A Memo From MMT’s Legal Department | naked capitalism (New Economic Perspectives)

A Memo From MMT’s Legal Department; ; In naked capitalism, syndicated from New Economic Perspectives; 2017-07-18.
Devin Smith, staff, an economist, Corps of Engineers, United States Army.

Occasion

  • 1st International MMT Congress, 2017-09
    to be held at the University of Missouri-Kansas City.
  • A recital of
    • affiliated persons
    • promotional events

Mentions

  • Modern Monetary Theory (MMT)
  • Job Guarantee
  • Tax obligations create money
  • Tax obligations require wages.
  • Modern Money Network
    • founded 2012
  • Federal Reserve System
  • Rethinking Economics New York
    • a conference
    • Student-organized
    • Sponsors
      • Law School, Columbia University
      • Law School, New York University
      • Economics Department, The New School
  • Association for the Promotion of Political Economy and Law (APPEAL)

Bitcoin

Has a moneyness sense

Treasury currency
Commodity Futures Trading Commission commodity
Internal Revenue Service property

Quotes

<quote>“[A] renewed emphasis on a key legal insight (the government cannot default on debt it issues in its own currency) can lead to an adjustment to economic theory (MMT), which in turn informs a new legal proposal to get past the current, futile […] debate.
It’s a movement from legal insight to economic insight back to legal insight, or L – E – L.
… The legal foundations of MMT make it both scientifically, and normatively, a better theory of our economic system than the dominant paradigms of monetary policy.”</quote>, attributed to Frank Pasquale, circa 2014.

<quote>“Modern money theory explains that political and legal systems for creating, regulating, and distributing money are fundamental to economic prosperity and stability, necessarily shaping (not “distorting”) and facilitating private exchanges of goods and services.
… the economic costs and benefits of public money creation depend on the contingent, complex value-laden questions of how that money is spent and invested and how effectively taxes and other forms of regulation help steer economic and political activity toward the productivity, stability, and legitimacy that will help maintain currency value.”</quote>, attributed to Martha McCluskey, circa 2016.

Who

  • Rania Antonopoulos, Alternate Minister for Combatting Unemployment, Greece
  • Marshall Auerback
  • David Bholat, staff, Advanced Analytics Division, Bank of England
  • Richard Clarida, (former) Assistant Secretary, U.S. Treasury
  • Mathew Forstater
  • James K. Galbraith
  • Philip Harvey
    • Professor, Law, Rutgers University
    • (author) Rep. John Conyers H.R. 1000 towards full employment
      Versions: 114th Congress and many others
  • NAME Innes
  • Stephanie Kelton
  • NAME Knapp
  • NAME Keynes (surely you jeste)
  • Martha McCluskey, Professor, Law, University at Buffalo
  • Frank Pasquale, Professor, Law, University of Maryland
  • Zoltan Pozsar, (former) Senior Advisor, U.S. Treasury Department
  • Amar Reganti, ex-Deputy Director, Office of Debt Management at United States Treasury
  • Beardsley Ruml, Chairman of the Federal Reserve Bank of New York, once upon a time (at least in 1946-01)
  • Joseph Sommer, Legal Counsel, New York Federal Reserve Bank
  • Pavlina Tcherneva
  • Alexis Tsipras, (now-)Prime Minister, Greece,
  • Adair Turner, (former) Chairman, U.K. Financial Services Authority
  • Matias Vernengo, (former) Economic Research Director, Central Bank of Argentina.
  • Randy Wray

Referenced