Bill Mitchell says: Public debt ratios do not scare me. Rising budget deficits do not scare me. But the job destruction rates in Ireland really scared me when I started to dig into the data.
MMT does not consider it feasible to run a national economy in a way that advances public purpose at all times if the national government has surrendered currency sovereignty in any way.
One of the great paradoxes is that the periphery’s generally left-wing governments adopted so enthusiastically the ECB’s ultra-right wing economic nostrums – austerity is an appropriate response to a great recession.
Wikipedia and the Linux computer operating system were both created by unpaid volunteers using the internet, and both are out-competing their commercially-produced rivals, such as the Encyclopaedia Brtiannica and Microsoft. Are they examples of a new type of economy which has a lot further to go? Michel Bauwens, the founder of the Peer-to-Peer Foundation (P2P) believes so.
David McWilliams latest article Memo to ECB: print money is right if a little simplistic. The ECB has been crediting banks in exchange for rubbish assets- their version of Quantative Easing - which is almost like printing money but that is not what we need. [...]
Some biting satire at http://steadystate.org/mountebank-nobel/. Too close to the truth to be funny, though. …