by Summary:
Not MMT but MMT-related in that it considers "money" institutionally. The article views the need for a new set of institutional arrangements as compelling for the Global South and suggests parameters for a solution as well as an outline of a possible solution While the article does not mention it, this appears to be akin to the bancor system devised by J. M. Keynes and E. F. Schumacher and proposed by the UK at Bretton Woods. It was rejected in favor of the US proposal of a dollar-based system with the USD anchored to gold at a fixed rate for international settlement. This became the untethered dollar system in 1971 when President Richard Nixon ended convertibility on the advice of US Treasury Secretary John Connolly as a unilateral response to a run on gold as a result of rising US
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Not MMT but MMT-related in that it considers "money" institutionally. The article views the need for a new set of institutional arrangements as compelling for the Global South and suggests parameters for a solution as well as an outline of a possible solution Not MMT but MMT-related in that it considers "money" institutionally. The article views the need for a new set of institutional arrangements as compelling for the Global South and suggests parameters for a solution as well as an outline of a possible solution While the article does not mention it, this appears to be akin to the bancor system devised by J. M. Keynes and E. F. Schumacher and proposed by the UK at Bretton Woods. It was rejected in favor of the US proposal of a dollar-based system with the USD anchored to gold at a fixed rate for international settlement. This became the untethered dollar system in 1971 when President Richard Nixon ended convertibility on the advice of US Treasury Secretary John Connolly as a unilateral response to a run on gold as a result of rising US
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Mike Norman considers the following as important:
This could be interesting, too:
Lars Pålsson Syll writes Cutting-edge macroeconomics …
Robert Vienneau writes A Letter From Marx To Engels In 1858 Outlining His Critique Of Political Economy
Lars Pålsson Syll writes Cutting-edge macroeconomics …
Lars Pålsson Syll writes The greatest of them all
While the article does not mention it, this appears to be akin to the bancor system devised by J. M. Keynes and E. F. Schumacher and proposed by the UK at Bretton Woods. It was rejected in favor of the US proposal of a dollar-based system with the USD anchored to gold at a fixed rate for international settlement. This became the untethered dollar system in 1971 when President Richard Nixon ended convertibility on the advice of US Treasury Secretary John Connolly as a unilateral response to a run on gold as a result of rising US deficits. This post-WWII experience provides a historical reference for the issues involved in institutional arrangements regarding "money." This article is informed by that experience.
The article is also based on the work of Zoltan Pozsar's analysis and draws on Michael Hudson's critique.
Strategic Culture Foundation (sanctioned by the US Treasury Department)
Moveable Multipolarity in Moscow: Ridin’ the ‘Newcoin’ Train
Pepe Escobar
Crossposted at Zero Hedge
Also
A lot has been written analyzing the reasons for the Saudi-Iranian détente brokered by China. However, I have yet to see an obvious economic factor mentioned. Both countries are candidates for the new institutional arrangements around BRI, the New Silk Road trade routes, SCO and other economically beneficial arrangement. However, both entering the new game would have to abide by the basic requirements, which are apparently met by the agreement they arrived at.
Most people in the West are probably unaware of another significance of this détente. It is similar to ending the Catholic-Protestant conflicts that characterized Europe historically that ended with the adoption of the concepts of the nation state and national sovereignty. Sunni-Shi'a rivalry has been as endemic to Islam as Catholic-Protestant rivalry was to the West. But economic interests provide an incentive and motivator for cooperation over competition. This is also a characteristic approach of Chinese policy in contrast to the individualism and zero-sum thinking of many in the West. Thus, the Western elites, especially in the US and Israel, are likely to consider this a "loss" to be overcome rather than an opportunity presented.
The European wars of religion were a series of wars waged in Europe during the 16th, 17th and early 18th centuries. Fought after the Protestant Reformation began in 1517, the wars disrupted the religious and political order in the Catholic countries of Europe, or Christendom. Other motives during the wars involved revolt, territorial ambitions and great power conflicts. By the end of the Thirty Years' War (1618–1648), Catholic France had allied with the Protestant forces against the Catholic Habsburg monarchy. The wars were largely ended by the Peace of Westphalia (1648), which established a new political order that is now known as Westphalian sovereignty. (Wikipedia, European wars of religion)
India Punchline
China steps up, a new era has dawned in world politicsM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador
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