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Money Systems & MMT

Much of the background to Smart Taxes’ work is influenced by Modern Monetary Theory, the work of post-Keynesian economists such as L. Randall Wray, James Galbraith, William Mitchell, Warren Mosler, Marshall Auerback and Michael Hudson.

‘Lessons from the Crisis’, the conference co-organised by Smart Taxes and Tasc, helped bring these ideas into much-deserved attention in Ireland. Randall Wray, Stephanie Kelton and Bill Black explained the insights of Modern Money Theory, how they affect the Euro-zone crisis and how they can provide a solution to our current woes. You can view the presentations below.

The videos are arranged by session, morning session, pensions session and afternoon sessions. You can click on individual speakers’ titles to view their presentations.

New Money Theories

Lessons from the Crisis: New Money Theories from TASC on Vimeo.

The morning session began with Richard Douthwaite, The Relationship Between Money and Energy. At 25:33 you can see Stephanie Kelton, A Fix for the Euro Bug. At 57:16 you can see Bill Black, Ireland and the EMU.

Risk and Security: Towards a New Pension Model

Lessons from the Crisis: Risk and security – Towards a new pension model from TASC on Vimeo.

The pensions session began with Randall Wray, ‘Risk and Security: Towards a New Pensions Model’. He was followed by David Korowicz at 27:50, Risk and Resilience of Irish Pension Investment. The session was finished by Sinead Pentony at 46:50, Removing Risk from Irish Pensions.

New Fiscal Frameworks

Lessons from the Crisis: New Fiscal Frameworks from TASC on Vimeo.

The afternoon session began with Tom McDonnell, ‘Making the Numbers Work‘. Then Michael Taft at 20:59, A New Deal for Ireland. Finally, at 41:53, Randall Wray spoke about ‘A Jobs Based Monetary Policy for the Eurozone‘.

Previous Work

Similar ideas about debt free money systems but from a very different perspective had previously been discussed and developed by Feasta in different forms.

Richard Douthwaite – The need for benign inflation

Paul Grignon – Money as Debt

More information on Modern Monetary Theory can be found from the Money Systems newsfeed.

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