Debate on “Modern Monetary Theory” Misses the Mark

Artificial wealth comprises the things which of themselves satisfy no natural need, for example money, which is a human contrivance. ~  St. Thomas Aquinas Buzzwords seem to rule public discussion of just about everything. Money is no exception. Now it’s “Modern Monetary Theory.” What’s that? Well, it depends on who you ask. In modern times, … More Debate on “Modern Monetary Theory” Misses the Mark

Tax the Markets!

Today, the world faces multiple interacting crises, most of which now approach catastrophic proportions. With every new research report on climate disruption, species extinction, ecological destruction, or various population, economic, or political disturbances, it becomes clear that many are at or approaching a tipping point toward chaos. Political authorities remain unable even to formulate, no … More Tax the Markets!

Boredom and Work

“Are we there yet?” “Why? Are you bored?” Boredom. I never got that. How can any conscious being be bored? I think it is a matter of perception and attitude, maybe even choice. I recall hearing of people retiring from a job they had for most of their adult life, then dying within a few … More Boredom and Work

The “Jobs” Illusion(s) and the Work We Must Do

Politicians love to talk about “job creation.” They wallow in social illusion in order to appear to care about the economic future of the people and the nation. At the same time, they pander to the interests of job destruction, whether through automation, international outsourcing, or simply unlivable wages. At the same time, they facilitate … More The “Jobs” Illusion(s) and the Work We Must Do

The Upside-Down Economy

The idea that the financial markets are the essential force that drives economic growth and progress, has dominated political thinking for too long. The financial markets and their agents have dominated politics and the Congress over recent decades more than ever before. After all, it took several decades for the financial elite to accomplish the … More The Upside-Down Economy

Borrowing Nothing from Nowhere: Phantom Money and Phantom Debt

Borrowing money is a tricky thing to talk about, even trickier than talking about money itself. We all seem to have a love-hate relationship with the stuff. Well, maybe ‘stuff’ is not the right word. People disagree about what money actually is. Some, who I’ll call “money realists,” believe that the essence of money is … More Borrowing Nothing from Nowhere: Phantom Money and Phantom Debt