How to Pay for It All by Ellen Brown

For All Debts...

Image by AK Rockefeller via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog
July 10, 2019

The Democratic Party has clearly swung to the progressive left, with candidates in the first round of presidential debates coming up with one program after another to help the poor, the disadvantaged and the struggling middle class. Proposals ranged from a Universal Basic Income to Medicare for All to a Green New Deal to student debt forgiveness and free college tuition. The problem, as Stuart Varney observed on FOX Business, was that no one had a viable way to pay for it all without raising taxes or taking from other programs, a hard sell to voters. If robbing Peter to pay Paul is the only alternative, the proposals will go the way of Trump’s trillion dollar infrastructure bill for lack of funding.

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The Bankers’ “Power Revolution”: How the Government Got Shackled by Debt + New Book: Banking on the People by Ellen Brown

The Bankers’ "Power Revolution": How the Government Got Shackled by Debt + New Book: Banking on the People by Ellen Brown

Screenshot by Dandelion Salad via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog, May 31, 2019
June 2, 2019

This article is excerpted from my new book Banking on the People: Democratizing Money in the Digital Age, available in paperback June 1.

The U.S. federal debt has more than doubled since the 2008 financial crisis, shooting up from $9.4 trillion in mid-2008 to over $22 trillion in April 2019. The debt is never paid off. The government just keeps paying the interest on it, and interest rates are rising.

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Debate on Modern Monetary Theory (MMT) Parts 1-4 (updated)

For All Debts...

Image by AK Rockefeller via Flickr

Dandelion Salad

Updated: May 13, 2019

Modern Monetary Theory – A Debate: Randall Wray (Pt 1/4)

TheRealNews on Apr 22, 2019

Randall Wray, one of the founders of the economic theory known as Modern Monetary Theory (MMT) lays out some of its main arguments. Paul Jay hosts

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Funding A US Green New Deal Without Raising Taxes by Ellen Brown

Green New Deal

Image by Bart Everson via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog
March 21, 2019

As alarm bells sound over the advancing destruction of the environment, a variety of Green New Deal proposals have appeared in the US and Europe, along with some interesting academic debates about how to fund them. Monetary policy, normally relegated to obscure academic tomes and bureaucratic meetings behind closed doors, has suddenly taken center stage.

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The Venezuelan Myth by Ellen Brown

Hugo Chávez saludando al pueblo

Image by Globovisión via Flickr

by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog
February 10, 2019

Modern Monetary Theory (MMT) is getting significant media attention these days, after Alexandria Ocasio-Cortez said in an interview that it should “be a larger part of our conversation” when it comes to funding the Green New Deal. According to MMT, the government can spend what it needs without worrying about deficits. MMT expert and Bernie Sanders advisor Prof. Stephanie Kelton says the government actually creates money when it spends. The real limit on spending is not an artificially imposed debt ceiling but a lack of labor and materials to do the work, leading to generalized price inflation. Only when that real ceiling is hit does the money need to be taxed back, and then not to fund government spending but to shrink the money supply in an economy that has run out of resources to put the extra money to work.

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“Taxpayer Money” Threatens Medicare-for-All (And Every Other Social Program) by Jim Kavanagh

HealthOverProfit-First-Shot-20180409_224859

Image by Backbone Campaign via Flickr

Dandelion Salad

by Jim Kavanagh
The Polemicist, Sept. 18, 2018
September 20, 2018

Three assertions:

  • There is no such thing as “taxpayer money.”
  • Taxes do not pay for government spending. (Nor does debt. No revenue is needed.)
  • Leftists who continue to talk as if “taxpayer dollars” must be collected to “pay for” government programs are undermining Medicare-for-all and every other progressive policy initiative.

