Some people cannot understand why I call it The Dreaded New York Times. Apparently those people don’t know how unreliable The Dreaded New York Times’ reporting is. This video clip for The Jimmy Dore Show explains why I coined the term “The Dreaded New York Times”.

Democracy at WorK has the episode of Economic Update: Answering Our Critics.

Three major criticisms of Economic Update are considered: (1) that we don’t praise capitalism for reducing world poverty, (2) that we don’t admit that “socialism has never worked anywhere,” and (3) that no inventor of a new product or technique who starts a business will ever accept that employees in such a business are equal partners with the inventor, originator of the business. Today’s program answers these criticisms, refuting their arguments systematically.

Now you know how to respond to people when they make these criticisms. I don’t claim to be a capitalist nor a socialist. I have coined the term “what worksist” to describe how I think. I come at it from the observation that there are certain of society’s needs that are not well served by capitalism. Some of them are better served with some form of socialism. For the important needs of a society, we should try to figure out what works best, and try to use that method that will work best. If something other than capitalism or socialism would be better, we ought to try that instead.

CNN has the video Cornel West: This is not the time for centrism. This is from June 17, 2019.

CNN’s Anderson Cooper sat down with professor Cornel West to discuss Democratic presidential candidate Bernie Sanders and what it means to be a democratic socialist.

Pitchfork Economics has the podcast What is Modern Monetary Theory? (with Stephanie Kelton).

Is government debt real? Is anything real? Professor Stephanie Kelton gives Nick and Goldy a master class on the hottest idea in economics right now: Modern Monetary Theory.

Stephanie Kelton is a professor of public policy and economics at Stony Brook University and a senior economic adviser to Bernie Sanders’s 2016 and 2020 presidential campaigns. She was the chief economist on the U.S. Senate Budget Committee in 2015 and in 2016, POLITICO named her one of the 50 people most influencing the public debate in America. Her forthcoming book, ‘The Deficit Myth: Modern Monetary Theory and the Birth of a New Economy’ will be published by Public Affairs in 2020.

It is always interesting to hear podcasts involving experts in MMT being interviewed by non-experts. After the experts sign off the non-experts talk about all that they don’t understand about MMT. That is exactly the time you need the expert to explain to you the parts you didn’t get. There are answers to all the questions they raise after Stephanie Kelton signs off. She is exactly the person who could have straightened them out, but they let her go.

With only a few years of study of MMT on my part, I think I could have answered all their questions and doubts.

If I had the time and the energy, I would go back through the podcast, collect all the issues they raised before and after they were speaking to Stephanie Kelton, and try to answer them all here.

To concentrate my energy in clarifying what Stephanie Kelton said, People could pose their questions on my Facebook post, and I will try to answer them there.

One thing that I think may have gotten lost in the conversation is that debt of currency users can be a concern, where “debt” of the currency issuer is a totally different matter.

Wired has the article All the Ways Facebook Tracks You—and How to Limit It.

If you have a Facebook account—and even if you don’t—the company is going to collect data about you. But you can at least control how it gets used.

I still use Facebook to advertise posts that are on this blog, but for those who don’t have a real need for Facebook, they might rethink what they are doing. Be aware that

Facebook owns WhatsApp and Instagram, too,

kontrast.at has the article Portugal has found an antidote to right wing populism.

Considering the booming economy, dropping unemployment numbers and the return of many once-emigrated young Portuguese citizens, it seems Portugal is on the rise. Facing the policies of socialist Prime Minister António Costa, which include properly supporting the welfare state and investing in the public sector instead of austerity measures, right wing populists don’t stand a chance.

This is from February 2019. This appears to be an example that shows that getting away from the austerity of neoliberalism can make significant improvements in the lifestyles of the people in countries that can use some socialism where appropriate.

The Gower Initiative for Modern Money Studies has published an article on the interview Modern Monetary Theory: meet the economists fighting the economy.

From the USA presidential campaign perspective, I choose to highlight the following excerpt:

The jobs guarantee has the crucial advantage over universal basic income that it encourages the employment of people to do work that needs doing, and there’s no shortage of that.

“There are a whole set of activities that address unmet community need that the market will never address because they can’t be reconstructed into profit-making activities,” Mitchell argues.

YouTube has the video The Good Dream is Factual MMT Warren Mosler.

First International Conference on Modern Monetary Theory 2017

An excellent address by Warren Mosler

This is one fabulous video. Warren Mosler always can simplify concepts so that they are hard to argue against. The only problem is that most people will have a little voice in their heads telling them that what Mosler says can’t possibly be true. Every reason people can come up with about why it can’t be true is easily shot down. Yes, but what about this, or what about that? Mosler has an answer for all of these things.

