It is Wednesday so some snippets and some music – sad music this week because it signals the death of one of the great pioneers of Jamaican music last week. I am holding a Mini-Music Festival today – right here on my blog. Join in an celebrate a legend. But a few economics matters first pertaining to the Job Guarantee and the nonsensical arguments I have been seeing in the media about it being a system of enslavement and not better than a system that forces workers into unemployment.
Wednesday brings music and not much blog posting activity. But I have been following the debate in the UK and Europe about the likelihood of some sort trade deal or not with some interest and amusement. There are several facets to the discussion: (a) the on-going hypocrisy of the European Union elites; (b) the necessity for major state intervention in Britain (and everywhere) and the possibility that the Tories will abandon Margaret Thatcher’s EU single market legacy is another sign that the paradigm shift in macroeconomics is well under way. (c) the way in which the Labour party are being wedged on the issue and refusing to come out in support of further state aid. Instead, inasmuch as they are saying anything, they are just repeating the mindless, neoliberal dogma about ‘free trade’. They will lose on that one, one thinks. All round it is interesting to follow as an external observer.
Given I presented a full analysis of the National Accounts release yesterday, I am calling today Wednesday and not writing much by way of blog posting, to give me more time to write other things that have to be done. But there is one issue that I will deal with today and regularly comes up and indicates that we are making progress. And after that we can all ‘Rise and Shine’ with some beautiful music.
It’s Wednesday and my light blog day produces a video or two. The first is a presentation I recently made to the New Zealand Fabian Society and the second is some exquisite trumpet playing from Chet Baker.
Today is my light blog day (Wednesday) and it will be even lighter as a result of commitments I had today. Earlier, I attended a funeral for a great person – Tuấn Nguyễn Văn – who died last week in his home of Auckland. He is known to many Modern Monetary Theory (MMT) people for his relentless pursuit of politicians who continually do not tell the people the truth about the policy options, and, instead, impose material costs on the least-able to defend themselves against unemployment, low pay, precarious work, cuts in public services, degraded infrastructure and more. He was a really nice person and I am so glad I was able to meet him personally earlier in the year. So I decided not to write anything more than that today by way of blog post writing and took the time attending his funeral to reflect a bit on lost souls who were valued and precious. Some appropriate music follows.
I am back into my Wednesday pattern after experimenting or the last 10 weeks with the MMTed Q&A series. Soon there will more video content coming as skills are refined. So today I just report my notes as I analyse the latest Australian Tax Office payroll data – Weekly Payroll Jobs and Wages in Australia, Week ending 25 July 2020 – released yesterday (August 11, 2020) by the Australian Bureau of Statistics. Regular readers will know that I have routinely analysed this dataset ever since it first became available in March this year. It uniqueness is that it provides the most recent data upon which an assessment of where the labour market is heading. The monthly labour force data is about two weeks old by the time this data comes out. And the most recent release gives some insights into what the impact of the renewed and severe lockdowns in Victoria (the second largest State economy) has been. The data shows that the jobs recovery has stalled and emphasises the need for more federal fiscal support – but that support does not appear to be forthcoming.
Here is Episode 10 in our weekly MMTed Q&A series. This is the last episode in Season 1. We are experimenting with new formats and will be back later in 2020 with some live shows (if the virus abates). In this episode, I continue my talks with special guest is Warren Mosler. We talked about the Modern Monetary Theory (MMT) approach to trade, which confounds a lot of people but is really quite straightforward. And, as usual on a Wednesday, we have some great music.
Here is Episode 9 in our weekly MMTed Q&A series. In this episode, my special guest is Warren Mosler. We talked about the idea that taxpayers fund government spending and the related nuances. And when your done with that we mourn the loss of the best electric guitarist in history according to my assessment.
Here is Episode 8 in our weekly MMTed Q&A series. In this episode, my special guest was Warren Mosler. We talked about the difference between issuing bonds and overt monetary financing, and issues related to those concepts and practices. And when your done with that you can enjoy some great Latin Jazz from the Monterey Peninsular – from 1959 (a good vintage).
Here is Episode 7 in our weekly MMTed Q&A series. This is the third- and final part of my discussion on the Job Guarantee with Dr Pavlina Tcherneva and in this episode we discuss the applicability of Job Guarantee to nations that have both fiscal and external deficits and are exposed to international currency markets. While such a nation faces somewhat different pressures from their external sector, the point remains that if they have their own currency, they can always ensure that all the available productive resources at their disposal can be fully employed. The catch is that that level of activity may not deliver a high standard of material prosperity. We discuss examples such as Indonesia, Pakistan, South Africa and Argentina.