LIVE STREAM Agenda/questions DIALOGUE WITH JOHN HEARNE. A LIVE STREAMED DIALOGUE ON MONEY, BANKING AND POLITICAL ECONOMY. “TINA” THE VILLAGE BIKE OR TEMPLE WHORE.

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LIVE STREAM DIALOGUE WITH JOHN HEARNE. A LIVE STREAMED DIALOGUE ON MONEY, BANKING AND POLITICAL ECONOMY. “TINA” THE VILLAGE BIKE OR TEMPLE WHORE.

Running Order.

  1. John Bio Introduction. John is the Economics expert and it is His Brilliant Idea. What are his Ism ’s, Ist’s and Ologies? Are you a Monetarist? And what is that?Roger, intro brief.

Ex Property Developer, Chartered Surveyor turned Hippy Anarchist.

2. Tag Crowds in the Running Order after first Video Introduction.

1. Economy, Economics

2. Money.

Johns Tag Crowd Top 5.

3. 1. Economy, Economics, Economists. (19)

2. Government’s 12

3. Income. 9

4. private (9)

5. Management

The word Tag shows words repeated 3 times or more, Bank does not appear as it appears only Twice in the short article.

Both Times in the context of The Bank of England, and Central Bank as a function of Government or Public Sector.

As we have removed fiscal policy from macroeconomic management of the economy the only macroeconomic requirement will be for the Bank of England to maintain a 2% inflation rate without manipulating interest rates. This will require quantity on money management on their behalf.”

How do we keep track of the components , resources, Money, Labour and widgets and their interactions?

6. No Banks and No Money? Aggregates?

7. SMALL GOVERNMENT CLEARLY FOCUSED ON:
1.  BUYING THE PUBLIC GOOD,

2.  SUPPORTING THE MERIT GOOD,

2.  SUPPORTING THE MERIT GOOD,

8. Spash Indulgences.  Buying the public good and taxing the bad.

Free Will or Determinism?
Long Quote to discuss comment on , will not read out?
Ethics of voluntary offsets

Goodin (1994) has likened pollution permits to indulgences sold by the medieval

Catholic Church. These medieval moral sin offsets created a market whereby the

rich could pay professional pilgrims, prayers and penitents. This allowed relief

of the rich person’s conscience and less time in purgatory, without the need to

personally undertake arduous tasks or indeed stop sinning. The system replaced

personal action to address wrongdoing with a monetary transaction allowing

immoral actions to be justified. Sin would perversely increase because, for the

wealthy, indulgences provided a lower cost alternative to lengthy penances

(Ekelund et al. 1992). The analogy has also been applied to carbon offsets

(Monbiot 2006; Economist 2006). If regarded in the same way as indulgences then

GHG permits are a means of paying to undertake a wrongful act. Just as God was

the ultimate arbiter in the next life so the validity and effectiveness of GHG credits

is left for future generations to determine when they confront the impacts of

climate change and the originators of the harm have long since passed away.

If we assume that offsets are genuine and of a high standard (socially and

environmentally) and perfectly physically equivalent to emissions reduction (all

of which has been questioned and contested) then why should there be any objec-

tions? There appear to be two main concerns. First is whether GHG emissions

should be regarded as wrongful in a moral sense like sin. On aggregate and at

current levels they can, for example, certainly be regarded as harmful of the

innocent, but at low levels could be benign. So releasing GHGs is not in itself

wrong, but rather wilfully risking harm of the innocent is wrong. The problem

for economics is then its failure to distinguish between undertaking harm and

creating good – that is, incommensurability (Spash 1994, 2002).

https://www.clivespash.org/wp-content/uploads/2015/04/2010_Spash_Brave_New_World_NPE.pdf

9.A CENTRAL BANK.

the only target it can achieve which is 2% inflation

10. A TREASURY ( PART OF SMALL GOVERNMENT)

Treasury that balances the government`s budget

11. (PRIVATE ENTERPRISE), FIRMS?

private enterprise to ensure that the economy grows at a fast and sustainable rate

12 CONSUMERS AND WORKERS

employment levels are high a

long term stability in the domestic economy

13. FOREIGN TRADE?

a balance of payments close to a zero balance on current account

(long term stability in the domestic economy )

and in its currency on foreign exchange markets.

14. “WHAT IT WAS THAT WORKED IN THE PAST AND, RATHER THAN LOSE IT, THINK HOW IT CAN BE IMPROVED UPON FOR THE FUTURE.”

