Bill Mitchell spoke at an event at which I was also on the panel last Thursday.
Bill has now commented on some of the ideas that were put to him that night and afterwards, with which he disagrees, as did I. Bill's blog post is, as his usually are, long, and a bit technical. It's also robust and clear, and (I think) completely sound.
I recommend it.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
The New Economics Foundation have suggested the idea of strategic Quantitative Easing by direct financing of a National Investment bank in this link. http://www.neweconomics.org/publications/entry/strategic-quantitative-easing
A quote from the article shows evidence that it has worked before-
“Central bank support for national infrastructure investment has worked before. The Industrial Development Bank of Canada, which supported Canadian SMEs from 1946-1972, was capitalised entirely by the Central Bank with not a single penny of taxpayers’ money required.”
It also mentions the need for monetary and fiscal policy by the Central Bank to be kept separate, as they can be blurred. It does not explain things as well as Bill Mitchell but seems to have the same basic facts within it.
That Canadian example is interesting. Thanks.
Hi Richard,
Do you know if the event was recorded?
It was, but not seen it yet
See here…
https://www.youtube.com/watch?v=4OVAROe3gW4
Thanks
Bill’s blog today has links to all the videos – including the Q&A.
http://bilbo.economicoutlook.net/blog/?p=31725
It is great to hear that Bill Mitchell is focusing on language, conceptual framing and how MMT can be better got across via understanding the cognitive issues in grasping it – it is absolutely vital that this work reach the wider public. Even so, the public at large will not readily accept it for three reasons:
1) Those that believe it and have vested interests
2) Those that know neo-liberalism is a scam but have vested interests
3) Those that are abused by the system but find it unsettling that they have been scammed for so long!
Let’s hope this is the start of the long road to a new enlightenment!