Govert Schuller

Modeling the Financial-Economic System and how to make it Sustainable

Two economic researchers, van Egmond and de Vries, at the Sustainable Finance Lab (University of Utrecht, the Netherlands) developed a dynamics model in which the financial system is explicitly included. Their working paper is titled “Dynamics of a Sustainable Financial-Economic System”[1] and it also addresses a sovereign monetary system.

After Yamaguchi in 2010 [2] and then Kumhoff & Benes in 2012 [3], this might be the third successful modeling of sovereign monetary reform (SMR) to date.

They also explicitly heeded the call by Richard Werner, who supports SMR, for a new research programme in macroeconomics citing what increasingly looks like his seminal 2012 paper on the Quantity Theory of Credit.[4]

Find below the Abstract of the van Egmond & de Vries paper and the section on the “Legitimacy of money creation by the government”.

Abstract (page 1)

Along the lines of neoclassical theory, a system dynamics model has been developed to describe the most important mechanisms governing the physical output of goods and services in the economy in interaction with the financial system. The model gives a meaningful reconstruction of the overall long-term dynamical behaviour of the financial-economic system, including the endogenously modeled crisis.

The occurrence of the boom- and bust-cycles can be understood and to a reasonable extent predicted from the asset price driven credit cycle. The model confirms Minsky’s instability hypothesis, in which the euphoria over apparently ever increasing (asset) prices, GDP, wages, consumption and loans turn the system into the downward spiral of the bust, when financing cost becomes unbearable for individual households and the economy is no longer stimulated by a continuously decreasing interest rate as soon as the interest rate approaches the zero level. Once the residential quote passes a certain threshold, defaults significantly increase, banks tend to go bust and have to be recapitalized by the government, with substantial macro-economic consequences.

The current financial system appears to be fundamentally unstable. Lacking central coordination, euphoric herd behavior of the many private banks causes the unjustified creation of too much money and subsequent boom-and-bust behavior of the economic system.

The model experiments show that money creation by the government, according to a ‘money creation rule’, for example directed to price stability and / or employment, can stabilize the boom-bust cycles. At a constant price level, both the physical and the monetary production as well as consumption then follow a pathway of stable, continuous growth which reflects the increased productivity resulting from technical progress. Throughout history, money creation by the government is strongly legitimated and advocated by prestigious social, philosophical and economic thinking.

Price stability and the associated positive effects on employment and GDP can be realized by creation of debt free money at a rate corresponding to the growth of the real, physical economy (without inflation); in the model experiment this was about 10 to 15 bn € /year. In case an inflation rate (e.g. 2 %) would be preferred politically, an additional amount over 10 bn € has to be created yearly, increasing over time. Including the saving on interest payments on the declining government debt, the total sum of money which could be spent by the government amounts over 25 bn € / year. This money can be used to lower tax rates and to invest in physical and social infrastructure, for example in the transition to sustainable energy and transport systems.

Legitimacy of money creation by the government (pages 43-44)

Although beyond the scope of this paper, the proposed reform can also be motivated from a more fundamental point of view and in addition to the considerations with respect to system instability as discussed here. As already pointed out by Aristotle in his Ethica Nicomachea (350 BC), ‘money exist by law, not by nature’. Money is not a commodity, but a social construct (Van Dixhoorn 2013). This implies that money has to be created by (groups in) society, in practice usually the State and that the money supply is a government prerogative. . Since Aristotle, numerous philosophers, economists and politicians including Locke, Franklin, Paine, Berkeley, de Montesquieu , Ricardo, Lincoln, Jefferson and Jackson have supported this view.

The current money-as-debt (MaD)system, with money creation by private banks, cannot be considered beforehand as ‘normal’. On the contrary, the system is from a relatively recent date, the end of the 17th century, when in the ‘Glorious Revolution’ the concept of the Bank of Amsterdam was transferred to London and ownership changed from public (the city of Amsterdam) to private. William Paterson, the founder of the Bank of England stated that ‘the bank hath benefit of interest on all moneys which it creates out of nothing’ (Zarlenga, 2002). Since then the struggle for power over the creation of money has caused many conflicts and even wars.

The usual argument in favor of privatized money creation is the alleged assertion that poorly run money systems of the past were under governmental control. In most cases these assertions refer to developing countries and the German hyperinflation of 1923. However, closer examination of the hyperinflation in interwar Germany points to the contrary: it was rather the pressure from the World War I allies (UK, USA) to privatize the German Bank rather than public governmental control that brought he inflation about. After taking control back by the government by Reichskanzler Schacht, the hyperinflation was halted within one year (Zarlenga 2002). It also should be realized, as shown in this paper, that over the last decades private banks and not governments have created the enormous amounts of money that have led to the 2007 / 2008 financial crisis.

From a political point of view, the Central Bank is under full governmental and democratic control, though legally independent in order to prevent interference by short-term oriented political forces. Comparable to the judicial power as the ‘third power’, the Central Bank would be part of a ‘fourth power’, which can act with great independency according to a priori defined rules but, at the end of the day, under full democratic control. (pp. 43-44)

Sources

[1]. Van Egmond, N. D., and B. J. M. de Vries. 2016. “Dynamics of a Sustainable Financial-economic System“. Working Paper of the Sustainable Finance Lab. Version 2. Utrecht University, The Netherlands.

[2]. Yamaguchi, Kaoru. 2010. “On the Liquidation of Government Debt under A Debtfree Money System: Modeling the American Monetary Act”. In Proceedings of the 28th International Conference of the System Dynamics Society, Seoul, Korea, 2010. The System Dynamics Society.

[3]. Kumhof, Michael & Benes, Jaromir. 2012. “The Chicago Plan Revisited“. IMF Working Papers 12/202. Washington: International Monetary Fund.

[4]. Werner, Richard A. 2012 “Towards a New Research Programme on ‘Banking and the Economy’ — Implications of the Quantity Theory of Credit for the Prevention and Resolution of Banking and Debt Crises”. International Review of Financial Analysis, 25/5 (December 2012): 94-105.

Alliance for Just Money

INTRODUCTION

A new organization focusing on sovereign monetary reform has been established. Its name is the Alliance for Just Money and it grew organically out of the American Monetary Institute, with which it is allied.

On the fifteenth of July, 2018, the founding meeting of the new organization took place. Articles of incorporation, by-laws, mission statement and guiding principles were all unanimously accepted by those participating.

Following are the mission statement and guiding principles of the new organization with contact information to obtain more information, and an introductory bibliography. A web site is in the make.

MISSION STATEMENT

Our Mission is to research, educate, and organize for real monetary reform. We define real monetary reform as the development, implementation, and protection of a transparent public sovereign money system consistent with Article 1, Section 8, Clause 5 of the United States Constitution to serve the general welfare and commerce of society.

Achieving sovereign money requires three reforms of our existing money and banking systems; these must be implemented together to achieve real monetary reform:

1. Require Congress to exercise its Constitutional power to be the sole creator of all U.S. money, debt-free, and to establish a transparent and independent public monetary authority to determine the amount of new money the Treasury will disperse under authority of Congress.

2. End the privilege of commercial banks to create and issue what we use as money.

3. Transfer ownership of the 12 Federal Reserve Banks, and all remaining operations of the Federal Reserve System, to the U.S. Treasury.

GUIDING PRINCIPLES

We are a non-partisan organization of people of all political, vocational, philosophical, and personal viewpoints who share the common value of working together, and with individual and organizational allies who share our purpose, to achieve real monetary reform. Our Guiding Principles are:

*Accountability to each other and responsibility for achieving our Mission

*Transparency and honesty

*Affirmation of the dignity and worth of all life and the ecosystem upon which we all depend

*Dedication to continuous learning and educating of the public

*Decision-making through informed dialogue, consensus-building, and democratic inclusion

*Economic and political independence

*Participation grounded in self-respect, mutual respect, and enjoyment of our work together

*Grassroots organizing to build power to effect systemic change

CONTACT INFORMATION

For now you can e-mail the following persons for information about membership, on-line meetings and study material. Please write “alliance” in the subject line.

Official address: email reform@monetaryalliance.org

Paul Lebow: paul.l@monetaryalliance.org

Mark Young: mark.y@monetaryalliance.org

Govert Schuller: govert.s@monetaryalliance.org

SOURCES FOR FIRST ORIENTATION

Bjerg, Ole. 2016. “Where does money come from? “ TEDxCopenhagen. 24 May 2016. Video file.

“Ole Bjerg believes that we have handed a vital societal power — money creation — to the financial sectors, and that this leads to instability, inequalities and a concentration of power outside democratic institutions. Facing this gloomy situation, he highlights the solution: a sovereign money system”.

Prof. Bjerg teaches management and philosophy in Denmark and was the founder of the Danish monetary reform organization Gode Penge.

Egnatz, Nick. 2014. “Linking Social Justice to Monetary Reform”. Alpheus. 25 Dec 2014.

“Social Justice is the struggle to make society work for the vast majority of people. The comprehensive monetary reform of the NEED Act is the necessary first step on the path to realization of this struggle. The following ten points are the major social issues in which I will try to link social justice with monetary reform”.

Nick Egnatz is a Vietnam veteran and worked closely with the American Monetary Institute in support of the comprehensive monetary reform contained in the NEED Act.

Graeber, David. 2014. “The truth is out: money is just an IOU, and the banks are rolling in it”. The Guardian, 18 March 2014.

“Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy“, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.”

David Graeber is professor of anthropology at the London School of Economics and author of Debt: The First 5000 years; he was involved in the Global Justice Movement and Occupy Wall Street.

Kumhof, Michael & Jakab, Zoltán. 2016. “The Truth about Banks”. Finance and Development. IMF Publication (March 2016).

During the Great Depression a group of prominent economists proposed a set of monetary reforms now known as the 1930s Chicago Plan. Benes and Kumhof analyzed and computer-modelled the proposal and confirmed its positive features in their 2012 landmark paper “The Chicago Plan Revisited”.This article is a journalistic summary of their findings.

Benes and Kumhof worked at the Research Department of the IMF.

McLeay, Michael et al. 2014a. “Money Creation in the Modern Economy”. Monetary Analysis Directorate. Bank of England Quarterly Bulletin (Q1, 2014): 14-27.

“In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money”.

The authors work at the Monetary Analysis Directorate of the Bank of England.

McLeay, Michael et al. 2014b. “Money in the Modern Economy: An Introduction”. Monetary Analysis Directorate. Bank of England Quarterly Bulletin (Q1 2014): 4-13.

“Money is essential to the workings of a modern economy, but its nature has varied substantially over time. This article provides an introduction to what money is today”. This article is a useful introduction to the more detailed paper on money creation.

Positive Money. “10 year old explains the truth about where money comes from…” London: Positive Money. 4 Sep 2013. Video file.

“10 year old Holly explains where money really comes from, why is there so much debt and what it means for you…” Informative video created by the UK monetary reform organization Positive Money.

Schuller, Govert. 2018. “Formulations of the Three-Point Policy Proposal for Monetary Reform“. Alpheus, 6 Feb 2018.

Modern monetary reform aims at three inter-connected changes of the monetary system, which unity is essential and therefore for many non-negotiable. This is a compilation of different formulations of essentially the same three points. Most formulations are intentionally triple-pointed and some are differently constructed even while more or less covering the same proposals.

Zarlenga, Stephen. 2011. “Congressman Dennis Kucinich’s Briefing to Solve the Debt Crisis”. Huffington Post. The Blog. 11 Aug 2011.

In the summer of 2011 Congressman Kucinich (D-OH) hosted Professor Yamaguchi for a Monetary Briefing to present to members of Congress his scientific evaluation of the NEED Act. Yamaguchi’s conclusion is that the current debt-based system will lead to severe economic crises and that a sovereign monetary system would solve a host of economic and social problems.

Stephen Zarlenga is co-founder and Director of the American Monetary Institute and author of The Lost Science of Money.

Zarlenga, Stephen A. 2014. “Presenting the American Monetary Reform Manual”. Valatie, NY: American Monetary Institute.

Full text and introduction to the “National Emergency Employment Defense Act” (the NEED Act). “The power to create money is an awesome power – at times stronger than the Executive, Legislative and Judicial powers combined. It’s like having a ‘magic checkbook’, where checks can’t bounce. When controlled by banks it can be used to gain riches, but much more importantly it determines the direction of our society by deciding where the money goes – what gets funded and what does not. Will it be used to build and repair vital infrastructure such as the New Orleans levees and Minneapolis bridges to protect major cities? Or will it go into warfare and real estate bubbles and Wall Street Gambling – leading to crashes and depressions, as banking has usually done”.

Trump crossed the Rubicon, but let’s stay positive

About a year ago I thought it very probable that Trump would vacate his position before 18 months of his presidency would have elapsed. I did not make a big announcement of that combined prediction and hope, but still shared it with a few friends. Many times I thought it was getting close but then republicans decided to stay passive and the moment passed. Today is that milestone of 18 months and Trump is still in office. Too bad.

If there is still a silver lining around the gathering dark clouds of US falterings in so many areas induced by a vengeful Trump, his corrupt cabinet and his republican enablers, it is that last week’s performance of Trump at the NATO gathering, in the UK, at Helsinki, and back home, was of such a jaw-dropping, insensible, counter-productive and self- & Russia-serving nature that even his most ardent defenders will have to take notice and seriously engage the idea that they were betting on the wrong horse all along.

As far as I am concerned, Trump crossed the Rubicon and will have to be dealt with accordingly otherwise you can wave goodbye to the republic. So far one could see him merely as a politically incompetent and psychologically damaged man, and entertain the hypothesis, as I did, that he is the expression of an emerging pathocracy, i.e. a “pathological human system run by conscience-deficient people”[1]. Last week’s performance refutes the idea that it’s merely incompetence and narcissism and I would venture now that the ‘pathocracy hypothesis’ is receiving daily confirmations, though there are some stirrings of conscience in the GOP and even at FOX.

This assessment leads me to the idea that the upcoming mid-term elections will be of existential importance to this country. Will these crucial elections be sufficiently protected from ongoing Russian interference? Will the republicans and democrats sufficiently refrain from dirty tricks, and most importantly, will the US electorate be able to make up its own mind? If the republicans keep their hold on congress this year with the help of Putin, corrupt republicans, voter suppression and deceived voters, well, then the new pathocracy will have firmly entrenched itself and can then easily grab the 2020 elections, pack the supreme court with reactionaries, gut the welfare state and let greedy corporations take over federal departments and agencies.

On the other hand, because the civilizational process of people attaining more empathy and self-control is a jagged one–and we’re obviously in a down-ward phase with Miller and Trump leading the way–the next up-ward phase might actually be a very good one with the US catching up on creating a political and economic infrastructure which will serve the people and not the 1%. A pink-blue, anti-gun, millennial wave is on the rise and hopefully will be able to recapture the House and start rectifying the enormous damage done so far by the Trump administration and their lackeys in congress six months from now.

