LoCarb

Australian economist Bill Mitchell is giving a lecture at Victoria University Friday 28th.
It will be live-streamed, so an opportunity to listen to an alternative view on where NZ should be heading.

Do we need a money revolution? Strategy 2040 | Scoop News

Bill's blog:

Bill Mitchell – billy blog | Modern Monetary Theory … macroeconomic reality

LittleGreyCat

Thanks for that - interesting reading.

LoCarb

Bill's latest post prior to arriving in NZ:

I am travelling for most of today to New Zealand (Wellington) to honour some engagements promoting a new political movement that is keen to use Modern Monetary Theory (MMT) as a basis for a progressive political agenda in a nation that has been in the throes of a neo-liberal infestation for several decades now. In fact, New Zealand was one of the first to sink into neo-liberal oblivion. I wrote about the devastating consequences of this policy shift in this blog – The comeback of conservative ideology. It was a very sorry tale indeed. The sociopaths took over. You can see a rich portrayal of how the neo-liberals set about wrecking the social fabric of this wonderful nation by watching the documentary film – In a Land of Plenty – which runs for 1 hour and 44 minutes. It is compelling and worth the investment of your time. You will get angry. But maybe getting angry is the first step towards getting active and joining collective movements to do something about this nonsense. Indeed, that is what I am up to over the next few days – helping a new political movement develop narratives to counter the insidious dominance of the neo-liberals. Building a true oppositional Left is the imperative now for all activists."

Travelling to the land of the long white cloud today | Bill Mitchell – billy blog

LoCarb

In case you missed it, here is a live recording.

https://vstream.victoria.ac.nz/ess/e...9-3798fe6cd280

LoCarb

Interview with Bill Mitchell on Radio NZ this morning:

Bill Mitchell: modern monetary

Charismatic

At the risk of being a bit dull can you elaborate on the discussion at 4 minutes into that interview? Bill Mitchell tries to explain his alternate view on how inflation is created (i.e. inflation being created in an economy when spending outstrips production) but was interrupted by the interviewer. I think he was talking about a cost-push/demand-pull model (a very conventional, established view) but I didn't quite understand how his view of inflation differed from this (i.e. how a government and/or reserve bank could have a creation policy that avoids inflation.)

LoCarb

Listened again but no interruption noted? I think he explained his position, it being demand-pull as demand outstrips the economy's ability to produce.

In your last sentence, I think you are implying that government money creation is an extra-over-and-above normal operations and therefore would be/could be inflationary.

Well no, it's not an extra over-and-above normal operations, it is normal operations. Government is the sole issuer of NZ dollars and all government spending puts new money into the economy.
Government is not reliant on taxes (or borrowing) for funding.

Taxes then are the removal of those dollars from the economy and necessary to prevent inflation. Taxes being just canceled dollars.

LoCarb

Bill Mitchell's take-down of Garth Morgan & The Opportunities Party:

When neo-liberal masquerades as anti-establishment

When neo-liberal masquerades as anti-establishment | Bill Mitchell – billy blog