Britainia Handiko Gower initiative, 2025

Stephanie Kelton@StephanieKelton

2024 abe. 19

“ALL FEDERAL SPENDING IS TAXATION.” Elon Musk

Bideoa: https://x.com/i/status/1869843714102927823

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Gower Initiative for Modern Money Studies@GowerInitiative

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Gower Initiative for Modern Money Studies@GowerInitiative

urt. 17

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The Gower Intitiative for Modern Money Studies newsletter – January 2025

(https://gimms.org.uk/2025/01/17/newsletter-january-2025/)

17th January 2025

Here we are again, at the beginning of yet another year. Let’s hope it is an improvement on the last.

The highlights of this past year have been two events which GIMMS is proud to have organised and supported.

In January we were delighted to welcome Bill Mitchell to speak at an event in London at the Unite Headquarters. It was good to see so many of our friends there and Bill as usual gave us much food for thought in his presentation.

If you weren’t able to come, then you can catch up with the video below:

Bideoa: https://youtu.be/_IMjKngi9yI

Following that event, GIMMS supported the inaugural UK MMT Conference at Leeds University in July. Such a lot of work went into its organisation, and we would like to thank all of those who were involved.

We would also like to extend our special thanks to Warren whose invaluable support made it happen and two of GIMMS associate members Phil Armstrong and Neil Wilson. In particular, our thanks go to Neil for his tireless efforts in organising the event and putting together a programme of speakers from all around the world, involving many hours arranging visas for speakers from China, Argentina and Japan.

Over 150 delegates attended the three-day event, and much was learnt from first-hand accounts of the frustrations facing economists around the world wanting to use the MMT lens to support communities facing the challenges related to the distribution and use of real resources

 Josh Ryan-Collins, Andrew Berkeley, Neil Wilson and Richard Tye present their paper “The self-financing state”.

Dirk Ehnts, Stephanie Kelton, Warren Mosler, Pavlina Tcherneva, Randy Wray, Bill Mitchell and Martin Watts

Warren Mosler and Stephanie Kelton listen to a presentation

Dirk Ehnts and Warren Mosler giving a presentation

All of the slides from the presentations are available at https://gimms.org.uk/2024/07/19/uk-mmt-conference-2024-slides/, along with the videos we have so far. We are still hoping to have the rest of the videos available to watch but so far technical hitches have got in the wa

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UK MMT Conference 2024 – Slides and videos

19th July 2024 – by admin – Leave a Comment

The slide sets from the presentations given at the UK MMT conference may be downloaded below. Videos will be added as they become available.

(More to follow!)

Conservative support for Mosler’s proposals – Warren Mosler – PDF

Modern Monetary Theory – The Currency as a Public Monopoly – Daniele Busi, Marco Compagnoni and Ivan Invernizzi – PDF

The Relation Between Budget Deficits and Growth: Complicated but Clear – L Randall Wray and Eric Lin – PDF

Modeling the Currency As a Public Monopoly – Pavlina R Tcherneva – PDF

The Value of Money – Implications for MMT – L. Randall Wray – PDF

The 8th Deadly Innocent Fraud – Warren Mosler – PDF

 Bideoa: https://youtu.be/vdua4gc-xus?list=PLDUvqM-JGl0_4f2kvQBf5LpMT6BgHoirs

An alternative version of the “8th Deadly Innocent Fraud” video, recorded by Michael Graves, is available at  https://youtu.be/mTqEqZzvujo

MMT in Italy A Journey of Activism and Government Policy Making – David Lisetti, Giacomo Bracci and Daniele Della Bona – PDF

Exchange rate policy and full employment – lessons from Argentina – Agustin Mario – PDF

Default without Sin – Thibault Laurentjoye – PDF

“Sovereign” Debt Crisis in the Global South: An MMT View – Yan Liang – PDF

The Cost of China’s Export-driven Growth Strategy – Huiqing Li and Warren Mosler – PDF

The self-financing state – An institutional analysis of government expenditure, revenue collection and debt issuance operations in the United Kingdom – Josh Ryan-Collins and Andrew Berkeley (co-authors Asker Voldsgaard, Neil Wilson and Richard Tye) – PDF

The relationship between interest rates and inflation – Leeds Presentation – Steve Laughton – PDF

MMT and International Economics – Ivan Invernizzi – PDF

MMT as applied to NHS Budgeting – Jaideep J Pandit – PDF

MMT – a simple guide to the monetary system – Dirk Ehnts – PDF

MMT – Bill and Warren’s Excellent Adventure – Bill Mitchell and Warren Mosler – PDF