One very important idea for reform, to end on an upbeat note, is to radically change the money and banking system through nationalizing the money supply and taking away from the banks their unconstitutionally gotten prerogative to create and allocate most of the current money stock. A group of academic economists, independent researchers and business journalists have now the evidence that this ill-gotten bankers’ privilege is wrecking the economy, creating inequality and pushing the federal, state and local governments ever closer to bankruptcy.

It does not have to be that way and actually the Swiss electorate had the opportunity last June to switch from a bank credit money system to a sovereign money system. Even though they lost, the opposition was well organized and used deception and fear tactics to win. I’m sure the Swiss will try a reform referendum again. Meanwhile other countries are pressing for reform and new organizations are popping up to make the case for a sovereign money system. One new organization is here in the US and will go by the name of the Alliance for Just Money. Stay tuned.

[1]. Mika, Elizabeth. 2017. “National Character Counts Week: Welcome to Pathocracy“. Medium. 19 Oct 2017.

See also: Mika, Elizabeth. 2017. ” ‘Now More Than Ever:’ On Straitjacketing Trump“. Medium. 23 Aug 2017.

The MH17 Tragedy: Update on Findings

Today it is four years ago that flight MH17 was shot down over the Ukraine killing all 15 crew and 283 passengers on board. Because 193 of the passengers were Dutch the Dutch government was given the lead to investigate its cause. First they established that it was a BUK surface-to-air missile which caused the plane to disintegrate and then this year they established that the BUK system came from a Russian military base. [1][2]

“The JIT [Joint Investigation Team] is convinced that the BUK-TELAR that was used to down MH17, originates from the 53rd Anti Aircraft Missile brigade (hereinafter 53rd brigade), a unit of the Russian army from Kursk in the Russian Federation.”[3]

So far there has been minimal cooperation from the Russian government and they flat-out deny any involvement.

Yesterday the foreign ministers of the G7, including US Secretary of State Pompeo, have made a statement supporting the work of the JIT and calling on Russia to cooperate:

“The JIT’s findings on Russia’s role in the downing of MH17 are compelling, significant and deeply disturbing. The G7 recalls that UN Security Council Resolution 2166 demands that all states cooperate fully with efforts to establish accountability. We are united in our support of Australia and the Netherlands as they call on Russia to account for its role in this incident and to cooperate fully with the process to establish the truth and achieve justice for the victims of MH17 and their next of kin.”[4]

So far nobody has been indicted, though the investigative cooperative Bellingcat, which had to endure multiple cyber attacks from Russia [5], has identified a Russian officer who was involved. His name is Oleg Ivannikov and is identified as a “high-ranking Russian GRU officer”.[6]

With Trump’s disgraceful and almost treasonous subjugation to Putin at the Helsinki summit it is clear that the cause of justice for the victims and their families will not get a helping hand from him.

[1]. https://www.yahoo.com/news/mh17-anniversary-four-years-tragic-084026497.html.

[2]. https://en.wikipedia.org/wiki/Malaysia_Airlines_Flight_17.

[3]. https://www.om.nl/onderwerpen/mh17-crash/@103196/update-criminal-0/.

[4]. https://www.gov.uk/government/news/g7-foreign-ministers-statement-on-mh17.

[5]. https://www.threatconnect.com/blog/russia-hacks-bellingcat-mh17-investigation/.

[6]. https://www.bellingcat.com/news/uk-and-europe/2018/05/25/mh17-russian-gru-commander-orion-identified-oleg-ivannikov/.

A vote to upend banking as we know it?

By Howard Switzer.

For a decade the nascent monetary reform movement has been educating people about what money is, how it is created, its consequences and solutions. In a June 1st article by Brian Blackstone titled “A Vote to Upend Banking as We Know It,’ [1] the Wall Street Journal recognized monetary reform, taking it seriously thanks to the Vollgeld (Sovereign Money) Initiative in Switzerland.[2] Of course being the voice of Wall Street there is a bit of spin on the issue as the title itself suggests.

It is fast becoming common knowledge that banks create money when they make a loan, be it to an individual, a business, or a government. In fact nearly our entire money supply is created by the private commercial banks this way.[3] The problem with this, that reformers and honest economists recognize, is that the money for the principle of the loan is created but not the money that must be paid in interest. That money must come from the principle of another loan as that is how money is created. That problem is exacerbated by the fact that as the principle of the loan is paid that money is extinguished leaving even less money in the system to pay interest. When a default happens, as the WSJ says, the bank’s profits, meaning the interest, take a hit. Not mentioned is the fact that the banks then collect the real wealth that was put up as collateral in order to obtain money that was created out of thin air via keystrokes. Thus as soon as loan payments exceed loans being made the system, our economy, crashes and many lose their homes, farms and businesses, often including the assets of many smaller banks.

Previously many people believed the myth that government creates our money and that banks only lend money they have held in savings deposits. This is not what happens. While this is indeed how banking should operate, as an intermediary providing services for already existing money, they actually operate what is called the fractional reserve system. This has been practiced by banks for literally hundreds of years, when bankers discovered they could lend many times what they held on deposit because the paper receipts were found to be so much more convenient as a circulating exchange medium, i.e. money. In 1913 Congress made it the law of the land giving a few private banks control over the nation’s money, our monetary policy.

As the article notes The Chicago Plan, presented by economists in the 1930s, would have made it so banks only lend existing money which would be created by government and spent into the economy on public projects or gifted to the people, as in a citizen’s dividend, to give the economy a shot in the arm when necessary. This for the first time would actually give our elected representatives the power to fulfill their Constitutional mandate to promote the general welfare, a fact that the author overlooks. For there to be enough money in the system, public spending would need to increase greatly with money going into the pockets of the public to spend on the production and services provided by the people who would then deposit much of it in the banks. This then allows the banks to operate as had been believed, lending existing money held in time deposits for making wise investments. Banks, unable to just create money, would then regard risky investments much more carefully.

Would such a policy upend banking as we know it? Many bankers are unaware of how the money system works as well and are fearful of any change in the system despite this actually only amounting to a small change in bookkeeping rules. However, in general the banks would gain just as the people and their government would gain as prosperity would be the natural result of such policy. Banks would operate as people believe they do so “banking as we know it” would not actually change. What would change is the ability of government to fund ways for the needed goods and services that polls have shown for decades what the people want; healthcare, education, a 21st century energy and transportation infrastructure and the re-building of the local food networks and economies where we all live.

While the article calls it a 100% Reserve System that is something of a misnomer as a Sovereign Money System would do away with reserve requirements, and the Federal Reserve, as they would no longer be needed having been replaced by real money. Rather than having some 15,000 independent banks manufacturing and destroying our check-book money in a haphazard way, based on their notions of what will be profitable, Government control of the money supply would save the banks from themselves and stabilize the economy. No more booms and busts due to loan payments exceeding loans being made, that is, no more financial system crashes, no more recessions and depressions.

Sovereign money in fact is what was at issue with the founding of our nation, it was the reason, as Ben Franklin described, for the revolution. It was an effort to wrest monetary control away from the international banking industry then headquartered in the Bank of England, then privately owned. While we won the revolution militarily we lost in monetarily in the power struggle that ensued as represented by Jefferson the farmer and Hamilton the banker. We all know who won.

As people become more aware of how the system works and how it could work better, the movement will grow despite what will no doubt be an unrelenting propaganda campaign against it. However, once the benefits that are possible to obtain broadly for the nation by implementing a sovereign money system are understood, it will be too great to resist for everyone.

Sources

[1]. Blackstone, Brian. 2018. “A Vote to Upend Banking as We Know It“. The Wall Street Journal. 1 June 2108.

[2]. Vollgeld Initiative. “Campaign for Monetary Reform – News from Switzerland“. The Swiss Sovereign Money Initiative Web Site.

[3]. For the definitive proof of this practice see: McLeay, Michael & Radia, Amar & Thomas, Ryland. 2014a. “Money Creation in the Modern Economy”. Monetary Analysis Directorate. Bank of England Quarterly Bulletin (Q1, 2014): 14-27.

Howard Switzer was a 2012 Green candidate who sought election to the U.S. House to represent the 7th Congressional District of Tennessee. Switzer was also the 2010 Green Party candidate for Governor of Tennessee. He previously ran for Governor in 2006 and is a National Committee Delegate of the Green Party since 2001.

The Green Party US has endorsed monetary reform. See: Green Party US. 2014. “Monetary Reform (Greening the Dollar)”. July 2014.

Bibliography Monetary Theory and Reform

Main Categories:

A. Proposed Legislations and Organizational Endorsements

B. Academic Studies on Sovereign Monetary Theory and Reform

C. Studies Critical of Sovereign Monetary Theory and Reform (including MMT section)

D. Non-academic Advocacy Pamphlets, Reports, Briefings and Books

E. Supporting Studies Addressing Monetary Issues

F. Journalistic Articles Addressing Monetary Reform

G. Educational and Promotional Videos

H. Other Relevant Background Studies

Justification of Categories:

The A-G sequence of categories is meant to be seen as a mandala of concentric rings, starting with the most succinct and thought-through legal expressions of monetary reform and its justifications (A), to its best academic backup (B), to its criticisms and responses (C), to the best reasoned non-academic formulations (D), etc. The core of category H was composed around AMI founder Stephen Zarlenga’s appreciation of Georgetown University history professor and whistle-blower on the US power elite, Carroll Quigley. Practically the same bibliography can be found on the website of The Alliance for Just Money.

For easy search use the CTRL-F key combination

A. Proposed Legislations and Organizational Endorsements

Legislation:

Switzerland (2014): Vollgeld Initiative. 2014. “Initiativtext: Eidgenössische Volksinitiative Für krisensicheres Geld: Geldschöpfung allein durch die Nationalbank! (Vollgeld-Initiative)”. Wettingen, Schweiz: Verein Monetäre Modernisierung (MoMo).

United Kingdom (2011): Positive Money. 2011. “Bank of England Creation of Currency Bill”. London: Positive Money.

United States of America (2006-12): The NEED Act

Zarlenga, Stephen. 2010 (2006). “Presenting the American Monetary Act”. Valatie, NY: American Monetary Institute. Precursor of the NEED Act.

Zarlenga, Stephen. 2014 (2006). “Presenting the American Monetary Act / The 32-Page Brochure”. Valatie, NY: American Monetary Institute. Extensive introduction to, and final version of, the NEED Act.

United States of America (2012): H.R.2990 – National Emergency Employment Defense Act of 2011 (NEED Act). 112th US Congress (2011-2012).

Congressional Research Service. 2012. Summary of H.R. 2990 (NEED Act).

Carmack, Patrick S.J., J.D. 1996. “Monetary Reform Act“. The Money Masters.

Endorsements:

The Northeast Ohio American Friends Service Committee (AFSC). 2012. “Endorsement of National Emergency Employment Defense (NEED) Act, Hr 2990”. February, 2012.

Chicago Teachers Union. 2012. ”Resolution to Support: The National Employment Emergency Defense (NEED) Act, H.R. 2990“. 9 Jan 2012.

The International Association of Machinists and Aerospace Workers Union (Local 126, Chicago area). 2012. “Resolution to Support: The National Emergency Employment Defense Act – HR 2990”. 7 Mar 2012.

Green Party US. 2014. “Monetary Reform (Greening the Dollar)”. July 2014.

Green Party – UK. 2015. “For the Common Good: General Election Manifesto 2015”. London: The Green Party of England and Wales.

B. Academic Papers and Monographs on Sovereign Monetary Theory, 100% Reserve Banking and Monetary Reform

Abel, Istvan and Lehmann, Kristof and Tapaszti, Attila. 2016. “The Controversial Treatment of Money and Banks in Macroeconomics”. Financial and Economic Review, 15/2 (June 2016): 33–58.

Allais, Maurice. 1987. “The Credit Mechanism and its Implications”. In: Feiwel, George R. (Ed), Arrow and the Foundations of the Theory of Economic Policy. Essays in Honor of Kenneth J. Arrow. New York: NYU Press, 491–561.

Allen, William R. 1993. “Irving Fisher and the 100 Percent Reserve Proposal“. The Journal of Law and Economics, 36/2: 703-717.

Al-Jarhi, Mabid. 2016. “The Nature of Money in Modern Economy – Implications and Consequences”. JKAU: Islamic Economics, 29/2 (July 2016):75-79. Also: Munich Personal RePEc Archive (MPRA), no. 72238, 10 May 2016.

Andresen, Trond. 2018. “On the Dynamics of Money Circulation, Creation and Debt–a Control Systems Approach”. PhD Thesis, Norwegian University of Science and Technology, Trondheim, October 2018.

Angell, James W. 1935. “The 100 Per Cent Reserve Plan”. Quartely Journal of Economics, 50/1: 1–35.

Armelius, Hanna & Carl Andreas Claussen, David Vestin. 2020. “Money and monetary policy in times of crisis”. Monetary Policy Department and the Payments Department of the Riksbank. Riksbank of Sweden. Economic Commentaries, 4 (11 June 2020): 1-15.

Asensio, Angel. 2015. “Money Neutrality”. Entry in Rochon & Rossi, The Encyclopedia of Central Banking. 366-367.

Assenmacher, Katrin & Claus Brand. 2018. “The Swiss Sovereign Money Initiative”. Credit and Capital Markets, 51/4: 621-644.

Baeriswyl, Romain. 2017. “The Case for the Separation of Money and Credit”. In Heinemann, F., Klüh, U., and Watzka, S. (Eds), 2017, Monetary Policy, Financial Crises, and the Macroeconomy, Cham: Springer, pp. 105–21.

Bang-Andersen, Jens & Lars Risbjerg & Morten Spange. 2014. “Money, Credit and Banking“. Monetary Review, 3: 65-81.

Barber, G. Russell. 1973. “The One Hundred Percent Reserve System”. The American Economist, 17/1: 115–127.

Bardy, Josiah J. 2017. “Selecting an Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?” Senior Thesis, Liberty University, Spring 2017.

Baruchello, Giorgio. 2013. “Review Essay of Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards. Häring, Norbert, & Douglas, Niall, London: Anthem Press, 2012”. Economics, Management, and Financial Markets, 8/2: 216-225.

—–, —–. 2017. “The Money Mystique”. The European Legacy, 1-4.

Becklumb, Penny & Frigon, Mathieu. 2015 / 2021. How the Bank of Canada Creates Money for the Federal Government: Operational and Legal Aspects (In Brief). Ottowa, Canada: Library of Parliament. Revised by Brett Stuckey, 19 May 2021.

Bertocco, Giancarlo. 2001. “Is Kaldor’s theory of money supply endogeneity still relevant?” Metroeconomica, 52/1: 95–120.

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—–, —–. 2014a. “Can a bank create money out of nothing? Using accounting information to test the three theories of banking empirically”. Finance and sustainable development discussion paper, CBFSD 2-2014, Southampton. University of Southampton Center for Banking.

—–, —–. 2014b. “Can banks individually create money out of nothing? The theories and the empirical evidence”. International Review of Financial Analysis, 36 (2014): 1–19.

