shit. It is pure bull shit the lot of it.This is the driver of of the boom bust cycle this is the driver of insanity that controls our lives. The biggest waste of skills and real resources and human endeavour ever created by humanity.
What we have a front row seat of right now is these fantasist's, these fortune tellers, these psychics rebalancing their portfolios. Shuffling the mountain of Bull shit.
Get rid of them, all of them. Make them extinct instead of the human race. Free ourselves from their mental illness.
Get rid of this mountain of Bull shit.
Get rid of the issuing of debt
QE vanishes
The downward pressure on interest rates vanishes
Banks can be banks again.
Replace they lot with Sir Granny bond. No mercantilism allowed GTF and deal with your own savings problems.
Ain't gonna happen,
It is the Heroin that runs through America's blood. Zero Hedge and the financial press are the dealers. The pimps that push the supply.
The real drug scandal that sweeps across America.
Back to drawing board write fascism, war, extinction
History is blowing in the breeze and the wind chimes are playing their usual tune.
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