An MMT perspective on Japan’s Long-Term Economic Stagnation” – Yoshitomo Shoji – PDF

Rethinking Regional Economics through the lens of MMT – a Case Study of Japan – Kazuaki Sato – PDF

To Bond, or Not to Bond, that is the Question – Stephanie Kelton and Scott T. Fullwiler – PDF

Bideoa:  https://gimms.org.uk/wp-content/uploads/2024/07/Bonds-or-No-Bonds.pdf

Government borrowing for Net Zero carbon investment: What are the real resource constraints? – Chair Tim Foxon – PDF

How to Deep Six/Bin Off the Financial Sector – Warren Mosler – PDF

Bideoa:  https://youtu.be/urXHOddxwAE?list=PLDUvqM-JGl0_4f2kvQBf5LpMT6BgHoirs

We do have an absolute gem from the brilliant Christian Reilly who hosts the MMT podcast, who composed and sang his song, The Buck$ starts here. Don’t miss it!

Bideoa: https://youtu.be/UFRR_ZDfhug

There still remains much to be done to ‘spread the word’. Particularly in these unstable times both on the international and domestic fronts. As many of us will have been watching world events with dismay and sorrow, it emphasises that many of the world’s problems and tragedies arise from the power imbalances that exist between nations and the exploitative global economic system which dominates, fuelling endless wars, poverty, inequality, environmental disasters and climate change.

Disappointingly, the household budget analogy still reigns, and the current Labour government is continuing to exploit the narrative in support of the neoliberal ideology which has for so many decades done so much damage. The victims are those who depend on vital public services and infrastructure which are being decimated, and those whose financial lifelines have been cut by reductions in cuts to social spending. The consequences remain to be seen but we can guess.

The study led by the Glasgow Centre for Population Health and the University of Glasgow reported in 2022 that compared to what previous trends predicted, an additional 335,000 deaths were observed across Scotland, England and Wales between 2012 and 2019.

The study added to the growing evidence of “the profound and deeply concerning changes to mortality trends observed as a result of UK Government economic ‘austerity’ policies. These have slashed billions of pounds from our public services and social security system with devastating impacts. Without support, people have been swept up by a rising tide of poverty and dragged under by decreased income, poor housing, poor nutrition, poor health and social isolation – ultimately leading to premature death…”

And so, it continues, unsurprisingly, as the political establishment seeks to keep a tight rein on its power. The same old narratives, the same old phrases are repeated endlessly by politicians, think tanks and the media who seem to revel in the idea that there is no alternative to sacrifice and suffering, whether here in the UK or in the poorest countries in the world burdened by foreign debt, theft of their resources and the existential threat that climate change poses to their people and economies. Balance those budgets and sell off or outsource your public infrastructure to profit-making corporates is what drives government policies around the world.

However, even if our spirits feel dampened by events and the sense that we lack the power to change things, it is surely a call to double our efforts. GIMMS was founded to challenge the narratives, and we have done some good work in achieving that with our website and social media work. Whilst the challenge remains daunting this is no time to rest on our laurels. Much depends on what comes next, not just in the UK but internationally with the formation for example of the newly formed and growing trading alliance BRICS¹, a potential challenge to the existing power system and what that could with the right direction mean for the future.

Educating the public must of course remain a priority but also addressing the ignorance amongst many in the political class whose understanding is guided by the Margaret Thatcher model of government finances. We also need to open a dialogue with those activists and organisations genuinely seeking to challenge the economic system but whose tools for doing so are articulated within that same narrative.

Some of you may already know that a new activist MMT campaigning arm has been formed to complement and build on the work of existing MMT entities in the UK including GIMMS, the MMT Podcast, the New Wayland and Scotonomics.

It aims to engage politically with activist groups, MPs, local politicians and other committed individuals to expand the reach and influence of MMT-informed activism and work on a framework for institutional reform. It is encouraging that individuals from MMTUK have already met with MPS at Westminster and as a result, the team is currently working on a JG Green Paper.

There is now an Action Network site for MMTUK, which you can join via the following link.
https://actionnetwork.org/forms/activist-registration-form

For any further information, MMTUK can be contacted at admin@mmtuk.org.  

Finally, GIMMS is, as always, committed to playing its continuing part in achieving its objectives. We thank you all for your support, whether sharing posts on social media or supporting us financially. We rely on donations to keep the website functioning, and the legal obligations fulfilled, and we cannot do this work without that support. If you would like to donate to GIMMS you can do so here.

As we move into 2025, all that remains is for the GIMMS team to wish you and your families a very happy new year and let us hope that it will bring some stability and hope for the future.

With best wishes,

Prue, Sara and Claire

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