—–, —–. 2014c. “How do banks create money, and why can other firms not do the same? An explanation for the coexistence of lending and deposit-taking”. International Review of Financial Analysis, 36 (2014): 71–77.

—–, —–. 2015a. “Credit Creation”. Entry in Rochon & Rossi, The Encyclopedia of Central Banking. 116-118.

—–, —–. 2015b. “Credit Guidance”. Entry in Rochon & Rossi, The Encyclopedia of Central Banking. 123-125.

—–, —–. 2015c. “Quantity Theory of Credit ”. Entry in Rochon & Rossi, The Encyclopedia of Central Banking. 416-418.

—–, —–. 2016. “A lost century in economics: Three theories of banking and the conclusive evidence”. International Review of Financial Analysis, 46 (July 2016): 361-379.

—–, —–. 2018a. “Shifting from Central Planning to a Decentralised Economy”. Paper presented at the 14th Rhodes Forum: Dialogue of Civilisations Research Institute, Panel 2: Economic Alternatives when Conventional Models Fail, Rhodos, Greece, on 1 October 2016 and at the 4th European Conference on Banking and the Economy (ECOBATE 2016), in Winchester Guildhall, Winchester UK, on 12 October 2016.

—–, —–. 2018b. “Interest Rate Moves – Causes and Consequences for Investors“. PowerPoint Presentation, Hook, UK, 1 Feb 2018.

White, William. 2023. “Why The Monetary Policy Framework in Advanced Countries Needs Fundamental Reform”.Institute for New Economic Thinking Working Paper Series 210.

Whittlesey, Charles R. 1935. “Banking and the New Deal”. Public Policy Pamphlet No. 16. Chicago: University of Chicago Press.

Wicksell, Knut. 1898 (1936). Interest and Prices. Translated by Richard Kahn. London: Macmillan for the Royal Economic Society.

Wray, L. Randall. 1990. Money and Credit in Capitalist Economies: The Endogenous Money Approach. Aldershot, UK and Brookfield, USA: Edward Elgar Publishing.

—–, —–. 1999. “An Irreverent Overview of the History of Money from the Beginning of the Beginning through to the Present”. Journal of Post Keynesian Economics, 21/4: 679-687.

—–, —–. (Ed). 2004. Credit and State Theories of Money. The Contributions of A. Mitchell-Innes. Cheltenham: Edward Elgar Publishing.

—–, —–. 2012. “Introduction to an Alternative History of Money”. Levy Economics Institute, Working Paper 717.

WRR. 2019. Money and Debt: The Public Role of Banks – Summary of WRR Report. The Hague: Netherlands Scientific Council for Government Policy.

Yamaguchi, Kaoru. 2004. “Money Supply and Creation of Deposits: SD macroeconomic modeling (1)”. In Proceedings of the 22nd International Conference of the System Dynamics Society, Oxford, England, 2004. The System Dynamics Society.

—–, —–. 2005. “Aggregate Demand Equilibria and Price Flexibility: SD macroeconomic modeling (2)”. In Proceedings of the 23nd International Conference of the System Dynamics Society, Boston, USA, 2005. The System Dynamics Society.

—–, —–. 2006. “Integration of Real and Monetary Sectors with Labor Market: SD macroeconomic modeling (3)”. In Proceedings of the 24th International Conference of the System Dynamics Society, Nijmegen, The Netherlands, 2006. The System Dynamics Society.

—–, —–. 2007. “Balance of Payments and Foreign Exchange Dynamics: SD macroeconomic modeling (4)”. In Proceedings of the 25th International Conference of the System Dynamics Society, Boston, USA, 2007. The System Dynamics Society.

Yamaguchi, Kaoru. 2008. “Open Macroeconomies as a Closed Economic System: SD macroeconomic modeling completed (5)”. Proceedings of the 26th International Conference of the System Dynamics Society, Athens, Greece, 2008.

—–, —–. 2010. “On the Liquidation of Government Debt under A Debtfree Money System: Modeling the American Monetary Act”. In Proceedings of the 28th International Conference of the System Dynamics Society, Seoul, Korea, 2010. The System Dynamics Society.

—–, —–. 2011. “Workings of a Public Money System of Open Macroeconomies: Modeling the American Monetary Act Completed”. In Proceedings of the 29th International Conference of the System Dynamics Society, Washington D.C., USA, 2011. The System Dynamics Society.

—–, —–. 2012. “On the Monetary and Financial Stability under A Public Money System (Revised): Modeling the American Monetary Act Simplified”. Paper presented at the 8th Annual AMI Monetary Reform Conference in Chicago, USA, Sept. 20 – 23, 2012. It was originally presented at the 30th International Conference of the System Dynamics Society, St. Gallen, Switzerland, July 22 – 26, 2012.

—–, —–. 2014-17. “Money and Macroeconomic Dynamics: Accounting System Dynamics Approach“. Edition 3.2. Awaji Island, Japan: Japan Future Research Center.

—–, —–. 2014. “From Debt Money to Public Money System – Modeling A Transition Process Simplified“. Paper presented at the 32nd International Conference of the System Dynamics Society, Delft, Netherlands, July 20 – 24, 2014. Awaji Island, Japan: Japan Futures Research Center.

—–, —–. 2017a. “A Transition to the Public Money System”. Chapter 17 in: Yamaguchi, Kaoru. 2014-17. “Money and Macroeconomic Dynamics: Accounting System Dynamics Approach“. Edition 3.2. Awaji Island, Japan: Japan Future Research Center.

—–, —–. 2017b. “Money and Its Creation”. Chapter 5 in: Yamaguchi, Kaoru. 2014-17. “Money and Macroeconomic Dynamics: Accounting System Dynamics Approach“. Edition 3.2. Awaji Island, Japan: Japan Future Research Center.

—–, —– & Yamaguchi, Yokei. 2016. “Peer-to-Peer Public Money System”. Japan Futures Research Center, Working Paper No. 02-2016, Nov 2016.

—–, —– & —–, —–. . 2016. “Head and Tail of Money Creation and its System Design Failures: Toward the Alternative System Design“. JFRC Working Paper No. 01-2016. Japan Futures research Center.

—–, —–. & —–, —–.. 2019. “Money Stock Equals Total Domestic Debts: Theory of Debt Money“. JFRC Working Paper No. 04-2019. Japan Futures Research Center.

Yang, Xuechun. 2019. “Credit as a Crux in China’s Economic Growth: Credit Expansion and its Influences on China’s Real Economy“. Unpublished Master Thesis for the degree of Master of Science in Management, Technology and Economics (MTEC), Swiss Federal Institute Of Technology, Zurich.

Zaman, Asad. 2016. “The Battle for the Control of Money“. Journal of King Abdul Aziz University: Islamic Economics, 29/2 (July 2016): 75-80.

Zarlenga, Stephen. 2004. “The Lost Science of Money“. European Business Review, 16/5: 540-44.

—–, —–. 2005. “Moving Monetary Reform to the ‘Front Burner’”. American Review of Political Economy, 3/1 (March 2005): 39-84.

—–, —–. 2010c. “Refutation of Menger’s Theory of the Origin of Money“. Valatie, NY: American Monetary Institute.

—–, —–. 2011. “How the Economists Facilitated the Crisis and Must Now Be Held Accountable”. Address at the Eastern Economic Association, 26 Feb 2011. In 3 parts. Huffington Post. The Blog. 7 June 2011. Part I ; Part II ; Part III

—–, —– & Poteat, Robert. 2016. “The Nature of Money in Modern Economy: Implications and Consequences”. Journal of King Abdulaziz University: Islamic Economics, 29/2 (July 2016): 57-73.

Zeddies, Lino. N.D. “Profit opportunities for the banking system due to deposit money creation and potentials of a sovereign money reform”. Master Thesis at the Department of Economics, Free University Berlin.

Zhu, Yu & Scott Hendry. 2018. “A Framework for Analyzing Monetary Policy in an Economy with E-money“. Available at SSRN 3318915.

C. Critiques of Just Money Theory and Reform (and responses to critiques) & MMT Discussion (critiques and responses to critiques)

C.1. Critiques of Just Money Theory

Aguilar, Victor. 2006. “An Answer To Stephen Zarlenga”. Axiomatic Theory of Economics web site.

Bacchetta, Philippe. 2017. “The Sovereign Money Initiative in Switzerland”. Swiss Finance Institute / CEPR / Université de Lausanne. [For rebuttal see Huber 2017c and Gomez 2017].

Challen, Peter & Mouatt, Simon & Shakespeare, Rodney. 2011. “The State-Issue of Currency without Usury”. In: Mouatt, Simon & Adams, Carl (Eds), Corporate and Social Transformation of Money and Banking. London: Palgrave Macmillan, 205-218.

Deutsche Bundesbank. “The Role of Banks, Non- Banks and the Central Bank in the Money Creation Process”. Deutsche Bundesbank Monthly Report, 69/4 (April 2017): 13-33. [for Critical notes see Huber 2017d].

Dixhoorn, Charlotte Van. 2013. “Full Reserve Banking: An analysis of four monetary reform plans“. A Study For The Sustainable Finance Lab, Utrecht, The Netherlands.

Dow, Sheila. 2016. “The Political Economy of Monetary Reform”. Cambridge Journal of Economics, 40/5: 1363–1376.

—–, —– & Johnsen, Gudrun & Montagnoli, Alberto. 2015. “A Critique of Full Reserve Banking”. Sheffield Economic Research Paper no. 2015008.

Fontana, G. & Sawyer, M. 2016. “Full Reserve Banking: More ‘Cranks’ than ‘Brave Heretics”. Cambridge Journal of Economics, 40/5: 1333–1350 [Response by Dyson et al 2016].

Goodhart, Charles A. E. & Jensen, Meinhard A. 2015. “A Commentary on Patrizio Lainà’s ‘Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to Martin Wolf’: Currency School versus Banking School: An Ongoing Confrontation”. Economic Thought, 4/2 (28 Sep 2015): 20-31.

Grussner, Kaj. 2010. “The Dangers of Monetary Reform”. Mises Daily Articles. 18 Feb 2010.

Lietaer, Bernard et al. 2012. Money and Sustainability. The Missing Link. Axminster: Triarchy Press.

Mouatt, Simon. 2008. “Evaluating Stephen Zarlenga’s Treatment of Historical Monetary Thought”. International Journal of Social Economics, 35/11: 846-856.

Musgrave, Ralph. 2014. “The Solution is Full Reserve / 100 % Reserve Banking”. MPRA Working Paper No. 57955, 14 Aug 2014.

Nersisyan, Y. & Wray, L. Randall. 2016. “Modern Money Theory and the Facts of Experience”. Cambridge Journal of Economics, 40/5: 1297–1316

Pettitfor, Ann. 2014a. “Why I disagree with Martin Wolf and Positive Money”. Prime, 26 April 2014. [Response by Positive Money 2014].

—–, —–. 2014b. “Out of thin air: Why banks must be allowed to create money”. Juncture 21/1: 43-47.

Ricks, Morgan. 2017. “Safety First: The Deceptive Allure of Full Reserve Banking”. A response to Adam J. Levitin, “Safe Banking: Finance and Democracy”. Vanderbilt University Law School Public Law and Legal Theory, Working Paper Number 16-35. The University of Chicago Law Review Online, 83/1: 113-23.

Rimkus, Ron. 2016. “Vollgeld: What It Means for Fractional Reserve Banking in Switzerland”. CFA Institute.

van Suntum, Ulrich & Neugebauer, Tom. 2015. “Vollgeld, Public Debt, and the Natural Rate of Interest”. Working Paper, Centrum für Angewandte Wirtschaftsforschung Münster (CAWM), June 2015. [Response by Huber 2015b].

Walser, Rudolf & Baumberger, Jörg. 2014. “Empty Hopes for Full Reserve Banking: Why measured steps are a better way of reforming the financial system than bold leaps”. Avenir Suisse, 25 Mar 2014.

Wray, Randall L. 2014. “Debt-Free Money: A Non-Sequitur in Search of a Policy”. New Economic Perspectives. 1 July 2014.

C.2. Responses to Critiques of Sovereign Monetary Theory and Reform

Distelhorst, Dick. 2012 “Review of The Future of Money by Bernard Lietaer”. Published by London: Arrow Books, 2001. Valatie, NY: American Monetary Institute. [Responding to Lietear, 2012]

Dyson, Ben & Graham Hodgson, & Frank van Lerven. 2016. “A response to critiques of ‘full reserve banking’”. Cambridge Journal of Economics, 40/5: 1351-1361. [Response to Fontana, G. & Sawyer, M. 2016].

Gomez, Christian. 2017. “M. Bacchetta, the Swiss Banking Association and the Economic Science: An ill-assorted Love Triangle. A reply to Ph. Bacchetta’s Article: “The Sovereign Money Initiative in Switzerland: An Assessment”. [Rebuttal of Bacchetta 2017].

Huber, Joseph. 2014-18. “Confronting Criticism”. Sovereign Money: Website for New Currency Theory and Monetary Reform.

—–, —–. 2015b. “Side notes to van Suntum, Ulrich & Neugebauer, Tom”. Sovereign Money: Website for New Currency Theory and Monetary Reform. 2015.

—–, —–. 2017d. ”Critical notes on the Bundesbank publication “Remarks on a 100% reserve requirement for sight deposits“ in Bundesbank Monthly Report, Vol. 69, No. 4, April 2017, 30 – 33”. Sovereign Money: Website for New Currency Theory and Monetary Reform.

Positive Money. 2014. “Why we Disagree with Ann Pettifor”. London: Positive Money, 27 June 2014. [Response to Pettifor 2014].

—–, —–. 2015. “Sovereign Money – Common Critiques”. London: Positive Money, 22 Aug 2015.

Discussions on Modern Monetary Theory (MMT)

C.3. Critiques of MMT:

Byrne, Adrian & Hodgson, Graham. 2019. “Modern Monetary Theory and Monetary Reform Considered“. The Money Question, 27 Sep 2019 [defunct].

Eder, Jeff. 2020. “The Deficit Myth and Modern Monetary Theory Revised: The Canadian Version“. Review of The Deficit Myth by Stephanie Kelton. Progressive Money Canada, July 2020.

—–, —–. 2021. “Modern Money, Forget Theory: Debunking the MMT S(TAB) Hypothesis”. Progressive Money Canada, April 2021.

—–, —–. 2022. “Steve Keen has lost his way in a Minsky Maze”. Progressive Money Canada. [Response to Keen, 2022]

Epstein, Gerald A. 2019. What’s Wrong with Modern Money Theory? A Policy Critique. Cham, Switzerland: Palgrave.

Every, Michael. 2019. “Mmm . . . MMT“. Utrecht: Rabobank/RaboResearch, 15 April 2019.

Febrero, Eladio. 2009. “Three Difficulties with Neo-chartalism“. Journal of Post Keynesian Economics, 31/3: 523-541.

Fiebiger, Brett. 2012. “Modern Money Theory and the ‘Real-World’ Accounting of 1-1<0: The U.S. Treasury Does Not Spend as per a Bank”. In: Fiebiger, Brett et al. 2012. Modern Monetary Theory: A Debate.

