SteveG’s Posts


When two original MMT developers get together to discuss their work   Recently updated !

Bill Mitchell – Modern Monetary Theory blog has the article When two original MMT developers get together to discuss their work.

Last week, Warren Mosler and I had one of our regular catchups and we discussed at length the state of play in Modern Monetary Theory (MMT). We are quite protective of it. We mused about how we started out on this Project and where it has gone. As old stagers do when they get together. We also reflected and compared notes on what the state of MMT is now, given the increasing visibility of the ideas in the mainstream media all around the world and the proliferation of social media activists who have chosen to identify and promote our ideas. There were aspects of that development that we identified as being of concern for us and other aspects which we considered to be a cause for optimism (celebration is too strong a word). We thought it would be a good idea to take a breath and document what we considered to be the essence of MMT – as a sort of checklist for people who want a fairly precise account of the body of work. I agreed to write this document after input from Warren. So, this is what we mean by MMT. What follows is my account of our conversation expanded to add meaning where required.

This article clarifies the actual meaning of Moden Money Theory. I haven’t read it all yet.


How Bronze Age Rulers Simply Canceled Debts   Recently updated !

Evonomics has the article How Bronze Age Rulers Simply Canceled Debts.

A nice summary by Michael Hudson of his book “…and Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year” In the article, he talks about how these ideas might apply in modern times.

My book And forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year  is about the origins of economic organization and enterprise in the Bronze Age, and how it shaped the Bible. It’s not about modern economies. But the problem is – as the reviewer mentioned – that the Bronze Age and early Western civilization was shaped so differently from what we think of as logical and normal, that one almost has to rewire one’s brain to see how differently the archaic view of economic survival and enterprise was.


Alexandria Ocasio-Cortez Stuns Crowd With Speech On Climate Change   Recently updated !

YouTube has a video segment from the Bernie Sanders’ Town Hall. The title that the poster put on the video segment was Alexandria Ocasio-Cortez Stuns Crowd With Speech.

Alexandria Ocasio-Cortez is ready to tackle climate change.


I can’t believe that I got so entangled in straightening out some computer issues that I missed the Monday Town Hall – Solving Our Climate Crisis: A National Town Hall. In looking for some video to fill me in on what I missed, I saw this posted.

If we don’t spread these videos on social media ourselves, you know you won’t hear a peep about this from the corporate media.


Launching Progressive International w/ Bernie Sanders at the Sanders Institute Gathering

YouTube has the video Launching Progressive International w/ Bernie Sanders at the Sanders Institute Gathering.

This is a video of the entire International Roundtable session on Friday, November 30, 2018.

I have recognized for a long time that the giant international corporations play one country off against another to get what they want. There is no single country, not even the USA, that can control these international players. There must be concerted joint efforts of countries around the world.

At the very end, the announced the launching of the Progressive International organization, but they left out a character when they mentioned the URL. Here is the correct URL progressive-international.org.

Here is the first ad for the organization.

Progressive International from MEANS OF PRODUCTION on Vimeo.

Here is the link to The Sanders Institute Gathering where this panel session occurred.


A Company Few Americans Know Is About to Dethrone Intel

Yahoo! is carrying the Bloomberg story A Company Few Americans Know Is About to Dethrone Intel.

Taiwan Semiconductor Manufacturing Co. was created in 1987 to churn out chips for companies that lacked the money to build their own facilities. The approach was famously dismissed at the time by Advanced Micro Devices Inc. founder Jerry Sanders. “Real men have fabs,” he quipped at a conference, using industry lingo for factories.
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Sanders’ current successor at AMD, Chief Executive Officer Lisa Su, doesn’t have to worry about this because the company sold its factories and lets TSMC handle the complex production.

“That’s one of the best decisions we’ve made,” said Su. “It allows us to manage risk and focus on the things that make the product great.”

Having worked for Digital Equipment Corporation and then having moved on before Digital had to sell itself to Compaq which in turn sold itself to Intel, I do maintain a residual interest in all of this. I have been wondering how AMD has stayed competitive with Intel. I didn’t realize that AMD gave up its own manufacturing. Trying to keep up its own manufacturing is a large part of what did Digital in. I am glad I got out of Digital when the time was right.

As a former owner of some Intel stock, I am not ready to count Intel out, but this is the kind of story to know about if I ever consider buying back into Intel stock.


Colorado Democrats Already Betraying Workers Who Elected Them

YouTube has the video Colorado Democrats Already Betraying Workers Who Elected Them.

