Let’s Revive Plato! (Well, sort of)

Let us say that some miners have discovered a new silver vein, and the emperor Augustus issues more coins. The coin is called a denarius and denarii contain a certain amount of silver. “Ok.” Firstly, what is a denarius? “It’s Roman money.” Ok. Fine. Now then, let us say that Augustus stamps a new denarius,[…]

Currency Issuance: One Way That The Federal Government Can Ensure its Survival

The federal government requires various goods and services to operate and function as government. It needs tables, chairs, paper, pens, printers, ink, computers, airplanes, tanks, ships, ammunition, concrete, steel, wiring, switches, light bulbs, on and on. The question is, how can the federal government obtain all of these things, now and in the future, to[…]

The Job Guarantee – Understanding Fundamental Concepts

Many public discussions among progressives entirely miss the point of the JG. It’s normal, but at the same time, the lack of firm understanding is detrimental to the JG, and to progress. So, with that, let me try to clarify a few things. In the first instance, progressives inevitably discuss the consequences for skilled/educated workers.[…]

“Cash” is Only a Physical Manifestation of a Number

I was asked a couple of days ago what I mean when I say that cash is only a physical manifestation of a number. It’s a good question. First, we need to ask “what is a monetary instrument?” I just ran a poll on Twitter about gold to see how many people actually think that[…]

“Affordability” for the US Government is Never a Question of “Money”

“Affordability” for national governments like the US, UK, Canada, Japan, Australia is always in terms of real resources (iron ore, agricultural capacity, water supply, labor supply, etc.) and never “money”. If you still do not understand this concept, you will soon. Forty years of neoliberalism and nonsensical mainstream economic policy errantly focused on the finances[…]

A Portrait of Failure: Gold, the Gold Standard and Bretton-Woods

Gold can be pretty to look at, but it can also be quite depressing. Economics joke. Oftentimes we hear people of a particular political and ideological persuasion insist that gold is “money”. Afterwards, they declare that we should all remain silent whilst they lecture us, drawing upon their vast storehouse of anti-knowledge, asserting that currency[…]

Australia – A Continent That’s Adrift but Salvageable

There’s a whole lot of stupid coming from the Australian government these days. This particular type of stupid isn’t your average stupid. It’s a maximum strength stupid that is produced when your average, run-of-the-mill stupid is no longer stupid enough to meet the needs of the Australian Treasurer. It is a sort of supernatural stupid.[…]