If it ain’t broke don’t fix it.

15. “CAPITALISM IS THE ONLY TRIED AND TESTED ECONOMIC MODEL THAT HAS BEEN SUCCESSFUL IN PROMOTING ECONOMIC GROWTH, RAISING LIVING STANDARDS AND BRINGING ABOUT GREATER EQUALITY OF INCOME AND WEALTH”.

which period of time and what is Capitalism?

Greek, Roman, Chinese, Persian, Civilisation. Hanseatic League?

What have the Romans ever done for us?.

 16. Democracy? Are we Citizens SUBJECTS OR MERE CONSUMERS?

We are Accorded Elections, Who Votes on what issues?

Terms of office, Accounting Period, Where is the money coming from?

ALL ADULTS OVER THE AGE OF 18 A YEARLY INCOME OF £10,000. THIS WILL REPLACE ALMOST ALL WELFARE BENEFITS, HELP FINANCE CONTINUING EDUCATION, SUPPORT THE WELFARE SERVICE AND GIVE THE UNEMPLOYED AN INCENTIVE TO WORK

17. Universal Basic Income, or the Job Guarantee. AI, Robotics, 

18. Taxation and Private property?

How did the US Federal Government raise its budget before the introduction of an income tax coinciding with the Federal Reserve in 1913? Is Income Tax constitutional in the US, in The UK.

Single Land Tax, Capital Gains Tax. Taxation on unearned income, Seniorage.
Where is the Money Token coming from?

19. Brexit? Lexit, Flexit, euSSR, euRASIA OR Oceania?

We BOTH HAVE A pro-Brexit mindset but for different reasons is my Enemies Enemy my friend?

INTERNATIONAL LAWS AND AN INTERNATIONAL COURT WHOSE RULINGS ARE ENFORCEABLE ACROSS ALL INTERNATIONAL BOUNDARIES.

Is this one world Government? New Word Order, Rules-Based International Order, NAFTA, TTIP, CETA, EU Enlargement The EURO?

20. Money, Money Money, its a Gas.
ECONOMISTS ARGUE ABOUT THEORIES THREE

COMMODITY,

chartalist

CREDIT THEORY

21. CAPITALISM. PICK A FLAVOUR ANY FLAVOUR?

22 GLOBALIZATION

 

23.Big Bang and Financialisation?

Money and financial institutions provide the command and control system of a modern society. The study of the mechanism, how they are formed, how they are controlled and manipulated and how their influence is measured in terms of social, political, and economic purpose pose questions, not in pure economics, not even in a narrow political economy, but in the broad compass of a political economy set in the context of society. ”
Martin Shubik

24. Minimum Wage yes or no?

24. Elitism or Populism? Dictatorship or Democracy, Debt or Credit?

26. MONEY AS A MEASURE of ENERGY BASED ECONOMICS.

 

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Live Stream Dialogue with John Hearne. A LIVE STREAMED DIALOGUE ON MONEY, BANKING AND POLITICAL ECONOMY. “TINA” THE VILLAGE BIKE OR TEMPLE WHORE.

 

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https://longhairedmusings.wordpress.com/2019/03/18/free-market-capitalism-its-their-future/

Ahead of today’s Livestream dialogue/Conversation with John Hearn here is the live stream introduction and a Tag Cloud of the words used in my questions and comments on Johns Brilliant Idea for 21st-century Economics.

“So that’s my brilliant 21st-century idea let’s do economics as if people really matter.”

Watch the live stream here. or use above Link.

 

This is the First Dialogue between John Hearn a “Monetarist Economist” and Roger Lewis (writer of this blog), Jack of all trades and master of none, general chef and Bottle Washer and occasional poet.

Tag Crowd Live Stream

Introductory Video Tag Crowd

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Johns Tag Crowd.

John Hearn Tag Cloud.

Richard Moores Tag Crowd.

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Henry George Tethered Bull

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FREE MARKET CAPITALISM: IT`S THEIR FUTURE, ” I HAD A BRILLIANT IDEA FOR 21ST CENTURY ECONOMICS ” A LIVE STREAMED DIALOGUE ON MONEY, BANKING AND POLITICAL ECONOMY . “TINA” THE VILLAGE BIKE OR TEMPLE WHORE.