—–, —–. 2012. “A Rejoinder to ‘Modern Money Theory: A Response to Critics’ ”. In: Fiebiger, Brett et al. 2012. Modern Monetary Theory: A Debate.

Harrison, Edward. 2019. “MMT For Dummies”. Credit Writedowns, Mar 1 2019.

Henwood, Doug. 2019. “Modern Monetary Theory Isn’t Helping“. Jacobin, 21 Feb 2019.

Huber, Joseph. 2013. “Modern Money and Sovereign Currency”. Sovereign Money: Website for New Currency Theory and Monetary Reform.

—–, —–. 2014a. “Modern Money Theory and New Currency Theory”. Real-World Economics Review, 66, (13 Jan 2014): 38-57.

—–, —–. 2019a. “Modern Money Theory revisited – still the same false promise“. Sovereign Money, March 2019.

Lavoie, Marc. 2013. “The monetary and fiscal nexus of neo-chartalism: a friendly critique“. Journal of Economic Issues, 47/1: 1-32.

—–, —–. 2022. “MMT, sovereign currencies and the Eurozone“. Review of Political Economy, 34/4: 633-646.

Lonergan, Eric. 2016. “Debt-Free Money: A Brief Reply to Randall Wray“. London, Positive Money.

—–, —–. 2016. “Accounting as Religion: Buffett, Derrida, and MMT“. London, Positive Money.

Miles, Derrick. 2021. “MMT and the Green Party: A GPWA Member Perspective”. Real Progressives, 30 Jan 2021.

Mitchell, Rodger Malcolm. 2018. “The Stunning Differences Between MMT And MS“. Monetary Sovereignty – Mitchell.

Mueller, Antony P. 2019. “The magic money tree: The case against modern monetary theory (MMT)”. Research Paper Series Adam Smith Institute (ASI), UK.

Murphy, Robert P. 2011. “The Upside-Down World of MMT“. Mises Daily Articles, 23 Jan 2019. Ludwig von Mises Institute.

Musgrave, Ralph. 2014. “Charlotte Van Dixhoorn criticises Positive Money“. Ralphonomics, 12 May 2014. [Responding to van Dixhoorn, 2013]

Palley, Thomas I. 2014. “The Critics of Modern Money Theory (MMT) are Right”. IMK Working Paper, No. 132, Institut für Makroökonomie und Konjunkturforschung (IMK), Hans-Böckler-Stiftung, Düsseldorf.

—–, —–. 2015. “Money, Fiscal Policy, and Interest Rates: A Critique of Modern Monetary Theory“. Review of Political Economy, 27/1: 1-23. Also published as IMK Working Paper, No. 109, Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf.

—–, —–. 2019. “Macroeconomics vs. Modern Money Theory: Some Unpleasant Keynesian Arithmetic“. Post Keynesian Economics Society, Working Paper, No. 1910.

Roche, Cullen. 2011. “Modern Monetary Theory (MMT) Critique“. Pragmatic Capitalism, 7 Sept 2011.

Schuller, Govert. 2018. “Introduction to the Problem with Modern Monetary Theory (MMT)“. Alpheus, 6 Nov 2018.

—–, —–. 2020a. “Requesting Evidence for a Crucial MMT Claim”. Blog. Alliance For Just Money, 16 Aug 2020.

—–, —–. 2020b. “Triple-column Comparison between Modern Monetary Theory (MMT), the Actual Monetary System, and Sovereign Money Reform (SMR)”. Blog. Alliance For Just Money, 21 Sept 2020.

—–, —–. 2020c. “ ‘What’s Wrong with Modern Money Theory?’: A Summary”. Blog. Alliance For Just Money, 5 Oct 2020.

—–, —–. 2022. “Did Ryan Collins go MMT?”. Paper presented at the American Monetary Institute conference, October 8, 2022. Video here.

Walsh, Steven & Zarlenga, Stephen. 2012. “Evaluation of Modern Monetary Theory”. AMI Research Paper.

C.4. Pro-MMT & Responses to Critiques of MMT

Bell [Kelton], Stephanie. 2000 “Do Taxes and Bonds Finance Government Spending?“. Journal of Economic Issues, 34/3: 603-620.

Berkeley, A., Ryan-Collins, J., Tye, R., Voldsgaard, A. and Wilson, N. 2022. “The self-financing state: An institutional analysis of government expenditure, revenue collection and debt issuance operations in the United Kingdom”. UCL Institute for Innovation and Public Purpose, Working Paper Series (IIPP WP 2022-08)

Carter, Zach. 2018. “Stephanie Kelton Has The Biggest Idea In Washington“. HuffPost, 5 May 2018.

Fiebiger, Brett & Fullwiler, Scott T. & Bell, Stephanie & Wray, L. Randall. 2012. “Modern Monetary Theory: A Debate“. Political Economy Research Institute Working Paper 279, University of Massachusetts Amherst.

Fullwiler, Scott T. 2010. “Modern Monetary Theory-A Primer on the Operational Realities of the Monetary System“. Available at SSRN 1723198.

—–, —– & Stephanie Bell & L. Randall Wray. 2012. “Modern Money Theory: a response to critics“. SSRN – Elsevier, 2008542, 15 Jan 2012.

Keen, Steven. 2022. “A Little Knowledge is a Dangerous Thing: Observations on the debate between MMT advocates and Progressive Money Canada founder Jeff Eder”. Planksip, 30 Sept 2022.

Kelton, Stephanie & Andres Bernal & Greg Carlock, 2018. “We Can Pay For A Green New Deal“. HuffPost, 30 Nov 2018.

Montier, James. 2019. “Why Does Everyone Hate MMT?” GMO.

Nersisyan, Y. and Wray, L. Randall. 2017. “Cranks and heretics: The importance of an analytical framework“. Cambridge Journal of Economics, 41/6: 1749–60.

Ruml, Beardsley. 1946. “Taxes for Revenue are Obsolete“. American Affairs, January 1946.

Ryan-Collins, Josh. 2022. “Why the British state is a magic money tree“. The New Statesman, 26 May 2022

Tymoigne, E. and Wray, L. Randall. 2013. “Modern Money Theory 101: A Reply to Critics”. Working Paper No. 778. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.

—–, —– & Wray, L. Randall. 2015. “Modern Money Theory: A Reply to Palley“. Review of Political Economy, 27/1: 24-44. .

Veale, Spencer. 2018. “Positive Money Meets Modern Monetary Theory“. Edinburgh, UK: Edinburgh Positive Money.

Wray, L. Randall. 2014. “From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy“. Levy Economics Institute, Working Papers Series, 792.

—–, —–. 2019. “Response to Doug Henwood’s Trolling in Jacobin“. New Economic Perspectives. 25 Feb 2019.

D. Non-academic Advocacy Pamphlets, Reports, Briefings & Books

AMI, 2010. “Kucinich Proposes Landmark Reform of Monetary Policy”. Valatie, NY: American Monetary Institute.

AMI. 2021. “AMI Conference Statement to COP26: Regarding the Monetary Dimension of Climate Change”. 11 Nov 2021. IL: American Monetary Institute.

Anon. 2019. “Open Letter: Rethinking the Role of Banks in Economics Education”. Rethink Economics.

Bikas, Konstantin & Livingstone, Zack. 2020. “Money We Trust: Designing Cash’s Digital Counterpart”. London: Positive Money.

Bongiovanni, Joe. 2016a. “That’s Not The Devil, That’s Real Money“. Econintersect, 8 Feb 2016.

—–, —–. 2016b. “Further Considerations On Lord Turner’s Monetary Finance Proposal“. Econintersect, 3 April 2016.

Bossone, Biagio & Costa Massimo. 2018. “The ‘accounting view’ of Money: Money as Equity (Part II)“. All About Finance, World Bank Blog, 21 May 2018.

Clarke, David. 2013. “How the Green party is miles ahead of the game on monetary policy”. Another Angry Voice. Blog.

—–, —–. 2017. “Poll Shows 85% of MPs Don’t Know Where Money Comes From“. London: Positive Money.

Coates, Delman. 2017. “The New Abolitionism: Monetary Reform and the Future of Social Justice”. The New Abolitionism Campaign for Monetary Freedom.

Coleridge, Greg . 2009. “A Call to Democratize Money”, Part I. By What Authority.

Cook, Richard C. 2007a. “An Emergency Program of Monetary Reform for the United States”. Global Research, 26 April 2007.

—–, —–. 2007b. “Monetary Reform and How a National Monetary System Should Work”. Global Research, 11 May 2007.

—–, —–. 2007c. “Credit as a Public Utility: the Key to Monetary Reform“. Global Research, 26 May 2007.

—–, —–. 2009a. “It’s Time for a New Monetary System”. Global Research, 23 Mar 2009.

—–, —–. 2009b. “Democratizing the US Monetary System: Urgency of the American Monetary Act”. Global Research, 6 May 2009.

—–, —–. 2009. We Hold These Truths: The Hope of Monetary Reform. Aurora, CO: Tendril Press. Review by Jamie Walton for AMI, 23 Dec 2010.

Daly, Herman. 2013. “Nationalize Money, not Banks”. The Daly News, 4 Feb 2013.

Dawnay, Emma. 2017. “Souvereign Money Initiative: The Background to the National Referendum on Sovereign Money In Switzerland“. Wettingen, Switzerland: Verein Monetäre Modernisierung (MoMo).

De Fremery, Robert. 1979. “Nozick and Locke’s Proviso”. A review of Robert Nozick’s Anarchy, State, and Utopia. Land & Liberty (Nov-Dec 1979).

—–, —–. 1992. Rights vs. Privileges: An Analysis Of Two Powerful Privileged Interests That Have Deprived Us Of Fundamental Rights. San Anselmo, CA: Provocative Press.

Distelhorst, Dick. N.d. “The Dick Distelhorst Plan“. Valatie, NY: American Monetary Institute.

—–, —–. 2010. “Here’s the Blueprint for Prosperity for All”. Valatie, NY: American Monetary Institute.

Dyson, Ben. 2016. “KPMG Iceland presents new report on Sovereign Money”. International Movement for Monetary Reform, 5 Sep 2016.

—–, —– & Hodgson, Graham. 2014. “Increasing Competition In Payment Services”. London: Positive Money.

—–, —– & —–, —–. 2016. “Accounting for Sovereign Money: Why State-Issued Money is not ‘Debt’“. London: Positive Money.

—–, —– & —–, —–. 2016. “Digital Cash: Why Central Banks Should Start Issuing Electronic Money”. London: Positive Money.

—–, —– & Tony Greenham & Josh Ryan-Collins & Richard A. Werner. 2010. “Towards a Twenty-First Century Banking and Monetary System”. Submission to the Independent Commission on Banking, 2010.

—–, —– & Graham Hodgson & Frank van Lerven. 2016. “Sovereign Money: An Introduction”. London: Positive Money.

—–, —– & Graham Hodgson & Andrew Jackson. 2015. “Would a Sovereign Monetary System Be Flexible Enough?” London: Positive Money.

Eder, Jeff. 2019. “The Costs of Money Creation and Complexity“. Progressive Money Canada.

Egnatz, Nick. 2013. “Occupying the NEED Act”. Valatie, NY: American Monetary Institute.

—–, —–. 2014a. “Getting What We NEED”. Valatie, NY: American Monetary Institute.

—–, —–. 2014b. “Linking Social Justice to Monetary Reform”. Alpheus. 25 Dec 2014.

—–, —–. 2015. “Surgery Prescribed for the Debt Money Disease: Fighting for the NEED Act”. Alpheus. 14 Oct 2015.

—–, —–. 2019a. “The Constitution and a Just System of Money“. Alliance For Just Money, 19 July 2019.

—–, —–. 2019b. “Challenging the Economics Profession“. Alliance For Just Money, 2 Nov 2019.

—–, —–. 2023. Money Creation 101: Change Our Money – Change Our World.

—–, —–. 2024. History of Money 101: Change Our Money – Change Our World.

Emry, Sheldon. 1984. “Billions for Bankers–Debts for the People“. Lord’s Covenant Church.

Erken, Hugo & Every, Michael & van Harn, Erik-Jan. 2020. “Money printing: First, do no harm“. Utrecht: Rabobank/RaboResearch, 20 July 2020.

Fisher, Irving & Cohrssen, Hans R.L. 1934. Stable Money: A History of the Movement. New York: Adelphi Company.

Fuller, Edward W. 2019. “100% Banking and Its Advocates: A Brief History“. The Cobden Centre, 30 Oct 2019.

Gomez, Christian. 2017. “M. Bacchetta, the Swiss Banking Association and the Economic Science: An Ill-assorted Love Triangle. A reply to Ph. Bacchetta’s Article: “The Sovereign Money Initiative in Switzerland: An Assessment”. [Rebuttal of Bacchetta 2017].

Greco, Thomas H, Jr. 1990. Money and Debt: A Solution to the Global Crisis. Knowledge Systems

—–, —–. 2001. Money: Understanding and Creating Alternatives to Legal Tender. White River Junction, VT & London, UK: Chelsea Green.

—–, —–. 1994. New Money for Healthy Communities. Greco Publishing.

—–, —–. 2009. The End of Money and the Future of Civilization. White River Junction, VT & London, UK: Chelsea Green.

Grewal, Subir. 2020. Struggling Amidst Plenty: A Layperson’s Guide To Our Awful Monetary System, Why it’s the Root Cause of Inequality, Debt, and “Too Big to Fail,” & The Little-Known Way to Fix It. Published by author.

Hammon, Virginia. 2018. US Money: What is it? Why We Must Change. How We Can. Portland: Great Democracy Media.

—–, —– & Pash, Mark. 2019. How We Pay for a Better World. Portland: Great Democracy Media.

Hermanutze, Derryl. 2020. A Brief History of Financial Plunder. Independently published.

Hixson, William F. 1991. A Matter of Interest: Reexamining Money, Debt, and Real Economic Growth. Westport, CT & London: Praeger.

—–, —–. 1993. Triumph of the Bankers. Money and Banking in the Eighteenth and Nineteenth Centuries. Westport, CT & London: Praeger.

—–, —–. 1997. It’s Your Money. Canada: Comer Publications.

—–, —–. 2013. “Banking, Finance and Income Inequality”. London, Positive Money.

Hummel, Sam. 2022a. “Global Study on Monetary Literacy Finds Massive Illiteracy & Disapproval“. Sam Thinks out Loud on Substack, 21 Jan 2022.

—–, —–. 2022b. “The Bank of England Says Economics Textbooks Teach Falsehoods About Money and Banking“. Sam Thinks out Loud on Substack, 23 March 2022.

—–, —–. 2022c. “80% of People Have a Mistaken Understanding of the Relationship Between Money and the Economy“. Sam Thinks out Loud on Substack, 19 May 2022.

—–, —–. 2022d. “Here’s the Proof that Banking Crises Simply Don’t Need to Happen. Period“. Sam Thinks out Loud on Substack, 4 June 2022.