I like to use the Mark Twain quote – “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” People just know for sure that what Mosler says just cannot be true.

Here is a transcript of one quote in particular that is worth my remembering.

The government needs you to need their money. 33:45 “I don’t like to say taxes don’t fund spending because the word fund is ambiguous and even though you are right you can be dead right. It’s better to say the government doesn’t need your money to be able to spend. Not that it doesn’t fund it, it’s they don’t need it to be able to spend, but they need you not to have it. … You have to create a shortage to be able to spend. Taxes are more powerful than spending. A tax of $1 allows the government to spend maybe $1.25.”

YouTube has the video Shoshana Zuboff: Surveillance capitalism and democracy.

The collection and analysis of data is changing the way economies operate. Are these changes so fundamental that they can be said to have led to the emergence of a new form of capitalism – surveillance capitalism? If people’s behaviour is made increasingly transparent, do we become a society in which trust is no longer necessary? Are individuals a mere appendage to the digital machine, objects of new mechanisms which reward and punish according to the determinations of private capital? How is social cohesion affected when people become dispensable as a labour force, while their data continues to provide function as a source of value in lucrative new markets that trade in predictions of human behaviour? How should we understand the new quality of power that arises from these unprecedented conditions? What kind of society does it aim to create? And what ramifications will these developments have for the principles of liberal democracy? Will privacy law and anti-trust law be enough? How can we tame what we do not yet understand?

I had no idea how eyeopening this talk would be. It was worth every minute of the 2 hours I spent watching this. Some of her most profound statements came in the Q & A session after the formal talk. I’ll have to go back and listen to the introductions. I initially skipped over them because I was impatient to hear about this topic that was new to me.

Deficit Owls put the link to the video How Modern Monetary Theory (MMT) Actually Works (w/ Warren Mosler) on their Facebook page. The video is on YouTube.

Modern Monetary Theory has become a hot topic of discussion. But is it well understood? In this interview with Real Vision’s Ed Harrison, Warren Mosler, the founder of MMT, describes exactly what Modern Monetary Theory is, and how the framework can be utilized. Particularly interesting is Mosler’s ambivalence about the political furor enveloping MMT. He sees the economic framework as more descriptive of monetary operations than prescriptive of policy. Mosler also outlines why MMT’s operational bent made it attractive to finance professionals long before it became a politically-charged debate among academic economists and politicians. Filmed on May 29, 2019 in New York.

Here is a fabulous interview from the godfather of MMT. In the beginning you have to listen fast to some of what he says. He says things faster than you may be able to absorb them. Later he starts to talk about how he came to understand what he had earlier described. For me this is a tremendous payoff. I have been learning MMT for a few years now, and there is always a bit or a piece here and there that I am not sure I get. He clarified so much for me in this one hour. Whatever you can get from this interview will add to your understanding of how money works and why you need to understand it. Whatever you don’t get should just encourage you to listen to more explanations that build your knowledge. Slowly, but surely, your brain will start to light up as you come to understand more. At least that is the way it works for me in any field I decide to study.

In trying to understand how a piece of software works, we often do what is called reverse engineering. We look at the code to figure out what it is doing to accomplish the task it is designed for. If the designer provides you with a description of the design he created before he or she started writing the code, then you will be miles ahead in understanding how the code does its job. In this sense, the interview with Warren Mosler is the design document that tells you how we came up with the concepts in MMT. I have seen documents from others that he worked with to develop MMT, but this is the best piece I have ever seen from Warren Mosler himself.

I took some courses in software engineering that used a book by a revered teacher Donald Knuth called The Art of Computer Programming. He seemed to like to explain computer algorithms by giving you the code in an assembly language he invented for the purpose. When I took the course, I already had a couple of years working as a software engineer. The book drove me batty. I knew already knew some of the algorithms I studied from the book. I kept thinking that if he would just explain the idea behind the algorithm, I could figure out the code for myself. Giving me the code so that I could figure out the ideas only made it more difficult. I decided to stop taking this course before he confused me about all the topics that I had already come to understand and use.

I consider reverse engineering as something I will do if I have to understand the code and nobody has provided me with any other tools with which to learn it. I don’t take pride in doing tricky reverse engineering because it is such a waste of time compared to reading a well written design description.

Mosler’s design for a ferry as discussed in the video is pure genius. Previously I have learned sailing, and read some on naval architecture. I have never read about a design like Mosler’s that puts that knowledge into practice.You never know where you are going to find a brilliant idea on an unexpected topic.