Governments Are Not Households

Implications of Monetary Sovereignty & Stock-Flow Consistent Accounting
Tuesday September 25, 2012

This seminar will examine the legal and institutional structure of the current global monetary system, with a particular emphasis on the economic freedoms afforded to nations such as the U.S., U.K., Japan, Canada and Australia that use a non-convertible fiat currency with a floating exchange rate.

Overview

This seminar will examine the legal and institutional structure of the current global monetary system, with a particular emphasis on the economic freedoms afforded to nations such as the U.S., U.K., Japan, Canada and Australia that use a non-convertible fiat currency with a floating exchange rate. Questions to be addressed include:

  • How does a fiat currency with a floating exchange rate differ from other types of currencies?

  • How does government spending and taxation work?

  • Why is accounting important for understanding the economy?

  • How can monetarily sovereign nations address their current economic problems?

Participants

Speakers:

Stephanie Kelton

Professor of Economics
University of Missouri-Kansas City

Stephanie Kelton, Ph.D. is Professor of Economics at the University of Missouri-Kansas City. She served as Chief Economist on the U.S. Senate Budget Committee (minority staff) in 2015 and then became an Economic Advisor to the Bernie 2016 presidential campaign.

Warren Mosler

President
Valence Co, Inc

Warren Mosler is the President of Valance Co, Inc., and former Senior Financial Advisor to Senator Ronald E. Russell, President of the 29th Legislature of the U.S. Virgin Islands. He is the founder of the III Funds, which currently manages about $3.5 billion, as well as the Founder and Former Owner of Mosler Automotive, which manufactures the MT900 sports car in Riviera Beach, Florida. Mr. Mosler has written a number of academic papers on issues relating to macroeconomics and monetary policy, is the author of Seven Deadly Innocent Frauds of Economic Policy” (2010), and is the founder of what is currently known as Modern Monetary Theory. He maintains a personal blog, and can be followed on Twitter.

Moderator: 

Thomas B. Edsall

Joseph Pulitzer II and Edith Pulitzer Moore Professor of Journalism
Columbia University

Thomas B. Edsall is a prize-winning journalist and Joseph Pulitzer II and Edith Pulitzer Moore Professor of Journalism at Columbia University. He currently serves as a special correspondent for The New Republic and an online election-year columnist for The New York Times. In addition to a twenty-five year career at The Washington Post, Professor Edsall has reported for The Baltimore Sun and The Providence Journal and has frequently contributed TV and radio commentary to CNN, CSPAN, MSNBC, PBS, FOX, and NPR. He has written extensively for magazines including the American Prospect, the Atlantic Monthly, Harper’s, the New York Review of Books, the Nation and the New Republic. He is also the author of five books including, most recently, The Age of Austerity: How Scarcity Will Remake American Politics (2012).

Outline

Outline: 

Resources

Stephanie Kelton

Warren Mosler

Related Materials

Transcript