Bill Mitchell on the purposes of taxation - Editor A recent blog by Prof Bill Mitchell [1] has listed the purposes for which a sovereign government might wish to tax its citizens. The acquisition of taxation revenue is not on that list, because under a modern fiat money system taxation revenue is … [Read more...]
What to do about the “cash rate”
On the first Tuesday of every month (except January, when they are all off on their holidays) the governor of the Reserve Bank of Australia (RBA) meets with the deputy governor, the Treasury secretary and six other worthies (all appointed by the government) to decide what to do about something … [Read more...]
Mervyn King: without bank reform another financial crisis is ‘certain’
Mervyn King: without bank reform another financial crisis is 'certain' - Editor An article appearing in the newspaper The Guardian on 28 February 2016 [1] reports the statement by former Bank of England governor Lord Mervyn King in his new book [2] that imbalances in the global economy makes a … [Read more...]
Mervyn King on the eurozone crisis, and the failure of the monetary policy approach
Mervyn King on the eurozone crisis, and the failure of the monetary policy approach - Editor Mervyn King also now understands that an expansionary fiscal policy, additional to the use of monetary policy, is the best way to facilitate the achievement of full employment with falling private … [Read more...]
