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Guns and Butter - March 7, 2012 at 1:00pm

Guns and Butter, for March 7, 2012 - 1:00pm

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Guns and Butter

"There IS An Alternative To European Austerity: Modern Money Theory (MMT)" with Stephanie Kelton and Michael Hudson in Rimini, Italy. Difference between sovereign and non-sovereign money; what is money; fiat money; gold standard; fixed exchange rates; the Euro; difference between central banks and commercial banks; deflation and inflation; financial war against the economy; credit supply and asset prices; bank lending and capital investment; debt deflation stage and austerity stage of finance capitalism.

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For a transcript of this

For a transcript of this broadcast please visit Media Roots: http://mediaroots.org/mr-transcript-italian-mmt-summit-2012.php

Nothing new here, a waste of

Nothing new here, a waste of time.

If this is not new

If this is not new information to you, it doesn't make this information old. Karl Marx's Das Kapital and Dr. Michael Hudson’s Super Imperialism: The Economic Strategy of American Empire are not new books, to name a couple; yet, for all of those who have not been introduced to them, they are very new. Just like the concepts of Modern Monetary Theory, the fact that—both—Democrats and the Republicans are working against their constituencies, and countless other perspectives not broadcast in the corporate media and even most of the sliver of media which is public.

There will always be arrogant people more interested in self-aggrandisement, who will call presentations of alternatives to ruling-class dogma “a waste of time,” rather than encourage others to avail themselves of what they claim to already understand. Perhaps, we shall take them to task and challenge them to help others understand what they claim—or recognise them as hindrances to understanding.

Did I miss something.... is

Did I miss something.... is there a Part 2 out there somewhere? I'd like to hear Kelton and Hudson describe the ALTERNATIVE they alluded to in their title. All I heard was an intriguing description of the problems with the current system.

The alternative is explained

The alternative is explained by Webster Tarpley in the video: What Really Happened On 911. "Millions of people in front of the capitol waving nooses at each of the congressmen and senators, the president, the Pentagon"

Part two, for the time being,

Part two, for the time being, is in our hands to inform ourselves, to read more.

I recommend those interested in fully understanding the alternatives to economic austerity being imposed by banking and financial elites—which have captured governments around the world with the assistance of misguided or uninformed voters and non-voters, such as sovereign money creation for the benefit of the people (or moving to a resource-based economy or you name it), rather than for the further enrichment of ruling-class elites at the expense of the people and their hopes for democracy, as commercial credit creation transfers the wealth of nations their infrastructures away from the commons and toward the 1%—to come together for community workshops and town halls to delve deeper.

For further description,

For further description, Tina, you may want to include this article in your studies:
http://michael-hudson.com/2012/02/mmt-theory-as-an-ecb-alternative/

“The basic thrust of our argument is that just as commercial banks now create credit electronically on their computer keyboards (creating a bank account credit for borrowers in exchange for their signing an IOU at interest), so governments can create their own money. They can reclaim this proper function without incurring needless interest-bearing debt to private bondholders or from banks that create credit by electronic fiat. Government computer keyboards can provide nearly free credit creation to finance spending.”

“So what then is the key? It is to have a central bank that does what central banks were founded to do: monetize government budget deficits so as to spend money into the economy, in a way best intended to promote economic growth and full employment.”

“(The proceedings were videotaped and will be transcribed and placed on the web. Pacifica KPFA broadcaster Bonnie Faulkner attended and is compiling a series of programs and will re-interview the speakers for her “Guns and Butter” program.)”

Also see here for a brief

Also see here for a brief interview with Dr. Michael Hudson on the Italian MMT Summit: http://michael-hudson.com/2012/03/keiser-hudson/

Also covered here by host Max Keiser is MF Global: “the eighth largest bankruptcy in U.S. history” and why the Occupy Movement has remained virtually silent on it as well as the need for greater financial literacy.

money

money

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