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

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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

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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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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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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
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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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