Colorado Democrats saw some victories in the Midterms with the promise of more worker’s rights. They’re already changing their tune…


The video makes many valid and worthwhile points, but a dangerous point slipped in.

California may be the fifth largest economy in the world, but California does not create its own money the way the USA Federal government does. For a state like California, asking how you are going to pay for something at the state level is a valid question. It’s sad when people mistake the message of Modern Money Theory delivers about what a country like the USA can do, as if it applied to individual states.

Such misunderstandings will come back to bite the people who make them. If too many people learn the wrong thing about Modern Money Theory, the whole explanation will be discredited.


Jeremy Corbyn Responds To Hillary’s Xenophobia

YouTube has the video Jeremy Corbyn Responds To Hillary’s Xenophobia.

Hillary Clinton recently made some immigration statements to the Guardian. Here’s how Jeremy Corbyn approaches the issue.


The Clinton approach has been tried over and over again, and has been shown to be a failure. Corbyn proposes an approach that would be much better for the world’s societies (and cheaper, too).


Exclusive: The Pentagon’s Massive Accounting Fraud Exposed

The Nation has the article Exclusive: The Pentagon’s Massive Accounting Fraud Exposed.

Here is what Bernie Sanders had to say about the situation.

The Defense Department remains the only federal agency in America that hasn’t been able to pass an independent audit – 28 years after Congress required it to do so. Why is this issue so important? According to a recent report from Michigan State University, between 1998 and 2015, the Pentagon has been unable to trace, document or explain, are you ready for this, $21 trillion in financial transactions. Yes, that’s trillion with a “T.”

Over and over again, our Republican friends tell us that we cannot possibly afford to join the rest of the industrialized world and guarantee health care as a right to every man, woman and child through a Medicare for all program.

We have been told that we cannot afford to make public colleges and universities tuition-free, or make sure that everyone in America has access to affordable housing, childcare, or a good job that pays a living wage with good benefits.

But when it comes to spending $716 billion a year on the military – more than the next ten countries combined – all of a sudden there is a deafening silence from my Republican colleagues about the deficit.

That is unacceptable. The time is long overdue for us to take a hard look at the enormous amount of waste, at the cost overruns, at the fraud, and at the financial mismanagement that has plagued the Pentagon for decades.

I have been avoiding reading stories like this. The $21 Trillion seemed like such a ridiculous number. This has been going on so long, that it cannot be attributed to Republicans alone. Moreover, given the need for top secret programs in the Department of Defense, there is some justification for obfuscation in the books. (I onetime read a story where even reporting the amount of money used to buy peanut butter was classified. The premise was that reporting such a number would give clues to the enemy about staffing levels.)

I have no idea what the remedy is.


The Doomsday Machine: The Big Lie of the Cold War – Daniel Ellsberg on RAI (1/12)

The Real News Network has the video The Doomsday Machine: The Big Lie of the Cold War – Daniel Ellsberg on RAI (1/12).

On Reality Asserts Itself, Daniel Ellsberg tells host Paul Jay that US intelligence agencies knew that Stalin was not planning to invade Western Europe or seek world domination, but based on the myth, the world came close to nuclear war – and it’s all happening again


The above video is only the first episode of a 12 part series. Below are the links to the first eleven episodes. I’ll put in the 12th as soon as it is published.

The Doomsday Machine: The Big Lie of the Cold War – Daniel Ellsberg on RAI (1/12)

Hitler Wouldn’t Risk Doomsday, But The United States Did – Daniel Ellsberg on RAI (2/12)

Truman Delayed End of WWII to Demonstrate Nuclear Weapons – Daniel Ellsberg on RAI (3/12)

The Largest Act of Terrorism in Human History – Daniel Ellsberg on RAI (4/12)

Russian “Doomsday Machine” an Answer to U.S. Decapitation Strategy – Daniel Ellsberg on RAI (5/12)

U.S. Planned Nuclear First Strike to Destroy Soviets and China – Daniel Ellsberg on RAI (6/12)

U.S. Refuses to Adopt a Nuclear Weapon No First Use Pledge – Daniel Ellsberg on RAI (7/12)

Once Fired, There’s No Calling a Nuke Back – Daniel Ellsberg on RAI (8/12)

The Discovery That Should Have Changed the Cold War – Daniel Ellsberg on RAI (9/12)

A Strategy of War Crimes, Killing Civilians to Win a War – Daniel Ellsberg on RAI (10/12)

The Doomsday Machine and Nuclear Winter – Daniel Ellsberg on RAI (11/12)