FREE MARKET CAPITALISM: IT`S THEIR FUTURE

Space centre IMG_0201 (1)

In conclusion we have a financially small government clearly focused on buying the public good, supporting the merit good and discouraging the demerit good. The Central Bank is supporting regulations and aiming to reach the only target it can achieve which is 2% inflation. Relatively stable prices and a responsible Treasury that balances the government`s budget will be coupled with private enterprise to ensure that the economy grows at a fast and sustainable rate, while employment levels are high and the balance of payments close to a zero balance on current account. This will produce long term stability in the domestic economy and in its currency on foreign exchange markets.

John Hearn 17/3/2019

John Hearn Tag Cloud.

I referred to this Video in my introductory questions and comments video.

Published on 7 Dec 2018

SUBSCRIBE 13
Here I present the interventionist case as it would be explained by a Keynesian economist and the same case explained by a free market monetarist economist.
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As Keynesian Tag Crowd.
John Keynsian tags

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John As Supply Side Jesus.
John Supply side jesus word tag

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alt to neo liberalism 

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werner

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Steve Keen,  Richard Werner.

https://longhairedmusings.wordpress.com/2018/06/07/flogging-the-99-keen-explaining-his-reasons-for-pursuing-his-dynamic-systems-modelling-with-the-importance-of-debt-money-factored-in-is-there-a-god-of-markets/

´´Heads up on a new must-watch lecture series (for the Ecuadoran gov) by Steve Keen. Starting here:

MORE MMT. MEMORY HOLE POST IN SEARCH OF ST BILL OF MITCHELL AND ST RICHARD OF MURPHY. STEVE KEENS GUIDE FOR THE PERPLEXED. #MMT #CIRCUITTHEORY #DOUBLEPENETRATIONGATEKEEPING #NEILWILSON @NEILWILSON

too big to jail gif-downsized

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Blythe

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Bill Mitchell has a new post “A surplus of trade discussions” responding to some of the criticisms of the MMT position on trade deficits (though he didn’t link to any of them, including my post “Some Preliminary Questions for MMT”). He opens with the proposition that “exports are a cost and imports are a benefit”, and reaches the following conclusion:

When it comes to trade, MMT focuses, initially on the real layer of the analysis.

Thus it is undeniable (and I am surprised to read all those who are torturing themselves trying to deny it) – exports are a cost and imports are a benefit.

Giving some real thing away is a cost. Getting some real thing is a benefit.

That doesn’t equate, as I have been reading the last few weeks, in a conclusion that MMT’s preference is for a nation to have a current account deficit.

It just states the obvious fact that exports, by definition, involve sacrificing real resources and depriving a nation of their use.

Imports on the other hand clearly involve receiving final goods and services where the real resource sacrifice has been made by the exporting nation.

In a world where we produce to consume – not for its own sake – then receiving goods and services is better (real terms) than sending them elsewhere.

worth a read
henry liu dollar hegemony
Liberating Sovereign Credit for Domestic Development

By 
Henry C.K. Liu

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Part I: The Curse of Dollar Hegemony


Ever since the end of the Cold War, which actually began winding down with President Nixon’s policy of Détente, trade has overwhelmed domestic development in the global economy, as superpower competition to win the hearts and minds of the world in the form of aid subsided.  Persistent US fiscal deficits forced the abandonment in 1971 of the Bretton Woods regime of fixed exchange rates linked to a gold-backed dollar.  The flawed international finance architecture that resulted has since limited the global growth engine to operating with only the one cylinder of international trade, leaving all other cylinders of domestic development in a state of permanent stagnation. 

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Under principles of Chartalism, foreign capital serves no useful domestic purpose outside of an imperialistic agenda. Dollar hegemony essentially taxes away the ability of the trading partners of the US to finance their own domestic development in their own currencies, and forces them to seek foreign loans and investment denominated in dollars, which the US, and only the US, can print at will with relative immunity. The Mundell-Fleming thesis, for which Robert Mundell won the 1999 Nobel Prize, states that in international finance, a government has the choice among (1) stable exchange rates, (2) international capital mobility and (3) domestic policy autonomy (full employment, interest rate policies, counter-cyclical fiscal spending, etc). With unregulated global financial markets, a government can have only two of the three options. Through dollar hegemony, the United States is the only country that can defy the Mundell-Fleming thesis. For more than a decade since the end of the Cold War, the US has kept the fiat dollar significantly above its real economic value, attracted capital account surpluses and exercised unilateral policy autonomy within a globalized financial system dictated by dollar hegemony. The reasons for this are complex but the single most important reason is that all major commodities, most notably oil, are denominated in dollars, mostly as an extension of superpower geopolitics. This fact is the anchor for dollar hegemony which makes possible US finance hegemony, which makes possible US exceptionalism and unilateralism.
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https://d.tube/#!/v/tonefreqhz/tozmrn0l
vrabel d tube

Cullen Roche and a critique of MMT.

https://www.pragcap.com/?s=MMT

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https://theconquestofdough.weebly.com/some-documentary-films.html

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https://theconquestofdough.weebly.com/some-important-texts.html

texts money

https://d.tube/#!/v/tonefreqhz/ah5vxtf1

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Money as a Measure Energy Based Economics.