—–, —–. 2022e. “One Paragraph Summaries of Top Papers for Understanding Bank Money Creation and Its Economic Effects“. Sam Thinks out Loud on Substack, 29 Sept 2022.

—–, —–. 2022f. “Who Owns and Controls Your Country’s Central Bank? It May Not Be Who You Think“. Sam Thinks out Loud on Substack, 6 Oct 2022.

—–, —–. 2022g. “100+ Experts Confirm: ‘Banks Create New Money Whenever They Lend’ “. Sam Thinks out Loud on Substack, 11 Nov 2022.

—–, —–. 2022h. “Ben Bernanke’s 2022 Nobel Prize in Economics is an Embarrassmen t“. Sam Thinks out Loud on Substack, 21 Nov 2022.

Hutchinson, Frances & Mary Mellor & Wendy Kay Olsen. 2002. The Politics of Money: Towards Sustainability and Economic Democracy. London: Pluto Press.

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Koo, Richard. 2014. The Escape from Balance Sheet Recession and the QE Trap. Hoboken, NJ: John Wiley.

Korten, David C. 1995. When Corporations Rule the World. San Francisco: Berrett-Koehler Publishers.

—–, —–. 1999. The Post-corporate World: Life after Capitalism. San Francisco: Berrett-Koehler Publishers.

—–, —–. 2007. The Great Turning: From Empire to Earth Community. San Francisco: Berrett-Koehler Publishers.

—–, —–. 2010. Agenda for a New Economy: From Phantom Wealth to Real Wealth. San Francisco: Berrett-Koehler Publishers. (Excerpt)

Kotlikoff, Laurence J. 2010. Jimmy Stewart is Dead. Ending the World’s Ongoing Plague with Limited Purpose Banking. Hoboken, NJ: Wiley.

Kregel, Jan. 2012: “Minsky and the Narrow Banking Proposal”. Public Policy Brief, Levy Institute of Bard College, 125: 4–8.

Kuzminski, Adrian. 2013. The Ecology of Money: Debt, Growth, and Sustainability. Lanham, MD: Lexington Books.

Lester, Richard A. 1970 (1939). Monetary Experiments. New York: A. M. Kelley.

Lonergan, Eric. 2014. Money (The Art of Living). Second edition. Oxon, UK & New York: Routledge.

Macleod, Henry Dunning. 1889. The Theory of Credit. London: Longmans, Green.

Mairet, Philip. 1934. The Douglas Manual. London: Stanley Nott.

Marshall, Alfred. 1923. Money, Credit and Commerce. London: Macmillan.

Martin, Felix. 2015. Money: The Unauthorized Biography from Coinage to Cryptocurrencies. New York: Vintage.

Marx, Karl. 1976 (1867). Capital, Volume 1. Harmondsworth, UK: Penguin.

Mehrling, Perry. 2011. The New Lombard Street. How the Fed Became the Dealer of Last Resort. Princeton University Press.

Michell, J. 2016. “Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit”. Economics Working Paper no. 1602, University of the West of England, Bristol.

Minsky, Hyman. 1994. “Financial Instability and the Decline(?) of Banking: Public Policy Considerations”. Working Paper No. 127, Levy Economics Institute.

Munson, Gorham 1945. Aladdin’s Lamp. The Wealth of the American People. New York: Creative Age Press.

Nason, James M., and Ellis W. Tallman. 2015. “Business cycles and financial crises: The roles of credit supply and demand shocks”. Macroeconomic Dynamics 19/4: 836-882.

Neumann, Manfred J.M. 1992. “Seigniorage in the United States: How Much does the US Government Make from Money Production?”. Federal Reserve of St. Louis, Research Review 03/1992, March-April.

Niepelt, Dirk. 2015. “Reserves for everyone – towards a new monetary regime?” VOX Policy Portal, 21 Jan 2015.

Palley, Thomas I. 2014. “The Critics of Modern Money Theory (MMT) are Right“. IMK Working Paper, No. 132, Institut für Makroökonomie und Konjunkturforschung (IMK), Hans-Böckler-Stiftung, Düsseldorf.

Pennacchi, George. 2012. “Narrow Banking”. Annual Review of Financial Economics, 4/1: 141-159.

Perry, Geraldine. 2016. “American Dreams Destroyed by Debt and a Constitution Denied“. Dissident Voice (6 May 2016).

Pettifor, Ann. 2006. The Coming First World Debt Crisis. New York: Palgrave Macmillan.

—–, —–. 2013. “The Power to Create Money out of Thin Air: A Review Essay of Geoffrey Ingham’s Capitalism”. Policy Research in Macroeconomics, Jan 2013.

Philipps, Chester Arthur. 1920. Bank Credit. New York: Macmillan.

Reiff, George. 2016. “Goethe and the Creation of Money: FAUST II”. George Reiff on academia.edu.

Reinhart, Carmen M. & Rogoff, Kenneth S. 2009. This Time is Different. Eight Centuries of Financial Folly. Princeton University Press.

Rothbard, Murray N. 2008 (1983). The Mystery of Banking. 2nd. Edition, Ludwig von Mises Instiute.

Rowbotham, Michael. 1998. The Grip of Death: A Study of Modern Money, Debt Slavery, and Destructive Economics. Charbury, UK: John Carpenter.

Ryan-Collins, Josh 2015: “Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75”. Levy Economics Institute of Bard College, Working Paper No. 848, October 2015.

—–, —– & Richard A. Werner, and Jennifer Castle. 2016. “A half-century diversion of monetary policy? An empirical horse-race to identify the UK variable most likely to deliver the desired nominal GDP growth rate”. Journal of International Financial Markets, Institutions and Money, 43 (2016): 158-176.

Sargent, Thomas J. & Wallace, Neil. 1982. “The Real-Bills Doctrine Versus the Quantity Theory: A Reconsideration“. Journal of Political Economy, 90/6: 1212-1236.

Sawyer, M. 2013. Endogenous Money, Circuits and Financialisation. Leeds, UK: Leeds University Business School.

Schemmann, Michael. 2012. Liquid Money – The Final Thing. Federal Reserve and Central Bank Accounts for Everyone. Durham, NC: IICPA Publications.

—–, —–. 2012. “Accounting Perversion in Bank Financial Statements: Root Cause of the Ongoing Global Financial Crisis”. IICPA Publications.

—–, —–. 2015. “Putting a Stop to Fictitious Bank Accounting”. IICPA Publications.

Schumpeter, Joseph. 1934 (1912). The Theory of Economic Development. Cambridge, MA: Harvard University Press.

—–, —–. 1954. History of Economic Analysis. London: Allen and Unwin.

Shaxson, Nicholas. 2018. The Finance Curse: How Global Finance Is Making Us All Poorer. New York & London: Penguin.

Simons, Henry C. 1948. ”Positive Programme for Laissez Faire: Some Proposals for a Liberal Economic Policy” and “Rules versus Authorities in Monetary Policy”. Both articles in: H.C. Simons. 1948. Economic Policy for a Free Society, The University of Chicago Press. First published as ‘Rules versus…’, The Journal of Political Economy, 44 (1936) 1–30.

Sklansky, Jeffrey. 2012. “The Elusive Sovereign: New Intellectual and Social Histories of Capitalism”. Modern Intellectual History, 9/1: 233-248.

—–, —–. 2017. Sovereign of the Market: The Money Question in Early America. Chicago: University of Chicago Press.

Soddy, Frederick. 1926. Wealth, Virtual Wealth and Debt. London: Allen & Unwin.

—–, —–. 1934. The Role of Money. What it should be, contrasted with what it has become. London: George Routledge and Sons Ltd.

Stiglitz, Joseph et al. 2010. The Stiglitz Report. Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis. New York & London: The New Press.

Tallman, Ellis W., and Elmus Wicker. 2010. “Banking and Financial Crises in United States History: What Guidance can History Offer Policymakers?” MPRA Paper No. 21839.

The Federal Reserve Bank of Chicago. 1992 (1962). “Modern Money Mechanics“. Chicago, IL: Public Information Center, The Federal Reserve Bank of Chicago.

Tobin, James. 1992. “Money”. In: Eatwell, J., Milgate, M., Newman, P. (Eds), The New Palgrave: A Dictionary of Money and Finance, vol. 2, London: Macmillan. 770 – 779.

Turner, Adair. 2015. Between Debt and the Devil: Money, Credit, and Fixing Global Finance. Princeton: Princeton University Press.

van Doornen, Heske. 2017. “Going Beyond Exchange“. Economic Questions, Blog of the Young Scholars Initiative, 15 May 2017.

Verhagen, Frans C. 2012. The Tierra Solution: Resolving Climate Change Through Monetary Transformation. New York: Cosimo Books.

Werner, Richard A. 2014. “Enhanced Debt Management: Solving the Eurozone Crisis by Linking Debt Management with Fiscal and Monetary Policy”. Journal of International Money and Finance, 49 (Dec 2014): 443-469.

Wicker, Elmus. 2015. The Great Debate on Banking Reform: Nelson Aldrich and the Origins of the Fed. Columbus, OH: Ohio State U.P.

Withers, Hartley 1909. The Meaning of Money. London: Smith, Elder & Co.

Wolf, Martin. 2015. The Shifts and the Shocks: What We’ve Learned–and Have Still to Learn–from the Financial Crisis. New York & London: Penguin.

Wood, John H. 1981. “Benjamin Franklin and Monetary Policy in Colonial Pennsylvania”. Economic Perspectives, 5/2: 22-23.

Wortmann, Edgar. 2019. “Ons Geld, Vollgeld and Positive Money“. Ons Geld, 9 Sept 2019.

Yamaguchi, Kaoru.1988. Beyond Walras, Keynes, and Marx: Synthesis in Economic Theory Toward a New Social Design. Frankfurt am Main: Peter Lang.

—–, —–. 1990. “Fundamentals of a new economic paradigm in the information age”. Futures, 22/10: 1023-1036.

—–, —–. 2003. “Principle of Accounting System Dynamics: Modeling corporate financial statements”. In Proceedings of the 21st International Conference of the System Dynamics Society, New York, USA, 2003. System Dynamics Society.

—–, —–. 2008. “Logical vs Historical Time in a Price Adjustment Mechanism”. In Proceedings of the 27th International Conference of the System Dynamics Society, Albuquerque, New Mexico, 2009. The System Dynamics Society.

Yuran, Noam, 2014. What Money Wants: An Economy of Desire. Stanford: Stanford University Press.

Zarlenga, Stephen. 1999. “Germany’s 1923 Hyperinflation: A ‘Private’ Affair“. The Barnes Review (July-Aug): 61-7.

Zelizer, Viviana A. 1994. The Social Meaning of Money: Pin Money, Paychecks, Poor Relief, and Other Currencies. New York: Basic Books.

F. Journalistic Articles Addressing Monetary Reform

Aaltonen, Valtteri. 2016. “Parliament event on monetary reform paves the way for citizens’ initiative”. International Movement for Monetary Reform, 25 Oct 2016.

Agence France Press. 2015. “Iceland looks at ending boom and bust with radical money plan”. The Telegraph (UK), 31 March 2015.

Baker, Scott. 2010. “Stephen Zarlenga’s American Monetary Act: A Review“. HuffPost, 21 Dec 2010.

—–, —–. 2012. “The Instant Solution to the New Depression: Debt-free Money”. HuffPost, 4 june 2012.

—–, —–. 2015. America Is Not Broke: Four M ulti-trillion Paths to a Thriving America. Oakland, CA: Next Revelation Press.

Bholat, David & Gutierrez, Karla Martinez. 2019. “The Ownership of Central Banks“. Bank Underground, 18 Oct 2019.

Bjerg, Ole. 2015. “Who Makes our Money?: Economics and Politics in the Age of Crisis Capitalism”. Oxford Left Review, 14 (2015): 34-41.

Bjerg, Ole. 2017a. “The butcher, the brewer, the ba(n)ker and the nature of money“. London School of Economics Business Review, 1 Mar 2017.

Bjerg, Ole. 2017b. “The politics of transition: From ecology to money… and back”. Ephemera 17/1: 167-173.

Bongioivanni, Joe. 2016. “The Problem With Money And Banking: Inseparability”. Econintersect.com, 19 June 2016.

Bosley, Catherine. 2018. “Why Swiss Vollgeld Vote Has the Central Bank Nervous”. Bloomberg Businessweek, 18 Feb 2018.

Brown, Ellen. 2009. “Revive Lincoln’s Monetary Policy: An Open Letter to President Obama“. Web of Debt, 9 April 2009.

—–, —–. 2013. “What We Could Do with a Postal Savings Bank: Infrastructure that Doesn’t Cost Taxpayers a Dime“. The Web of Debt, 23 Sept 2013.

—–, —–. 2015. “Fast Track Hands the Money Monopoly to Private Banks, Permanently”. Truthout, 15 June 2015.

—–, —–. 2018. “This Radical Plan to Fund the ‘Green New Deal’ Just Might Work“. Web of Debt, 18 Dec 2018.

Cochrane, John H. 2013. “Stopping Bank Crises Before They Start”. Wall Street Journal, June 24.

Cook, Richard C. – Archive on Global Research.

—–, —–. 2007. “An Emergency Program of Monetary Reform for the United States”. Global Research, 26 April 2007.

—–, —–. 2007. “Monetary Reform and How a National Monetary System Should Work”. Global Research, 11 May 2007.

—–, —–. 2007. “Credit as a Public Utility: the Key to Monetary Reform“. Global Research, 26 May 2007.

—–, —–. 2007c. “C.H. Douglas: Pioneer of Monetary Reform”. Global Research, 24 Sep 2007.

—–, —–. 2007d. “The 2008 Presidential Election: Concepts Progressives Must Know About Monetary Policy and History”. Global Research, 14 Dec 2007.

—–, —–. 2009. “It’s Time for a New Monetary System”. Global Research, 23 Mar 2009.

—–, —–. 2009. “Democratizing the US Monetary System: Urgency of the American Monetary Act”. Global Research, 6 May 2009.

—–, —–. 2009. We Hold These Truths: The Hope of Monetary Reform. Aurora, CO: Tendril Press. Review by Jamie Walton for AMI, 23 Dec 2010.

—–, —–. 2009. “Credit As A Public Utility: The Solution to the Economic Crisis“. A video in Six Parts. Global Research, 28 Mar 2009. Part 2; Part 3; Part 4; Part 5; Part 6.

—–, —–. 2013. “The Gaia Plan“. Presentation at the Public Banking 2013: Funding the New Economy Conference, San Rafael, CA, June 2013. Public Banking TV on YouTube, 21 June 2013.

—–, —–. 2017. “The Usury Based System. Towards A Worldwide Financial Disaster?” Global Research, 27 April 2017.

—–, —–. 2019. Universal Basic Income and the 2020 Election: Redistribution by Taxing the Rich. Global Research, 18 Oct 2019.

—–, —–. 2020. “My Journey“. The Alliance For Just Money, 18 Aug 2020.

