Functional Finance

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States and cities have been convinced to lower the property tax burden and to take an income tax and a sales tax and the worst, most anti-labour, tax of all—your value added tax. Your value added tax is intruding onto the market and shrinking it and preventing you from buying the goods that you produce.

Federal Reserve System

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An interview with Michael Hudson published on the Russian website Terra America (TA). What is the place of the Federal Reserve System in the American financial and economic structure? Prior to the Federal Reserve’s founding in 1913, U.S. monetary policy was conducted by the Treasury. Like the Fed, it had district sub-treasuries that performed nearly all the financial functions that the Fed later took over: providing credit to move the crops in autumn, managing government debt, and so forth. But after the severe 1907 financial crisis, a National Monetary Commission was reformed. Under the then-Republican administration, it recognized a need for more active government intervention to prevent future financial crises. ...

MMT as the Austerity Alternative

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Michael appeared on Guns and Butter alongside Assoc Professor Stephanie Kelton in Rimini. Listen to the interview aired March 7th. Make sure you read Michael's piece on Our Very Oscar Night in Rimini for more background. "There IS An Alternative To European Austerity: Modern Money Theory (MMT)" with Stephanie Kelton and Michael Hudson in Rimini, Italy. Difference between sovereign and non-sovereign money; what is money; fiat money; gold standard; fixed exchange rates; the Euro; difference between central banks and commercial banks; deflation and inflation; financial war against the economy; credit supply and asset prices; bank lending and capital investment; debt deflation stage and austerity stage of finance capitalism. Show details Subscribe to Bonnie Faulkner's Guns & Butter podcast: Itunes > Advanced > Subscribe to this ...