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Eric Maugendre Feb 6, 2023

David #Graeber about his book #Debt: "Yes, I certainly did take a certain wicked pleasure in pointing out to the American Right that free market ideology - including many of the specific ideas and arguments of Adam Smith - not only traces back to Islam, but even, specifically, to #sharia, which was after all in part civil commercial law not enforced by the state." https://libcom.org/article/thoughts-david-graebers-debt-first-5000-years #USPol #freeMarket #ideology #economics #law #history #quotations

Thoughts on David Graeber’s ‘Debt: the first 5,000 years’

I finally finished this book after reading it on and off for months. First, I'll say this is a very unsettling book. By this, I mean it makes you think again about things you thought you knew already, and can't be easily assimilated into an existing worldview. For that reason alone, it's worth reading.

libcom.org

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Eric Maugendre Apr 24

Sovereign states obtain funding by issuing they own money and credit.

#slogan #quotes #debt #deficit #money #Fed #currency #MMT #power #transactions #policy #government #politics #economy #credit #economics #administration

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Eric Maugendre Apr 25

Is borrowing a burden on future generations?
No, it's not: if the borrower is a nation-state, then no person (children or taxpayers) will be asked to repay.

“Paying off the debt” is just the sovereign swapping Treasury securities (savings) for cash. No burden is passed on to persons.

#debt #Treasury #slogan #deficit #money #liquidity #liquidities #currency #MMT #transactions #economy #credit #economics #administration #government #sovereignty

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Eric Maugendre Apr 25

Nobody ever reimburses national debt. Sovereign states restructure it.

#bonds #liquidity #liquidities #securities #borrowing #debt #deficit #money #Treasury #PublicTreasury #currency #MMT #policy #economy #credit #economics #obligations #titles #slogan #macroEconomics #rents #funding #politics

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Eric Maugendre Apr 30

Federal “debt” is the total of outstanding #Treasury #Securities.

The US government could pay off all its so-called “debt” tomorrow simply by debiting all Treasury-security accounts and crediting the Treasury-Security owners’ checking accounts.

The entire process neither adds nor subtracts money from the economy (but for interest paid).

#obligations #bonds #liquidity #borrowing #debt #money #Treasury #PublicTreasury #currency #MMT #policy #economy #credit #economics #macroEconomics #USPol

Félicien Breton 🍉 🔻 🌱1d ago

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Eric Maugendre

"The report highlighted some of Europe’s weaknesses, including its openness to global trade, its reliance on advanced technology and essential materials and minerals from overseas, as well as its high energy costs."

#Securitisation is pooling financial assets (such as Small and Medium Enterprise loans or mortgages) into interest-bearing, tradable securities.

William Thomson: https://braveneweurope.com/william-thomson-more-securitisation-creates-less-financial-security

#finance #securities #Europe #EU #EuropeanCommission #banking #lobbying #economics #Minsky #MMT

William Thomson - More securitisation creates less financial security - Brave New Europe

Deregulating finance is in vogue in Brussels once again. William Thomson is a Political Economist and Founder of Scotonomics. (www.scotonomics.scot) Billed as simply a ‘technical reappraisal’, the European Commission has concluded its consultation on a [...]

Brave New Europe