Coppola, Frances. 2014. Martin Wolf Proposes the Death of Banking”. Pieria, 25 April 2014.

Chrispin, Sebastian. 2015. “Reality Check: Could the Greens change how money works?” BBC News, 5 May 2015.

Clarke, Bill. 2001. “Case for Monetary Reform”. Prosperity, July 2001.

Daneke, Gregory A. 2023. “When Wank Became Swank: Money, Banking, and The Evolution of the All-Debt Economy“. Medium, 31 Aug 2023.

Di Muzio, Tim. 2019. “The Major Problems with Bank Money Creation“. Alliance For Just Money, 4 June 2019.

Di Muzio, Tim. 2019. “Brief Discussion of Money“. Alliance For Just Money, 21 Mar 2019. (Excerpt from The Tragedy of Human Development).

Douglas, Jason. 2015. “U.K. Activist Group Emerges as Voice for Monetary Reform”. The Wall Street Journal, 19 Aug 2015.

Dyson, Ben. 2011. “Money has been P rivatised by S tealth”. The Guardian – UK, 15 Nov 2011.

—–, —–. 2014. ”Change to UK’s money system could solve our long-term economic problems”. The Guardian, 6 Feb 2014. .

Clarke, Bill. 2001. “The Case for Monetary Reform”. Prosperity, July 2001.

Douglas, Jason. 2015. “U.K. Activist Group Emerges as Voice for Monetary Reform”. The Wall Street Journal, 19 Aug 2015.

Evans-Pritchard, Ambrose. 2012. “IMF’s Epic Plan to Conjure Away Debt and Dethrone Bankers”. The Telegraph, UK, 21 Oct 2012.

Ferguson, Paul. 2014. “Banks don’t work the way you think – but they should”. Independent (Ireland), 3 April 2014.

Graeber, David. 2014. “The truth is out: money is just an IOU, and the banks are rolling in it”. The Guardian, 18 March 2014.

—–, —–. 2019. “Against Economics“. Review of Skidelsky’s Money and Government. New York Review of Books, 66/19 (5 Dec 2019).

Grim, Ryan. 2013. “Priceless: How The Federal Reserve Bought The Economics Profession”. HuffPost, 13 May 2013.

Hickel, Jason. 2016. “To deal with climate change we need a new financial system”. The Guardian, 5 Nov 2016.

Hockett, Robert. 2020. “Digital Greenbacks“. Forbes, 17 May 2020.

Howell, John. 2017a. “Who creates money and where does it go?” The Athens Messenger, 25 Jan 2017.

—–, —–. 2017b. “Why money creation is central to most of the problems faced by society”. Athens, OH: Democracy over Corporations.

Hulsmann, Jorg Guido & Patrizio Laina & Joseph Huber & Ib Ravn & Bryan Gould. 2020. “Letter: It’s time to reconsider full reserve banking”. Financial Times (UK), 30 Aug 2020.

Joób, Mark. 2014. “The Sovereign Money Initiative in Switzerland“. World Economics Association Newsletter, 4/3 (June 2014): 6-7. (Comments here)

Jourdan, Stan. 2016. “Finland: Parliament Event on Monetary Reform Paves the Way for Citizens’ Initiative”. International Movement for Monetary Reform,25 Oct 2016.

Keen, Steve. 2015. “Nobody Understands Debt — Including Paul Krugman“. Forbes, 10 Feb 2015.

—–, —–. 2020. “A Modern Jubilee as a Cure to the Financial Ills of the Coronavirus“. Brave New Europe, 7 March 2020.

Khan, Mehreen. 2015. “Switzerland to vote on banning banks from creating money”. The Telegraph (UK), 23 Dec 2015.

Klein, Manuel. 2016. “IMMR at the World Social Forum 2016 in Montreal”. International Movement for Monetary Reform.

Krugman, Paul. 2014. “Why Weren’t Alarm Bells Ringing?” The New York Review of Books, 23 Oct 2014.

Kummer, Larry. 2012. “The lost history of money: An antidote to the myths“. Fabius Maximus Web Site, 12 Dec 2012.

Lovas, Gabriella & Black, Jeff. 2016. “Banker Who’d Revolutionize Money Says It Can Be Done From Within“. Bloomberg, 16 Aug 2016.

Lavoie, Marc. 2019. “Endorsing the Money-Creation View of Banking“. Rethinking Economics.

Lyons, Matthew. 2018. “Will Switzerland Be The First Country In The World To Introduce A Sovereign Money System?” London: Positive Money, 28 Feb 2018.

Macquarie, Rob. 2018. “A Green Bank of England: Central Banking for a Low-Carbon Economy“. London: Positive Money.

Mayer, Thomas. 2013: “Banish Fractional Reserve Banking for Real Reform”. Financial Times, 24 June 2013.

Mellor, Mary. 2019. “Our conception of money is based in fairytale – this has led us to austerity“. The Independent (UK), 21 June 2019.

Mitchell, Rodger Malcolm. 2018. “What is the real purpose of money? Gap Psychology and fairness. You may never have thought of it this way”. Monetary Sovereignty Blog, 11 May 2018.

Murphy, Richard. 2024. “Central bankers on their ability of banks to create money out of thin air“. Funding the Future, 6 Jan 2024.

Murphy, Robert P. 2020. “Do the Textbooks Get Money and Banking Backwards?“. Mises Wire, Mises Institute, 2 April 2020.

Nielsen, Robert. 2014. “Endogenous Money Or How Loans Create Deposits”. Whistling In The Wind, 7 Feb 2014.

Olson, Thomas L. 2020. “Law on the Edge: The Credit River Case and the Fixations of Jerome Daly 1960-1990“. The Minnesota Legal History Project.

Ongweso Jr, Edward. 2023. “Saule Omarova’s Plan to Remake the Financial System“. Dissent, Fall 2023.

Picchioni, Costanza. 2020. “Lessons From Libra: The Future Of Digital Currency“. The Money Question, 10 Feb 2020 [defunct].

Robbins, Richard H. 2019. “Confronting the Tyranny of the Rate of Return“. Academia.edu.

Roberts, Paul Craig & Kranzler, Dave, Hudson, Michael. “Do Financial Markets Still Exist?“. Institute for Political Economy, 12 Feb 2018.

Robertson, James. 2007. “The History of Money: From Its Origins to Our Time“. Paris: Autrement.

Roche, Cullen. 2010. “The Concept of Vertical and Horizontal Money Creation”. Seeking Alpha, 5 April 2010.

Rudnyckyj, Daromir & Sayeed, Rehan. 2019. “The Money Question in Islamic Finance“. Academia.edu, 25 Oct 2019.

Smith, Adam. 2019a. “Much Ado About 1974: The Bank of Canada and the 70s“. Understanding Canada Web Site, 23 Nov 2019.

—–, —–. 2019b. “Making the case for public money creation in Canada“. Understanding Canada Web Site, 23 May 2019.

Switzer, Howard. 2018. “Weaving a Unifying Narrative: The Money Thread“. Green Horizon, 15/36: 4-6.

The Economist. 2016. “Shake Your Money Makers”. The Economist, 27 Feb 2016.

Tily, Geoff. 2016. “Academics and Civil Society Clash on Money“. Prime Blogs, 18 July 2016.

Tuckwell, David. 2017. “Steve Keen: B anks C reate M oney, F intechs D on’t”. Altfi, 7 June 2017

Turner, Adair. 2012. “Monetary and Financial Stability: Lessons from the Crisis and from Classic Economics Texts“. Speech at South African Reserve Bank, 2 Nov 2012.

van Lerven, Frank. 2016. “A Guide to Public Money Creation: Outlining the Alternatives to Quantitative Easing“. London: Positive Money.

—–, —–. 2017a. “Setting the Record Straight: Sovereign Money is not Full-Reserve Banking“. Positive Money, 27 April 2017.

—–, —–. 2017b. “Two Thirds of Lenders Using Underhand Tactics for Consumer Loans“. Positive Money, 18 April 2018.

—–, —–. 2017c. “Inflation Rises and Living Standards Fall: How Can the Bank of England Respond?” Positive Money, 11 April 2017.

—–, —–. 2018a. “A Government is not a Household“. Positive Money, 29 Oct 2018.

—–, —–. 2018b. “The Bank of England and a 1.5°C Green Transition: Reshaping Finance“. Briefing Note, New Economics Foundation, 16 Oct 2018.

—–, —–. 2018c. “Ending the Fiscal-Monetary Tug-o-War“. Positive Money, 29 Aug 2018.

Voss, Jason. 2016. “Is This the End of Fractional Reserve Banking?”. CFA Institute.

Walsh, Steven & Zarlenga, Stephen. 2012. “Evaluation of Modern Monetary Theory”. AMI research paper. Valatie, NY: American Monetary Institute.

Walton, Jamie. 2009. “Why States Going into the Banking Business Would be a Distraction, not a Solution to their Fiscal Problem“. Valatie, NY: American Monetary Institute.

—–, —–. 2010. “Review of Ellen Brown’s The Web of Debt”. Valatie, NY: American Monetary Institute.

Whittington, Les. 2015. “Rocco Galati in court to challenge how Bank of Canada does business”. The Toronto Star, 23 Mar 2015.

Williams, Zoe. 2017. “How the Actual Magic Money Tree Works”. The Guardian, 29 Oct 2017.

Wolf, Martin. 2014. “Strip private banks of their power to create money“. Financial Times, April 24, 2014.

Wortmann, Edgar. 2018. “Design Principles for CBDC“. International Movement for Monetary Reform, 28 June 2018.

Zarlenga, Stephen. 2011a. “Greening the Dollar”. Huffington Post. The Blog, 13 July 2011.

—–, —–. 2011b. “Congressman Dennis Kucinich’s Briefing to Solve the Debt Crisis”. Huffington Post, The Blog. 11 Aug 2011.

—–, —–. 2011c. “‘Front Running’ Against Humanity in the Oil Markets”. Huffington Post, The Blog, 26 Aug 2011.

—–, —–. 2012. “Completing Our Fourth of July Declaration”. Huffington Post, The Blog, 13 July 2012.

—–, —–. 2013a. “What Would a Trillion Dollar Coin Mean?” Huffington Post, The Blog, 1 Jan 2013.

—–, —–. 2013b. “Sequesters, Shutdowns And Defaults”. Huffington Post, The Blog, 11 Oct 2013.

—–, —–. 2014b. “Obama and Holder’s Weak Call for Justice”. Huffington Post, The Blog, 26 Aug 2014.

—–, —–. 2015. “Monetary Reform and Some July 4th Thoughts”. Huffington Post, The Blog, 8 July 2015.

—–, —– & Coleridge, Greg. 2011. “Reducing U.S. Debt and Creating Jobs Through Public Control of Our Money System”. Huffington Post, The Blog, 3 May 2011.

G. Educational and Promotional Videos (and other media)

1. TOP 12 Videos

2. Videos Produced in the Monetary Reform Movement

3. Other Monetary Theory and Reform Videos of Interest

G.1. TOP 12 VIDEOS

Bjerg, Ole. 2016. “Where does money come from?“ TEDxCopenhagen, 24 May 2016.

Bongiovanni, Joe. 2013. “Why Monetary Reform Must Become Your Number One Issue“. Argusfest on YouTube, 29 Sept 2013.

Dyson, Ben. 2014. “Why Our Monetary System Is Broken and How It Can Be Fixed“. Presentation at the Economy, People and Planet conference at the Copenhagen Business School (CBS). Positive Money on YouTube, 1 Oct 2014.

Grant, Victoria. “12 year old child reveals one of the best kept secrets in the world”. Public Banking Institute, 5 May 2013.

Hammon, Virginia. 2019. “How We Can Pay for a Better World: Change the Money System“. How We Pay for a Better World, YouTube, 30 Aug 2019.

Hammon, Virginia. 2020. “A Solution to the Crisis – Just Money Now!“. How We Pay for a Better World, YouTube, 21 July 2020.

Kucinich, Dennis. 2012. “The Key to Economic Recovery; Kucinich Explains Monetary Reform”. DJ Kucinich on YouTube, 8 May 2012.

Positive Money. 2011. “A Simple Solution to the Debt Crisis“. Positive Money on YouTube, 13 Aug 2011.

—–, —–. 2013. “What Is Money?“. Positive Money on YouTube, 13 May 2013.

—–, —–. 2013. “10 year old explains the truth about where money comes from…” Positive Money on YouTube, 4 Sep 2013.

Wolf, Martin. 2014. “Case for Radical Monetary Reform“. Keynote speech at “Bridging Theory and Practice” conference organized by the Sustainable Finance Lab, Amsterdam, 14 Dec 2016. Sustainable Finance Lab on YouTube, 16 Oct 2018. (Accompanying slides)

Zarlenga, Stephen. 2009. “Nationalize the Fed: End Banks Power to Create Money”. Recorded 2 May 2009, YouTube, 22 June 2009.

. G.2. VIDEOS PRODUCED IN THE MONETARY REFORM MOVEMENT

American Monetary Institute. Collection of Videos. American Monetary Institute channel on YouTube.

Bezemer, Dirk. 2013. “Debt, a G reat Invention”. Debt, episode 1. University of Groningen on YouTube, 13 June 2013.

Boait, Fran. 2013. “How the current money system is damaging Businesses, Society and Environment“. Presentation at the Positive Money Conference, January 2013. Positive Money on YouTube, 22 Mar 2013.

—–, —–. 2014. “How does the money system affect Inequality, Housing & Environment?“. Positive Money on YouTube, 21 Dec 2014.

Bongiovanni, Joe. 2013. “Why Monetary Reform Must Become Your Number One Issue“. Argusfest on YouTube, 29 Sept 2013.

—–, —–. 2014. “Why Should GUV Borrow? Who Controls the Money?“. Economic Stability on YouTube, 25 Jan 2014.

—–, —–. 2017. “On Public Money: Thoughts on our Monetary Sytem, and our History of Public Money“. Presentation at the 2017 “Democracy Convention”, Minneapolis, MS. AMI on YouTube, 9 Aug 2017.

Chalmers, Patrick. 2013. “Why doesn’t the Media understand Money?“. Presentation at the Positive Money Conference, January 2013. Positive Money on YouTube, 22 Feb 2013.

Chick, Victoria. 2013. “Why don’t Economists understand money?” Presentation at the Positive Money Conference, January 2013. Positive Money on YouTube, 6 Mar 2013.

Coates, Delman. 2016. “The New Abolitionism: Monetary Reform and the Struggle for Human Rights “. Presentation at the 12th AMI Conference, Chicago, September 2016. AMI on YouTube, 12 Oct 2016.

—–, —–. 2017. “The New Abolitionism: Monetary Reform and the Future of Social Justice”. Presentation at the 2017 Democracy Convention, Minneapolis, MS. AMI on YouTube, 9 Aug 2017.

Collins, Josh Ryan & Gabor, Daniela & Dyson, Ben & Werner, Richard. 2014. “Money and Banking”. Rethinking Economics, London Conference, June 2014. RE YouTube Channel, 25 Aug 2014.