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The Life and Times of Michael Hudson: From Trotsky’s Godson to Modern Monetary Theory

Capitalism Kills

Image by Infinite Ache via Flickr

by Michael Hudson
Writer, Dandelion Salad
August 11, 2018

Global University for Sustainability on Jul 11, 2018

The interview with Professor Michael Hudson was conducted on 7 May 2018 in Beijing, by Professor Lau Kin Chi and Professor Sit Tsui Jade. Professor Hudson talked about his formative years, and his turn to economics from music as he found his mentor Terence McCarthy’s speech about economics beautiful and aesthetic. He recalled his experiences in research and teaching, and the background leading to his writing the many books on imperialism, balance of payment, history of debt, and fictitious capital. The interview was edited by George Lee, and produced by the Global University for Sustainability, July 2018.

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Michael Hudson, Stephanie Kelton, et al: Why Monetary Theory and Policy Is a Critical Terrain For the Left (Left Forum 2018)

Smash Capitalism!

Image by Dirk Gently via Flickr

with Michael Hudson
Writer, Dandelion Salad
June 7, 2018

OpenUnivoftheLeft on June 5, 2018

Left Forum 2018: As our demands grow bolder—true full employment, the rebuilding of the social safety net starting with Medicare for All, an overdue green and just transition—so will the naysayers’ inevitable refrain: “How will you pay for it?” Developments in our understanding of monetary theory and the money system has, thankfully, illuminated a path forward out of the trap of austerity: when we understand how money actually works, we know that the obstacles to bold action at a national scale on jobs, healthcare, and climate are political, not economic.

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Ellen Brown: Breaking Through the Money Power

For All Debts...

Image by AK Rockefeller via Flickr

with Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog
September 30, 2016

“Commercial banks create money, in the form of bank deposits, by making new loans… 97% of the [money] currently in circulation [is] created by commercial banks themselves.”

— “Money creation in the modern economy”, Quarterly Bulletin, 2014 Q1, Bank of England

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Government Debt and Deficits Are Not the Problem. Private Debt Is. by Michael Hudson

Student Loans Shackle

Image by Saint Huck via Flickr

by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
March 14, 2013

There are two quite different perspectives in the set of speeches at this conference. Many on our morning panels – Steve Keen, William Greider, and earlier Yves Smith and Robert Kuttner – have warned about the economy being strapped by debt. The debt we are talking about is private-sector debt. But most officials this afternoon focus on government debt and budget deficits as the problem – especially social spending such as Social Security, not bailouts to the banks and Federal Reserve credit to re-inflate prices for real estate, stocks and bonds.

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Michael Hudson: Geithner Turfed Out by EU Bankers + There IS An Alternative To European Austerity: Modern Money Theory (MMT)

by Michael Hudson
Featured Writer
Dandelion Salad
http://michael-hudson.com
March 13, 2012

Prof Hudson appears on the Renegade Economists radio show to discuss the economic growth trap, compound interest, Sumeria, the corruption of economics and how US interests are flexing in the debate over what constitutes a CDO default in the EU.

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Keiser Report: Sharkboy and Lava Girl + Michael Hudson on Modern Monetary Theory

by Michael Hudson
Featured Writer
Dandelion Salad
http://michael-hudson.com
March 8, 2012

on Mar 8, 2012

In this episode, Max Keiser and co-host, Stacy Herbert, discuss boating accidents with Sharkboy and Lava Girl and a futures market to lay off your Blythe Masters risk. In the second half of the show, Max talks to Dr. Michael Hudson about Modern Monetary Theory at the University of Missouri – Kansas City and about the Chicago Boys gutting the economic competition, literally.

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MMT (Modern Monetary Theory) as an ECB (European Central Bank) Alternative by Michael Hudson

by Michael Hudson
Featured Writer
Dandelion Salad
http://michael-hudson.com
February 27, 2012

2,181 Italians pack a Sports Arena to learn Modern Monetary Theory:
The Economy doesn’t Need to suffer Neoliberal Austerity

I have just returned from Rimini, Italy, where I experienced one of the most amazing spectacles of my academic life. Four of us associated with the University of Missouri at Kansas City (UMKC) were invited to lecture for three days on Modern Monetary Theory (MMT) and explain why Europe is in such monetary trouble today – and to show that there is an alternative, that the enforced austerity for the 99% and vast wealth grab by the 1% is not a force of nature.

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