Pop-up Meetup in NYC (with Michael Hudson and Jerri-Lynn) Tomorrow

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7 comments

1. Amnon September 23, 2019 at 1:33 am

   I will attend
2. Irrational September 23, 2019 at 8:02 am

   Oh, I am jealous. Can you live-stream it to us poor souls on another continent? Just kidding! I hope it is well-attended and all those present enjoy it.
   1. Jerri-Lynn Scofield Post authorSeptember 23, 2019 at 9:43 am

      What continent? We have another meet up scheduled for 3rd October in London. I’ll be back in Asia in Oct/Nov, and have some intervening travel planned. If you let me know your location, I’ll see what I can arrange – provided you’re not in Antarctica! You never know….
3. Parker Dooley September 23, 2019 at 8:16 am

   I’m planning to attend with wife & son.
4. Ethan Ward September 23, 2019 at 9:49 am

   My girlfriend and I are planning to come by after we both finish work at 6. Looking forward to it.
5. John Rose September 23, 2019 at 11:44 am

   I sent the following email to Elizabeth Warren. I would love to know if Michael Hudson thinks it is feasible.

   Hello EW Campaign,

   Please forward this email to the policy people on the campaign. What I suggest provides a radically democratic underpinning for all her other proposals. And could make those proposals unnecessary because this is so much easier.

   My suggestion is based on Modern Monetary Mechanics, the term used by the Chicago Federal Reserve Bank instead of MMT, Modern Monetary Theory. This is a more accurate term since what is described is the reality of monetary functioning, not just someone’s theory about it. That reality is founded on fiat money, pieces of paper declared by a sovereign nation to be, “…legal tender for all debts public and private.”

   The sovereign United States can create as many or as few of those dollars as it wishes, usually guided by the needs of the economy. This is totally different from the economy of a household since a household has to use money created elsewhere.

   The Federal Reserve Bank has two mandates from Congress, to regulate the money supply and to promote full employment. They use interest rate decisions to do their job and they don’t do very well at fulfilling either of those mandates, especially the second one. That is because the interest rate decisions feed money into the banks and other large borrowers; those at the top of the financial system.

   When the 17 trillion dollar US economy grows 2%, 340 billion dollars has to be added to the money in circulation to avoid deflation, a shortage of money. Imagine the difference if, instead of going to the top of the system, creating more billionaires, that newly created money were simply distributed to the citizens, a little over a thousand dollars, on average, to every man, woman and child in the US?

   This is, first, a matter of justice because the need for the money comes from the actions of you and I earning and spending money; we are creators of the monetary enterprise. Therefore you and I should receive the profits from the system, the growth of the economy.
   The Federal Reserve already has the mandates mentioned and is permitted considerable freedom in fulfilling those mandates.
   This would be direct control of the money supply. It would be a much more effective way than interest rate manipulation since feeding more or less money to consumers, 70% of the total economy, would have nearly immediate and massive effect.
   Because of the rapid effect, full employment would happen rapidly also because most consumers would spend the money immediately, greatly expanding demand. Employers would need to pay workers more to attract them, reducing the wealth disparity.
   The distribution to consumers could be done by the Federal Reserve feeding the funds to banks and credit unions who would credit individual accounts, giving banks a role at the very local level instead of them focusing on interest from loans to those already wealthy enough to qualify for them. Banks would have reason to be supportive. All other industry and retailers also because of the increased spending occasioned.
   The massive battles to make radical changes to the tax code could be avoided since this change overshadows them all.
   The Federal Reserve would no longer need to interfere with interest rates. They could be allowed to find an equilibrium, probably resolving the problems to retirees and pension funds from the unnaturally low rates.
   Utter poverty would be eliminated.

   This is not pie in the sky. It is based on a true understanding of our monetary system, I have added some references below.

   Please give this solid consideration. Elizabeth Warren could present and explain this with even more effectiveness than what she is doing already.

   Sincerely,

   John Rose

   Michael Hudson: https://www.amazon.com/Michael-Hudson/e/B00MBOX1FY?ref_=dbs_p_pbk_r00_abau_000000

   Warren Mosler: https://www.amazon.com/s?i=stripbooks&rh=p_27%3AMr.+Warren+Mosler&s=relevancerank&text=Mr.+Warren+Mosler&ref=dp_byline_sr_book_1

   Randell Wray: https://www.amazon.com/L-Randall-Wray/e/B001HP7OPG?ref=sxbs_sxwds-stvp&qid=1568593291

   William Mitchell: https://www.amazon.com/William-Mitchell/e/B07QM3GRCB?ref=dbs_a_def_rwt_sims_vu00_r0_c1
6. McWatt September 23, 2019 at 12:47 pm

   I was just in NYC last week! Sorry I am going to miss this!!

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