Roger LewisRoger Lewis1 month ago

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Exploring Economics Lectures 05: Making economics consistent with thermodynamics I don’t ever want to be accused of Blowing Smoke up Steves Arse so here’s a critique of the good Profs Atmospheric Physics. Prof Keen is a fine Monetary Theorist and not so strong on the ol´ Atmospheric Physics. Readers and watchers might find the Rocket Science Journal of assistance in Explaining what is singularly garbled in this presentation at 53 mins. http://www.rocketscientistsjournal.com/ On the Limits for Growth please also take account of the criticisms of the assumed boundary conditions, again a source of confusion in Prof Keens explanations in this video. Robert Solow from MIT argued that prediction in The Limits to Growth was based on a weak foundation of data (Newsweek, March 13, 1972, p. 103). Allen Kneese and Ronald Riker of Resources for the Future (RFF) stated: The authors load their case by letting some things grow exponentially and others not. Population, capital and pollution grow exponentially in all models, but technologies for expanding resources and controlling pollution are permitted to grow, if at all, only in discrete increments.[27]
Roger Lewis
This is a valuable contribution to Future Money Steve, the low view count shows how far ahead of the Curve this is and was. https://longhairedmusings.wordpress.com/2019/02/02/heisenberg-godel-and-chomsky-walk-into-a-bar-neo-classical-economics-is-the-joke/ https://longhairedmusings.wordpress.com/2019/02/02/response-to-frank-slater-held-in-moderation/ Dr Tim Morgan Explains Energy Cost of Energy here. https://surplusenergyeconomics.wordpress.com/2018/06/20/129-why-what-how/ Vaclav Smil covers the lower bounds of production dealing in calorific value of human labour http://vaclavsmil.com/2017/05/08/energy-and-civilization-a-history/ paraphrase here on my blog https://longhairedmusings.wordpress.com/2018/07/11/energy-and-civilization-a-history-by-vaclav-smil-some-extracts-of-note-for-an-energy-based-currency-unit/ Box 1.10 Calculating the net energy cost of human labor There is no universally accepted way to express the energy cost of human labor, and calculating the net energy cost is perhaps the best choice: it is a And this rather compelling Model here, https://orrery-software.webs.com/entropy-in-abms which i discuss with its programmer here. https://longhairedmusings.wordpress.com/2018/06/29/embodied-energy-cost-of-opportunity-cost-which-would-be-a-true-metric-of-decision-making-where-resource-constraints-involve-mutually-exclusive-investment-decisions/ Garvin Boyle – Note about EROI Garvin of Orrery Software is working on a book I believe he would be an excellent person for you to compare notes with on Minsky.

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This lecture shows that the Physiocrats were the only school of thought to be consistent with the Laws of Thermodynamics in their model of production, and derives a production function in which energy plays an essential role. This is the fifth of six lectures I recorded that I gave to the Exploring Economics Summer School (https://www.exploring-economics.org/e…) held just outside the city of Erfurt in southern Germany (I recorded all but the second lecture).

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Roger Lewis
Prof Keen is a fine Monetary Theorist and not so strong on the ol´ Atmospheric Physics. Readers and watchers might find the Rocket Science Journal of assistance in Explaining what is singularly garbled in this presentation at 46 mins.
On the Limits for Growth please also take account of the criticisms of the assumed boundary conditions, again a source of confusion in Prof Keen’s explanations in this video. Robert Solow from MIT argued that prediction in The Limits to Growth was based on a weak foundation of data (Newsweek, March 13, 1972, p. 103). Allen Kneese and Ronald Riker of Resources for the Future (RFF) stated: The authors load their case by letting some things grow exponentially and others not. Population, capital and pollution grow exponentially in all models, but technologies for expanding resources and controlling pollution are permitted to grow, if at all, only in discrete increments.[27]

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