Constancio, Vitor. 2011. “Challenges to monetary policy in 2012”. Speech at 26th International Conference on Interest Rates, Frankfurt am Main, Vol 8, 2011.

Dawnay, Emma & Degiacomi, Maurizio. 2018. “Lessons learnt from the Swiss Referendum on Sovereign Money“. Presentation at The Future of Money – 10 Years after Lehmann and Nakamoto Conference at the Frankfurt School of Finance & Management, 30 Jan 2018.

Dietz, Rob, Herman Daly, and Dan O’Neill. 2019. Enough is enough: Building a sustainable economy in a world of finite resources. YouTube, 15 Mar 2019.

Dyson, Ben. 2012. “Power of Banks vs Democracy“. Positive Money on YouTube 24 Oct 2012.

—–, —–. 2013. “How to Fix Banking“. Presentation at the Positive Money Conference, January 2013. Positive Money on YouTube, 19 Feb 2013.

—–, —–. 2014. “Why Our Monetary System Is Broken and How It Can Be Fixed“. Presentation at the Economy, People and Planet conference at the Copenhagen Business School (CBS). Positive Money on YouTube, 1 Oct 2014.

Eckrich, Lucille & Walsh, Steven. 2017. “Money, Schooling and Educators: Creating a Critically-Informed Movement for Monetary Reform and Ecojustice“. Presentation at the 2017 Democracy Convention, Minneapolis, MS. AMI on YouTube, 9 Aug 2017.

Eder, Jeff. 2020. “Banking for a Better World“. Progressive Money Canada, 6 Sep 2020.

—–, —–. 2021. “Modern Money, Forget Theory: Debunking the MMT S(TAB) Hypothesis”. Part 1. Video file. Progressive Money Canada, 29 April 2021.

—–, —–. 2021. “Modern Money, Forget Theory: How Government Financing Actually Works (TAB)S”. Part 2. Video file. Progressive Money Canada, 17 May 2021.

Funny Money. 2023. “Decolonizing International Economy: Featuring Fadhel Kabou“. Funny Money YouTube Channel, 25 Aug 2023.

Graham, M Jayson. 2021. “The Economic Narrative”. Conversation with Mr. Mark Young. Podcast. The M Jayson Graham Show, Jan 24 2021.

GREG. 2020. “Is there a Magic Money Tree? A Talk with Radhika Desai, Yasin Kaya and Gary Porter“. Video file. Geopolitical Economy Research Group (GREG), University of Manitoba, Canada, 22 Oct 2020.

Egnatz, Nick. 2016. “On Social Justice through Monetary Reform”. Presentation at the 11th AMI Conference, Chicago, September 2015. AMI on YouTube, 27 Jan 2016.

Hammon, Virginia. 2019. “How We Can Pay for a Better World: Change the Money System“. How We Pay for a Better World. YouTube, 30 Aug 2019.

—–, —–. 2020. “A Solution to the Crisis – Just Money Now!“. How We Pay for a Better World, YouTube, 21 July 2020.

Huber, Joseph. 2016. “How The Money System Works“. Presentation at the American Monetary Institute Conference, 2016. American Monetary Institute on YouTube, 16 Dec 2016.

Kucinich, Dennis. 2009. “Dennis Kucinich addresses AMI Monetary Reform Conference Participants 2009“. Presentation at the 5th AMI Conference, Chicago, September 27, 2009. AMI on YouTube, 13 Oct 2009.

—–, —–. 2010a. “Dennis Kucinich 5 Minutes on Money on House Floor”. AMI on YouTube, 16 Aug 2010.

—–, —–. 2010b. “Dennis Kucinich speaks on the American Monetary Act in House of Representatives – Part 1”. AMI on YouTube, 8 June 2010.

—–, —–. 2012. “The Key to Economic Recovery; Kucinich Explains Monetary Reform”. DJ Kucinich on YouTube, 8 May 2012.

Kumhof, Michael. 2019. “Banks are not Intermediaries of Loanable Funds“. Positiva Pengar on YouTube, 13 July 2019.

Kuypers, Stef. 2018. “Man Made Money“. TEDxTalks on YouTube, 16 Feb 2018.

Positive Money. Collection of Videos. Positive Money on YouTube.

—–, —–. 2011. “A Simple Solution to the Debt Crisis“. Positive Money on YouTube, 13 Aug 2011.

—–, —–. 2012. “House Prices: Why are they so high?“. Positive Money on YouTube, 18 Sept 2012.

—–, —–. 2012. “Why is there so much Debt?“. Positive Money on YouTube, 24 Oct 2012.

—–, —–. 2013. “What Is Money?“. Positive Money on YouTube, 13 May 2013.

—–, —–. 2013. “Inequality: Why are the rich getting richer?“. Positive Money on YouTube, 2 Aug 2013.

—–, —–. 2013. “10 year old explains the truth about where money comes from…” Positive Money on YouTube, 4 Sep 2013.

—–, —–. 2014. “Could These 3 Simple Changes to Banking Fix the Economy?” Positive Money on YouTube, 16 Jan 2014.

—–, —–. 2014. “How to waste £445 billion? (The Failure of Quantitative Easing)“. Positive Money on YouTube, 27 June 2014

—–, —–. 2014. “Banking 101“. 6 Videos. Positive Money on YouTube, 30 June 2014.

—–, —–. 2019. “It’s the banks, stupid“. Positive Money on YouTube, 8 Aug 2019.

Melor, Mary. 2010. “Money is Us: The Social and Public Nature of Money“. Presentation at the Positive Money Student Conference on Monetary Reform and Fractional Reserve Banking. In three parts. Positive Money on YouTube, 14 Dec 2010.

Morris, Miriam. 2013. “How to change the money system“. Presentation at the Positive Money Conference, January 2013. Positive Money on YouTube, 12 Mar 2013.

Poteat, Robert. 2010. “The Case for Monetary Reform“. Presentation at the 6th Annual AMI Conference, Chicago, September 2010. AMI on YouTube, 14 Oct 2010. [Not complete]

Schularick, Moritz. 2021. “Central Bank Balance Sheets and the Macroeconomy: 1587-2020“. Paris School of Economics on YouTube, 31 May 2021.

Switzer, Howard. 2017. “Climate Change and Money: Hacking at the Root“. Presentation at the 2017 Democracy Convention, Minneapolis, MS. AMI on YouTube, 14 Aug 2017.

The Monetary Institute. 2018. “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy“. Conference on the Swiss Vollgeld initiative held in Zurich, Switzerland on February 5, 2018.

Tily, Geoff. 2016. “Academics and civil society clash on money“. Policy Research in Macroeconomics, 18 July 2016.

Turner, Adair. 2014. “The Need for Radical Change”. Keynote Speech, Rethinking Economics, London Conference, June 2014. RE YouTube Channel, 25 Aug 2014.

—–, —–. 2015. “A new era for monetary policy“. Positive Money YouTube Channel, 17 Feb 2015.

Walton, Jamie et al. 2017. “On Public Money: The Need Act“. Presentation at the 2017 Democracy Convention, Minneapolis, MS. AMI on YouTube, 26 Aug 2017.

Zarlenga, Stephen. 2009. “Nationalize the Fed: End Banks Power to Create Money”. Recorded 2 May 2009. YouTube, 22 June 2009.

—–, —–. 2010a. “AMI’s Purpose, Objectives and Methodology“. Presentation at the 6th Annual AMI Conference, Chicago, September 2010. AMI on YouTube, 13 Oct 2010.

—–, —–. 2010b. “Introduction to The American Monetary Institute “. AMI on YouTube, 4 Jan 2010.

G.3. OTHER MONETARY THEORY AND REFORM VIDEOS OF INTEREST

Altraide, Dagogo. 2017. “Who Controls All of Our Money?“. ColdFusion on YouTube, 11 June 2017.

—–, —–. 2020. “How is Money Created? – Everything You Need to Know”. ColdFusion on YouTube, 8 June 2020.

Anon. “Solutions Unincorporated – My Name Is William”. Interview with William Abram. D See Video Productions, 4 Feb 2013.

Anon. 2012. “Where does money come from? Waar komt geld vandaan? Var kommer pengarna ifrån?” Vastgoedzeepbel, 21 Nov 2012. .

Anon. 2013. “Hitler finds out how money is created“. Ville livarinen, 18 Sep 2013.

Bjerg, Ole. 2016. “Where does money come from? “ TEDxCopenhagen, 24 May 2016.

Brown, Ellen. 2016. “Taking Back the Money Power: The Public Option in Banking“. (Q&A). Argusfest on YouTube, 13 Nov 2016.

Bruce, Jim. 2013. “Money for Nothing: Inside the Federal Reserve“. Liberty Street Films, 7 June 2013.

Conference videos: The Future of Money – 10 years after Lehman and Nakamoto. November 2018, Frankfurt, Germany. Frankfurt School of Finance and Management.

Conference videos: The Future of Money – Central Bank Digital Currency and Beyond. 15 June 2019, Stockholm, Sweden. Positiva Pengar

Corbett, James. 2014. “Century of Enslavement“. The Corbett Report, 11 July 2014.

Dalio, Ray. 2013. “How The Economic Machine Works“. YouTube, 22 Sept 2013.

Desan, Christine. 2011. “Booms and Busts: The Legal Dynamics of Modern Money “. OpenCulture.com, 12.

—–, —–. 2013. “Modern Money & Public Purpose 5: Constitutional History ”. Presentation at seminar, “Money, Democracy and the Constitution: Revolutionary Experience in the United States”. Modern Money Network, 16 Mar 2013.

—–, —–. 2017. “The Dollar as a Democratic Medium: Making Money a Currency of Social Justice ”. HLS Thinks Big, 23 May 2017.

Dietz, Rob, Herman Daly, and Dan O’Neill. 2019. Enough is enough: Building a sustainable economy in a world of finite resources. Video.

Funny Money. 2023. “Decolonizing International Economy: Featuring Fadhel Kabou“. Funny Money YouTube Channel, 25 Aug 2023.

Graeber, David. 2017. “Where Did Money Really Come From? ”. YouTube, 17 Oct 2017.

Grant, Victoria. “12 year old child reveals one of the best kept secrets in the world”. Public Banking Institute, 5 May 2013.

Horwath, Mike & Oswald, Michael. 2012. “97% Owned – Economic Truth documentary – How is Money Created “. Documentary. Independent POV. YouTube, May 1 2012.

Huber, Joseph. 2018. “Vollgeld – Yes, Implementing a Sovereign Money System“. Presentation at “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference by The Monetary Institute, Zürich, February 2018. The Monetary Institute on YouTube, 23 April 2018.

Kamp, Diane & Dave Zollinger. 2008. “Stephen Zarlenga Talks About the Lost Science of Money”. Demcracy’s Edge talk radio. 48m31s. Internet Archive, 20 Oct 2008.

Klein, Manuel et al. 2018. “The Future of Money – 10 years after Lehman and Nakamoto” (Conference). Conference videos and papers. Berlin, Germany: Monetative, 24 Nov 2018.

Kotlikoff, Larry. 2018. “Why I Support Sovereign Money“. Presentation at “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference by The Monetary Institute, Zürich, February 2018. The Monetary Institute on YouTube, 23 April 2018.

Kumhof, Micheal. 2013. “The Chicago Plan Revisited “. London School of Economics and Political Science (LSE), 22 Nov 2013.

Kuypers, Stef. 2019. Money, behavior and society: T he invisible link. TEDxAntwerp, Nov 2019.

Monetary Institute. Collection of Presentations. From “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference by the Monetary Institute, Zürich, February 2018. The Monetary Institute on YouTube.

Niepelt, Dirk & Rimkus, Ron. 2016. “Contemplating the End of Fractional Reserve Banking in Switzerland”. CFA Institute.

Orrrefur, Samuel K. et al (Eds). 2019. “The Future of Money: Central Bank Digital Currency and Beyond “. Conference videos. Stockholm: Positiva Pengar, 15 June 2019.

Oswald, Michael. 2014. “Princes of the Yen: Central Banks and the Transformation of the Economy”. Documentary. Independent POV. YouTube, 4 Nov 2014.

Oxley, James. 2014. “Money creation in the modern economy – Quarterly Bulletin Article”. Bank of England on YouTube, 12 Mar 2014.

—–, —–. 2014. “Money in the modern economy: An introduction – Quarterly Bulletin Article”. Bank of England on YouTube, 12 Mar 2014.

Permanent Commission on Finance. 2015. “Round table conversation on the money system“. Hearing at the Permanent Commission on Finance of the Second Chamber of the States General of the Netherlands. Troelstra Hall. 14 Oct 2015.

Public Banking Institute. Collection of Videos. Argusfest on YouTube.

Reiss, Michael. 2012. “Money… How It Works”. Unconventional Economics YouTube Channel, 22 dec 2012.

Rosenblith, Alan (Dir). 2012. “The Money Fix – A Documentary for Monetary Reform ”.

Schasfoort, Joeri. 2020. “How Commercial Banks Really Create Money (the Money Multiplier is a MYTH)”. Money & Macro YouTube Channel, 28 Mar 2020.

—–, —–. 2020. “The Monetary Financial System Visually Explained“. Money & Macro YouTube Channel, 9 Dec 2020.

—–, —–. 2021. “Why Private Bank Money Creation is Dangerous”. Money & Macro YouTube Channel, 27 Jan 2021.

Schularick, Moritz. 2021. “Central Bank Balance Sheets and the Macroeconomy: 1587-2020“. Paris School of Economics YouTube channel, 31 May 2021.

Tily, Geoff. 2016. “Academics and civil society clash on money“. Policy Research in Macroeconomics, 18 July 2016.

Titus, John. 2019. “Mommy, Where Does Money Come From? A Discussion of Professor Richard Werner’s Paper“. BestEvidence Channel on YouTube, 15 April 2019.

Still, Bill. 2013. “Jekyll Island: The Truth Behind The Federal Reserve“. YouTube, 7 April 2018.

Vollgeld Initiative & Studierende für die Freiheit & Hayek Club. 2017. “Monetary reform and the future of money”. Panel discussion at the University of Zürich.

Vrabel, Damon. 2012. “Renaissance 2.0 – the Rise of Financial Empire”. csper.org, 9 Jan 2012.

—–, —–. 2012. ”Debunking Money – The Way the World Really Works”. csper.org, 10 Jan 2012.

Werner, Richard. 2015. “A Prosperous Future Together”. Dialogues of Civilizations. Rhodes Forum 2015. Dialogues of Civilizations YouTube Channel, 23 Dec 2015.

—–, —–. 2018. “Today’s Source of Money Creation“. Presentation at “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference by The Monetary Institute, Zürich, February 2018. The Monetary Institute on YouTube, 23 April 2018.

Wortmann, Edgar. 2015. “Verkenning van de monetaire werkelijkheid [Exploring Monetary Reality]”. In English. Presentation at the University of Leiden. In two parts. (part 1); (part 2).

