Stephanie Kelton: Modern Monetary Theory’s Take on Fiscal Policy

CFS Institute European Investment Conference 2019 has the video Stephanie Kelton: Modern Monetary Theory’s Take on Fiscal Policy.


Please listen to this description. If you think you see anything here that is wrong, just ask. I think I can set you straight. It is hard to argue that MMT (Modern Money Theory) is not a true description of how money works. MMT just let’s you see what you can do and what the consequences will be. It does not tell you what choices you have to make. If you are willing to take the consequences of your actions, then you can do anything you want. If you don’t like the consequences, then you are not free to make those choices.

My Facebook post is the best place to carry on a conversation about this.


Sarcasm – US Stock Prices Hit a Permanently High Plateau

YouTube has the video Keiser Report: US Stock Prices Hit a Permanently High Plateau (E1470).

In this episode of the Keiser Report, Max and Stacy discuss Irving Fisher’s correct but early call in 1929 when he said that stock prices had hit a permanently high plateau. He just needed to wait some few decades for an all fiat regime controlled by a banker-coddling central bank. They also discuss the $4 trillion from the NY Fed propping up the stock market — an allegedly ‘unintended consequence’ of bailing out repo markets.

In the second half, Max interviews Ross Ashcroft of Renegade Inc. about the cantillon effect, taxing land values, turmoil in repo markets, and a global debt jubilee.


The bullshit level in this episode of the Keiser Report is as close to 0 as you can get. If you want to know what I worry about as my stock market gains roll in, this is it.

As I used to mutter under my breath as I saw all the people making money on the dot com bubble. “It’s not what you you gained today that matters. it’s what you get to keep.” Eventually, I was right.

You have to watch the video to see the irony in the headline.


Professor Bill Mitchell – Reframing the Progressive Agenda

YouTube has the video Professor Bill Mitchell – Reframing the Progressive Agenda, London

The talk considers questions such as:

How can the debate on the economy be reframed around the things that really matter – people and the environment?

Does Modern Monetary Theory hold the key?

Toward the end of the lecture Mitchell showed the following slide:

John Maynard Keynes Quote

The purpose of the lecture is to unfuddle your head. There has been an effort for over 50 years to fuddle your head, and that effort has been far too successful.


Explosive leaked email claims that UN watchdog’s report into alleged poison gas attack by Assad was doctored

The Daily Mail has the article New sexed-up dossier furore: Explosive leaked email claims that UN watchdog’s report into alleged poison gas attack by Assad was doctored – so was it to justify British and American missile strikes on Syria?

But a dissenting scientist, employed by the Organisation for the Prohibition of Chemical Weapons (OPCW) says in a leaked email that investigations on the ground at Douma have produced no hard evidence that the alleged gas attack took place.

It appears that these facts were deliberately suppressed in published OPCW reports.

The email makes no attempt to suggest what did happen in Douma. It simply points out that hard evidence, gathered and examined by non-political scientists, does not support the officially endorsed version. And it claims that this resulted in the OPCW redacting the report to the extent that its conclusions were misrepresented.

This is what I have been saying since this smear tactic was first used by the USA. I have reports from people like Vanessa Beely that I posted on my blog to back up my skepticism. The destruction of Tulsi Gabbard by the oligarchs’ news media goes on because she refuses to repeat the lies of the oligarchs’ news media.


The Economics of Taxing Wealth

YouTube has the video Global Capitalism: The Economics of Taxing Wealth [November 2019] by Richard Wolff.

In connection with Wolff’s discussion of the main topic above, he will also cover the following issues at the November 13, 2019, event:
– Current wealth tax proposals by Bernie Sanders, Elizabeth Warren
– How US already taxes wealth (of some, not others}
– How other countries tax wealth
– How US enables/allows wealth to escape taxes
– Redistributing wealth: pros and cons
– The protest movements in Chile, Lebanon and beyond and how they differ from those in Hong Kong
– The overdue critique of “libertarian” capitalism


This is a fantastic lecture. Listen to it as long as you can. If you have the fortitude to stay for the whole thing, it might change your world view. If you want to focus on the economics of taxing wealth, it probably takes him about 30 minutes to even get to that subject. You can always use the slider to jump to the part you want to hear.

Although I have been listening to Richard Wolff for a few years now, this may be one of his best lectures. It really is too bad that there aren’t enough people who have the time to listen to this.


Corporate News Repeats CIA Propaganda On Bolivian Coup

So we have to get our real news from a comedian. What else is new? Perhaps we can rebut all the baloney we are getting from the oligarchs’ news media about Bolivia.

YouTube has the video Corporate News Repeats CIA Propaganda On Bolivian Coup.

As you watch this video, remember this definition.

Heterodox – not conforming with accepted or orthodox standards or beliefs.

MMT (Modern Money Theory) is a theory that has the property of being heterodox. Of course MMT is merely an explanation of how money works in the real world. That is why it is heterodox. The oligarchs’ economic experts don’t want us ordinary folk to understand how money actually works.


November 21, 2019

It is nice to know that I am appreciated.

Jimmy Dore Show loves my comment,


Bernie Gets It Done

YouTube has the video Hear the Bern Episode 32 | Bernie Gets It Done (w/ Warren Gunnels).

Next time someone asks you what Bernie has accomplished in his career, send them this podcast and tell them that we had to leave the better part on the cutting room floor just to get it under an hour. Featuring veteran policy advisor to the Senator, Warren Gunnels.


If you want to understand what “Us, not me” means in practice, this is a good video to watch.


Tulsi Gabbard’s Unifying Keynote Address at Muslims for Peace Conference

I am seeing some of my Hindu friends publishing more and more intolerant items about Islam. I was hoping this Tulsi Gabbard video might make them stop and think. They don’t seem to see in this video what I see. Tulsi Gabbard’s Unifying Keynote Address at Muslims for Peace Conference.

I put this here on my blog so that I have easy access to it as a response to the hate speech against Islam when I see it.


Just to be clear, I am in the cohort that Tulsi mentions that does not follow any spiritual path, nor believe in any religion, nor any supreme being. Maybe that’s why I feel it easier to let go of some of my childhood prejudices.

I should also say something about the word “tolerance”. I want to refer to a book I read, but I just cannot quite recall enough to bring it up to quote it. I guess this will have to do. Genuine Respect for Other Faiths.

Hindu Dharma believes that no particular religion is better than another; all genuine religious paths are facets of Bhagwan’s pure love and light, deserving tolerance and understanding. Hindu Sanatan Dharma not only teaches tolerance for other religions but respect as well.

I just found the book Being Different: An Indian Challenge to Western Universalism by Rajiv Malhotra.

Rajiv Malhotra’s insistence on preserving difference with mutual respect not with mere tolerance is even more pertinent today because the notion of a single universalism is being propounded. There can be no single universalism, even if it assimilates or, in the author’s words, digests , elements from other civilizations –Kapila Vatsyayan