And Greece could not devalue its currency nor cut interest rates to attract more business. Eventually, the EU had to organize a bailout, which included having the European Central Bank purchase a lot of debt from those financially strapped countries and extend more credit. Some of the countries...
Later in the paper, Lerner writes that “the interest can be paid by borrowing still more”. According to MMT, the government does not borrow. It issues currency (reserves) and then offers to swap them for interest-bearing securities (government bonds). Since an interest rate is paid on r...
The truth is that most of us alive today have been trained to think of onlyfiat paper currencyas actual money, when in fact, quite the opposite is true; they are I.O.U's that are only as good as the entity making the promise to pay in something of usable value. As a result, it...
Europeans think that it is ingrained in their genes that they do things more wisely than the rest of the world, whatever foolish policies they embark on. These have all culminated in the increasingly totalitarian EU and its curious form of government, which we may term Eurosocialism. This ...
The sobering truth about the single currency is that getting in is a lot easier than getting out again. Legally, the euro has no exit clause. If Greece stormed out, and damn the law, as it might yet have to do, it would suffer a run on its banks, as depositors withdrew euros before...
IMF solution to overuse of gas in winter heating, increase heating bills by five times, plus reduce pensions which have already collapsed due to currency slump. Nobody except me is proposing to reduce the waste, so the bills could be increased by only three times. IMF wants bankruptcy. A ...
One of the questions I get asked a lot, is how on earth do I manage to travel so much with hardly any money? As a result, I thought that it might be useful to write all of my tips down as concisely as possible, even though it’s already been done many times before…...
A few years after writing this article, my friend JL Collins wrote a really entertainingandeducational book that teaches you just how simple stock investing (and money management in general) can be. The book was so good that I accepted his request to write the foreword, and evennarratemy own...
Canadian has a different currency than the U.S. but Amazon will be happy to convert Canadian dollars into U.S. dollars and send it to you that way. Amazon will also give you a very poor exchange rate when it does this. Eventually you should get a Canadian bank account such as one th...
who occasionally found US intervention improper and unwelcome. Berlin had pushed for the Washington-based IMF to be part of the crisis response. But on occasions when Mr Obama weighed in, Ms Merkel would tell colleagues that European decisions should be made by Europeans. ...