Wolf, Martin. 2014. “Stop banks from creating money“. Presentation at “Does Money Grow on Trees?” event, 9 Sept 2014. Positive Money on YouTube, 14 Oct 2014.

—–, —–. 2014. “On Radical Reform for the Global Financial System“. Presentation at the New York Council on Foreign Relations, 17 Oct 2014. Council on Foreign Relations on YouTube, 17 Oct 2014.

—–, —–. 2014. “Case for Radical Monetary Refrom“. Keynote speech at “Bridging Theory and Practice” conference organized by the Sustainable Finance Lab, Amsterdam, 14 Dec 2016. Sustainable Finance Lab on YouTube, 16 Oct 2018. (Accompanying slides)

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The Green Party US Position on Banking Reform

Banking and Insurance Reform

Our Position

Greens will overhaul the financial industries to end their culture of impunity and to prevent them from committing fraud or malfeasance so severe as to drive our nation into a massive recession or depression.

Since finance, banking, and insurance institutions occupy a privileged position of power at the center of commerce, this special advantage brings with it special social responsibilities. We must ensure that the institutions chartered for these roles take that responsibility seriously and serve the public interest.

Greens aim to reform the financial industries to eliminate usury (exorbitantly high interest rates on loans) and ensure that they meet their obligations to taxpayers and local communities.

Green Solutions

Banking Reform

Break up our nation’s largest banks and financial institutions so that none is “too big to fail.” End taxpayer- funded bailouts for banks, insurers and other financial companies.

1. Break up our nation’s largest banks and financial institutions so that none is “too big to fail.” End taxpayer- funded bailouts for banks, insurers and other financial companies.

2. Regulate all financial derivatives, ban any predatory or gambling use of derivatives, and require full transparency for all derivative trades, to control risk of systemic financial collapse. Require regulatory pre-approval of exotic financial instruments.

3. Re-enact the Glass-Steagall Act, which prohibited bank holding companies from owning other financial companies and engaging in risky economic transactions.

4. Oppose the federal government being the final guarantor of speculative investments. During a financial crisis, if the federal government and/or a central bank must provide relief, it should be given in an equal manner and at the most local level possible, so that benefits are equitably dispersed and burdens are equitably borne. So rather than pouring trillions of dollars into the banking system, they should have provided direct mortgage relief to homeowners suffering the most from the housing bubble and negotiated with lenders to provide partial loan forgiveness.

5. Ensure that low- and middle-income people have access to banking services, affordable loans, and small-business supporting capital, especially through credit unions.

6. Oppose disinvestment practices, in which lending and financial institutions move money deposited in local communities out of those same communities, damaging the best interests of their customers and community.

7. Support the extension of the Community Reinvestment Act to provide public and timely information on the extent of housing loans, small business loans to minority-owned enterprises, investments in community development projects, and affordable housing.

8. Strengthen disclosure laws, anti-redlining laws, and openness on the part of lenders regarding what criteria they use in making lending decisions.

9. Oppose arbitrary or discriminatory practices that deny individuals or small business access to credit.

10. Support development of charter community development banks, which would be capitalized with public funds and work to meet the credit needs of local communities.

11. Support the expansion of co-operative credit unions.

12. Prosecute criminal banking speculation. The Green Party of the United States stands for the reversing the U.S. government bailouts of speculators who engaged in mortgage fraud and related financial crimes. The Green Party calls for aggressive investigation and prosecution of the individuals and corporate entities that targeted families of modest means for predatory home loans, and the large-scale securitization of these loans. Penalties should include prison terms, revocation of corporate charters and confiscation of corporate and individual assets.

13. Impose a moratorium on foreclosures. An ongoing mortgage-related crime wave is occurring around fraudulent foreclosures, rushed through without proper legal clearances or documentation, often on properties which foreclosing entities cannot even prove they own. We demand a four-year moratorium on foreclosures intended to recoup losses from predatory lending. The proposed moratorium would apply to all homes used as a primary residence and valued under $350,000.

14. Access to primary, secondary, post-secondary and vocational education should be a right of all, not a privilege of the wealthy, and certainly not an opportunity for predatory lenders. It’s time to forgive all student and parent loans taken out to finance post-secondary and vocational education. The estimated $40 billion is a fraction of the bailout distributed among the predatory lenders who created the student debt crisis and would make a material difference for households across the country.

Monetary Reform (Greening the Dollar)

15. The crisis in our financial system makes it imperative that we restructure our monetary system. The present system of privatized control has resulted in the misdirection of our resources to speculation, toxic loans, and phony financial instruments that create huge profits for the few but no real wealth or jobs. It is both possible and necessary for our government to take back its special money creation privilege and spend this money into circulation through a carefully controlled policy of directing funds, through community banks and interest-free loans, to local and state government entities to be used for infrastructure, health, education, and the arts This would add millions of good jobs, enrich our communities, and go a long way toward ending the current deep recession.

16. To reverse the privatization of control over the money issuing process of our nation’s monetary system; to reverse its resulting obscene and undeserved concentration of wealth and income; to place it within a more equitable public system of governmental checks and balances; and to end the regular recurrence of severe and disruptive banking crises such as the ongoing financial crisis which threatens the livelihood of millions; the Green Party supports the following interconnected solutions:

17. Nationalize the 12 Federal Reserve Banks, reconstituting them and the Federal Reserve Systems Washington Board of Governors under a new Monetary Authority Board within the U.S. Treasury. The private creation of money or credit which substitutes for money, will cease and with it the reckless and fraudulent practices that have led to the present financial and economic crisis.

18. The Monetary Authority, with assistance from the FDIC, the SEC, the U.S. Treasury, the Congressional Budget Office, and others will redefine bank lending rules and procedures to end the privilege banks now have to create money when they extend their credit, by ending what’s known as the fractional reserve system in an elegant, non disruptive manner. Banks will be encouraged to continue as profit making companies, extending loans of real money at interest; acting as intermediaries be- tween those clients seeking a return on their savings and those clients ready and able to pay for borrowing the money; but banks will no longer be creators of what we are using for money.

19. The new money that must be regularly added to an improving system as population and commerce grow will be created and spent into circulation by the U. S. Government for infrastructure, including the “human infrastructure” of education and health care. This begins with the $2.2 trillion the American Society of Civil Engineers warns us is needed to bring existing infrastructure to safe levels over the next 5 years. Per capita guidelines will assure a fair distribution of such expenditures across the United States, creating good jobs, re-invigorating the local economies and re-funding government at all levels. As this money is paid out to various contractors, they in turn pay their suppliers and laborers who in turn pay for their living expenses and ultimately this money gets deposited into banks, which are then in a position to make loans of this money, according to the new regulations.

Source:

Green Party US. 2014. “Monetary Reform (Greening the Dollar)”. July 2014.

Comment:

Planks 17, 18 and 19 faithfully reflect the three prongs promoted by The American Monetary Institute. For more see: “Formulations of the Three-Point Policy Proposal for Monetary Reform“. Alpheus, 6 Feb 2018.

On Trump: The Ruling Pathocrat

Last summer I read many contributions to the anthology The Dangerous Case of Donald Trump, written by 27 professional mental health care workers.[1]

One paper caught my attention, which was “Who Goes Trump?” by Elizabeth Mika. She is a psychologist with a Polish background and the only contributor referring to the very important study of collective psycho-pathologies by another Polish psychologist, Andrew Lobaczewski.

I found his book, Political Ponerology: A Science on the Nature of Evil Adjusted for Political Purposes, very useful to understand the very disturbing rise of the psychologically defective Trump and his enabling followers [2][3].

I just found another article by her, “National Character Counts Week: Welcome to Pathocracy”, in which she elaborates Lobaczewski’s work and applies it to Trump and his enablers.[4]

This is an extremely important article to get an in-depth psycho-social understanding of what is happening in the US. If you read it together with her more psychological assessment of Trump, ” ‘Now More Than Ever:’ On Straitjacketing Trump”, you will get a realistic picture of the danger the US and the world is in.[5]

Excerpt:

“Pathocracies — pathological human systems run by conscience-deficient people — establish themselves so easily (yes) mostly because normal people remain either uneducated or in denial, and perhaps both, about the character pathology that gives rise to them.

Usually, pathocracies develop around a charismatic leader with a narcissistically psychopathic (malignantly narcissistic) character disorder. Lobaczewski called such charismatic narcissistic psychopaths “spellbinders.”

Narcissistic psychopaths are both malevolent and incompetent, as people without a conscience are incapable of building and supporting anything that expresses higher and lasting human values, no matter their IQ or expertise. Their intelligence, typically narrow and one-sided, bereft of broad abstract thinking abilities, is subsumed under primitive drives for power and adulation.”

Sources

[1]. Lee, Bandy (Ed.). 2017. The Dangerous Case of Donald Trump: 27 Psychiatrists and Mental Health Experts Assess a President. New York: Thomas Dunne Books.

[2]. Lobaczewski, Andrew. 2006 [1998]. Political Ponerology: A Science on the Nature of Evil Adjusted for Political Purposes. Grande Prairie, Canada: Red Pill Press.

[3]. “On Trump: The Aspiring Pathocrat“. Alpheus. 24 Feb 2017.

[4]. Mika, Elizabeth. 2017. “National Character Counts Week: Welcome to Pathocracy“. Medium. 19 Oct 2017.

[5]. Mika, Elizabeth. 2017. ” ‘Now More Than Ever:’ On Straitjacketing Trump“. Medium. 23 Aug 2017.

Summary of the NEED Act

H.R. 2990 (112th): National Emergency Employment Defense Act of 2011

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Summary

9/21/2011–Introduced. National Emergency Employment Defense Act of 2011 – Replaces Federal Reserve notes with United States Money.

Instructs the Secretary of the Treasury to originate United States Money to address any negative fund balances resulting from a shortfall in available government receipts to fund government appropriations.

Subjects to criminal and civil penalties any person who creates or originates United States Money by lending against deposits through “fractional reserve banking.”

Prohibits borrowing by the Secretary or by any federal agency or department, independent establishment of the executive branch, or any other instrumentality of the United States (other than a national bank, federal savings association, or federal credit union) from any source other than the Secretary.

Requires the Secretary to begin to retire all outstanding instruments of U.S. indebtedness by payment in full of the amount legally due the bearer in United States Money.

Prescribes requirements for the entry of United States Money into circulation.

Directs the Secretary to purchase all net assets in the Federal Reserve System, including the Federal reserve banks. Requires return to any member bank in the form of United States Money of any reserves held by any Federal reserve bank.

Establishes: (1) the Monetary Authority to establish monetary supply policy and monitor the nation’s monetary status, (2) the Bureau of the Federal Reserve to administer the origination and entry into circulation of United States Money, (3) the Emergency Board to recommend to Congress when a national emergency requires the President to issue a certification of emergency for the exercise of authority by the Monetary Authority as lender of last resort, and (4) a revolving loan fund in the Treasury for relending to banking institutions.

Sets forth a conversion process to replace fractional reserve banking with the lending of United States Money.

Sets a ceiling on interest rates.

Requires the Monetary Authority to instruct the Secretary to disperse monetary grants to states for public infrastructure, education, health care and rehabilitation, pensions, and paying for unfunded federal mandates.

Directs the Secretary to make recommendations to Congress for payment of a tax-free Citizens Dividend to all U.S. citizens residing in the United States in order to provide liquidity to the banking system at the commencement of this Act, before governmental infrastructure expenditures have had a chance to work into circulation.

Prescribes requirements for federal funding of education programs, coverage of any deficits in Social Security Trust Fund account, a universal health care plan, resolution of aspects of the mortgage crisis, and a program of interest-free lending of United States Money to state and local governmental entities.

Source

Congressional Research Service. 2012. Summary of H.R. 2990 (NEED Act).

Full text of bill at:

United States of America (2012): H.R.2990 – National Emergency Employment Defense Act of 2011 (NEED Act). 112th US Congress (2011-2012).

The US should reject Socialism, but embrace Social Democracy

Fake news, fake opinions and fake political analyses are everywhere. The following little video by conservative commentator Steven Crowder is a perfect example of mixing truth (Socialism is bad) with fiction (Europe is socialist & US capitalism is good) to promote a false image of both the USA and Europe and thereby presenting false choices.[8] The case in question is about the proper use of the concept ‘democratic socialism’, a term promoted by Bernie Sanders.

Americans using the concept ‘democratic socialism’ will have to do a better job in thinking through what they really mean. Socialism is about the collective ownership of a nation’s means of production and that in order to have a more egalitarian society. But if you compare that idea with what Sanders promotes under the flag of ‘democratic socialism’ there is an obvious contradiction because he actually proposes a more moderate, third way, mixed economy system with a very regulated free market, which is definitely not socialism. The better term for that is ‘social democracy’, which is how most western European countries would classify themselves. Calling Sanders, as he also calls himself, a ‘democratic socialist’ and calling European countries ‘socialist’ is therefore an error, and a grave one at that.

At the same time we have to acknowledge that European socialists and workers unions contributed mightily to the political struggle for economic and social justice in the last 150 years.

Meanwhile, and here it gets interesting, according to a Forbes rating of ‘Best Countries for Business’, these so-called socialist countries are pretty well regarded as far as doing business there. The Netherlands is at #3, Sweden at #4, Denmark at #7 and the United States is of course #1 . . . NOT. It’s at #12! Still beating Germany at #13 though. So, if you have a problem with the business environment of these social-democratic countries, go argue with Forbes.[1]

How about taxes? In proportion to GDP the Danes pay about 50% and the Dutch about 40%, while in the USA the number is about 25%. [2] Of course this allows the Danes, according to the CIA, to have only a 40% net public debt per GDP, while the number for the USA is 74%.[3]

Of course US conservatives like to burn and slash government services, except for the military, to decrease the deficit, and also decrease taxes, believing erroneously in the ‘trickle-down’ effect. [4]

But what is Denmark getting back for paying an average of 50% taxes? First of all less income inequality, which means less hunger, poverty, misery, homelessness, sickness, etc. [5]. They also enjoy a better government, rule of law, property rights and social justice.[6] And, last but not least as an overall effect, they are a happier people.[7] Finally, as noted above, the Danish tax regime apparently does not undermine its competitive, capitalist business climate.

So, before anybody tries to scare you about so-called European style socialism to justify a US style conservatism, ask if they are aware of the statistics below:

[1]. “Best Countries for Business“. The 2017 List. Forbes.

[2]. Wikipedia. “List of Countries by Tax revenue to GDP Ratio“.

[3]. Wikipedia. “List of Countries by Public Debt“.

[4]. Fisher, Gabriel. “Trickle down economics is wrong, says IMF“. Quartz (16 June 2015)

[5]. Wikipedia. “List of Countries by Income Equality“.

[6]. World Justice Project. “Rule of Law Index 2017-2018“.

[7]. Wikipedia. “World Happiness Report“.

[8]. Crowder, Steven. “The U.S. rejects socialism for good reason“. Prager [not a] University (7 Feb 2018)