by Summary:
There is an interesting debate going on in the UK at present about the concept of tiered bank reserves. The concept is now being used by commentators to argue that the new British government does not need to inflict the austerity that the Chancellor has now announced (even though she is denying that is what the government is up to) because the government can simply reduce outlays to the commercial banks in order to meet the fiscal rules. The discussion is rather asinine really and features all the missteps that commentators make when trying to appear progressive but falling into the usual mainstream macroeconomic fictions....William Mitchell — Modern Monetary TheoryThe Bank of England does not need a tiered reserve system for the Government to avoid austerityBill Mitchell | Professor in
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
There is an interesting debate going on in the UK at present about the concept of tiered bank reserves. The concept is now being used by commentators to argue that the new British government does not need to inflict the austerity that the Chancellor has now announced (even though she is denying that is what the government is up to) because the government can simply reduce outlays to the commercial banks in order to meet the fiscal rules. The discussion is rather asinine really and features all the missteps that commentators make when trying to appear progressive but falling into the usual mainstream macroeconomic fictions....William Mitchell — Modern Monetary TheoryThe Bank of England does not need a tiered reserve system for the Government to avoid austerityBill Mitchell | Professor in
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Mike Norman writes Xu Gao’s case for stimulus—Chief Economist of Bank of China International tears apart the opposition — Yuxuan JIA and BU, Xiaoqing
Michael Hudson writes Debunking U.S. Bankruptcy Myths
Mike Norman writes Wholesale Payments Systems and Bank Reserves — Brian Romanchuk
Mike Norman writes The Myth That the US is Rapidly Approaching Bankruptcy — Michael Hudson
There is an interesting debate going on in the UK at present about the concept of tiered bank reserves. The concept is now being used by commentators to argue that the new British government does not need to inflict the austerity that the Chancellor has now announced (even though she is denying that is what the government is up to) because the government can simply reduce outlays to the commercial banks in order to meet the fiscal rules. The discussion is rather asinine really and features all the missteps that commentators make when trying to appear progressive but falling into the usual mainstream macroeconomic fictions....
William Mitchell — Modern Monetary Theory
The Bank of England does not need a tiered reserve system for the Government to avoid austerity
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia