MMT in Italy

Translation:
The national launching of the book by W. Mosler – The Seven Deadly Innocent Frauds

MI – Feast of the Southern Italians (Meriondalisti italiani)
MMT Democracy
Modern Monetary Theory
To build an economy that saves lives, saves the state, and saves democracy
A state with sovereign money, legitimized by the citizens, that spends with a positive deficit for the benefits of us 99%, that is the only true democracy.
Daniele Basciu of MMT Democracy – Italy will be at the event in Vasto, CH
The national launching of the book by W. Mosler – The Seven Deadly Innocent Frauds

Fred Thayer

Sadly, looks like Fred passed away about 6 years ago.

I got to know him pretty well working with him on the concepts in the paper, and I picked up a lot of little bits and pieces info on capitalism I still find myself using now and then. One that comes to mind is that one of the costs of capitalism is the scrap heap of failed enterprises, for example, which represents real costs that didn’t work out.

Fred Thayer / Pitt professor and prolific author of letters to the editor

By Joe Smydo

To take a lesson from Fred Thayer, one didn’t have to be his student at the University of Pittsburgh’s Graduate School of Public and International Affairs.

In newspaper op-ed pieces and letters to the editor, Dr. Thayer offered sharply worded commentary on economics, deregulation, unemployment, transportation, the business of professional football and merit pay for elected officials (often peppering his sentences with parenthetical remarks).

The professor wrote to academic journals, elected officials and faculty colleagues, too, cajoling, criticizing and pushing audiences toward what he considered more enlightened thinking and more rational public policy.

“Competitive bidding on government contracts never works well because it cannot work well,” he said in a Nov. 6, 1989, letter to the Pittsburgh Post-Gazette. “When many contractors seek business (the process calls for numerous bids), each bidder knows he must either lie to win (by offering an unreasonably low price), bribe an official or join with other bidders to illegally divide the business. Unfortunately, only bribes and collusion produce high-quality work.”

Dr. Thayer, 82, of Mt. Lebanon, died Saturday at Mercy Hospital following a stroke. His wife, Carolyn Easley Thayer, called him a “very brilliant, simple man.”

Not everyone enjoyed his advice. “But most people took it in good stride,” said a longtime Pitt colleague, Professor Jerome B. McKinney.

Frederick Clifton Thayer Jr. was born Sept. 6, 1924, in Baltimore, the son of Frederick Sr. and Marian Walter Thayer. The family moved to Pittsburgh, and Dr. Thayer graduated from South Hills High School in 1942.

Mrs. Thayer said a last-minute appointment to the U.S. Military Academy at West Point may have been the only way her husband, from a family of modest means, could have gone to college. He graduated in 1945 and spent 25 years in the Army and Air Force, sometimes flying transport planes, other times driving a desk at the Pentagon and the Council on Foreign Relations.

The Thayers met at Ohio State University, when she was a senior and he was working on a master’s degree and teaching in the Reserve Officer Training Corps. They married in October 1952 and had two children, Jeffrey, of Mt. Lebanon, and Sarah Thayer Schneider of Glen Rock, N.J.

Dr. Thayer received his doctorate from the University of Denver in 1963. Jeffrey Thayer recalled his childhood awe at the 750-page document, later published as “Air Transport Policy and National Security.”

“To me, the most important thing about my dad wasn’t what he did but what he said … I just think everything he ever said just made total sense to me,” Mr. Thayer said, recalling the time he was listening to the radio when Steelers broadcaster Myron Cope began discussing a letter the professor sent him.

After retiring a colonel in 1969, Dr. Thayer joined the Pitt faculty and built a reputation as a fiery advocate for what he considered sound public policy. Students, now some of the region’s leaders, loved him; administrators, who considered him a gadfly, didn’t, Professor Donald M. Goldstein said.

“He had a wicked pen, a poison pen,” Dr. Goldstein said. “We used to tangle, too, but in a nice way.”

Dr. Thayer taught at Pitt until about 1990, then took miscellaneous teaching assignments in the United States and overseas.

“He was always what you might call an individual who took a position that encouraged you to think better or more creatively,” Dr. McKinney said. Sometimes, he said, that meant taking an edgy or unorthodox view.

In his November 1989 newspaper letter, Dr. Thayer argued that low bidders must rely on cost overruns, shoddy work and litigation to make a profit on government contracts. “What we need is legal collusion [planning], with government openly dividing the business among available contractors,” he said.

Dr. Thayer at least once skewered a colleague in print but more often sent colleagues two or three typewritten pages to rebut or enhance a point he heard them make. Dr. McKinney said colleagues sometimes wondered how he had time to write the missives he sent “streaming past your desk.”

Think big deficits cause recessions? Think again!

By Frederick C. Thayer

History of MMT and the euro, 1996 Bretton Woods Conference

Found this on the net in the PK archives.
Shows MMT was on it well before this date.
Feel free to distribute

To: PKT Academics
Re: Bretton Woods Conference

Confirmed attendance includes senior staff from Deutchebank,
Credit Suisse, J.P. Morgan, Banker’s Trust, Salomon Bros,
Lehman Bros, Harvard Management, III, Petrus, Paine Webber,
Paribas, and BZW. A keynote speaker will be Professor Charles
Goodhart from the LSE. Bernard Connolly will be the historian.
Speakers for each topic are currently being arranged.

There is currently room for two academic representatives.
Please contact me at mosler@xxxxxxxx if you have interest.

A FRAMEWORK FOR ECONOMIC ANALYSIS

An Invitational Conference

Bretton Woods, New Hampshire

June 12-15, 1996

The purpose of this conference is to bring together a selected
group of portfolio managers, analysts, researchers
traders, and academics who have a common understanding
of monetary operations.

The objective of this conference is to achieve agreement on the use
of a common conceptual framework for undertaking
contemporary macroeconomic analysis.

Portfolio managers in attendance are responsible for well over
$50 billion in assets. The economists and analysts from the
international dealer community represent some of the world?s
largest and most sophisticated fixed income trading and sales
operations.

We believe that this group has the potential to establish an international
standard for the presentation and analysis of economic data.

Several of the fundamentals are Post Keynesian…

Deposit money is endogenous
Central Banks set short term rates exogenously
Deposits exist solely as the result of loans

Extension of these fundamentals includes…


Internal sovereign debt functions as interest
rate support
Taxes create a demand for the goverment’s
currency
Fiat currency is defined exogenously

Conference Moderator……..Warren B. Mosler

Wednesday, June 12, 1996

11:30 AM Welcome and Introduction
12:00 PM Luncheon
12:30 PM History of the Awareness of Monetary Operations
Charles Goodheart

MONETARY OPERATIONS

1:00 PM Review of the Fundamentals of Monetary Operations
1:30 PM Monetary Policy Options


MACROECONOMIC FUNDAMENTALS

2:00 PM The function of Government Securities
2:30 PM Currency Definition
3:00 PM Fiscal Policy Options and Implications


EXTERNAL DEBT

3:30 PM Review of Current Conditions
4:00 PM Macro-economic Implications
4:30 PM World Bank, IMF Policy Implications
6:00 PM Hor?s d?ouvres
7:00 PM Dinner

THURSDAY, JUNE 13

ESTABLISHING THE FRAMEWORK

9:00 AM Integrating Foreign Trade, Investment, Fiscal and Monetary
Policy
10:00 AM Full Employment, Zero Inflation Model
11:30 AM Lunch

RAMIFICATIONS OF MONETARY UNION

1:00 PM Current Political Situation
Bernard Connolly
2:00 PM Maastricht Fiscal Criteria Implications
3:00 PM Post 1999 Credit Implications
3:30 PM Functionality of the Euro
4:30 PM Drafting a Consensus
6:00 PM Hor’s d’Ouvres
7:00 PM Dinner

FRIDAY, JUNE 14, 1995

Review and Discussion

Warren B. Mosler
Director of Economic Analysis
III Finance

See “Soft Currency Economics:”

Britcar British Endurance Championship, Brands Hatch Indy – Race Report

Britcar British Endurance Championship, Brands Hatch Indy – Race Report

By Steve Wood

Mosler Magnificent

Paul White complemented Javier Morcillo’s dominant opening stint to take a convincing win in the Azteca/Strata 21 Mosler in the two-hour race on Saturday afternoon. Andy Schulz pulled every trick he knew to get the Ferrari 430 started by Paul Bailey into contention with the Mosler and finished 38 seconds down, two laps ahead of the Lee Mowle/George Murrells Ginetta G55.

Qualifying

No surprises here – It was the championship’s “big four” at the front, with Javier Morcillo posting 45.816 around half-way through the 45 laps that the Mosler managed during the 50–minute session, which indicated that there wasn’t much sitting around for the Spaniard and co-driver Paul White. Andy Schulz and Paul Bailey did 48 laps, but ended nearly half a second shy of pole in the SB-Race Engineering-run Ferrari 430, a little more than a tenth ahead the Optimum pairing of Mowle and Murrells, who did the same amount of lappery in the G55. Having to be content with fourth place after half of the distance, though, were Mike Millard and Ian Heward, the Flat Six Rapier SR2 being sidelined with alternator failure, though the team were hoping that a complete rebuild of the Nissan engine, which revealed an incorrectly machined cylinder head, might enhance their reliability.

The Team Tiger Mantis headed the Class 2 runners, Chris Beighton reporting that all was now well with the 13-year old machine that hadn’t been raced for several seasons, with the Motionsport Ferrari 458 of Simon Philips and Peter Storey three-quarters of a second adrift. But splitting them on the grid were the two fastest of the Class 3 contingent, the Bullrun Lotus Evora and the returning Orbital Sound Lotus Elise of Chris Headlam and Jamie Stanley, which had missed the opening three rounds. “We’ve changed just about everything on the car and you’ll see the improvement when we go out for qualifying” revealed Jamie Stanley earlier in the day, a point that wasn’t missed by Bullrun’s Richard Adams; “Class 3 is getting very strong and competitive now” he rued after qualifying, adding “The Webb’s BMW and then the Chevron and now we’ve got the Abra/Poole BMW, plus the Elise is in too – it’s going to be tougher now”.

Nick Hanauer on consumers

Nick Hanauer on consumers:

I can say with confidence that rich people don’t create jobs, nor do businesses, large or small. What does lead to more employment is a “circle of life” like feedback loop between customers and businesses. And only consumers can set in motion this virtuous cycle of increasing demand and hiring. In this sense, an ordinary middle-class consumer is far more of a job creator than a capitalist like me.

So when businesspeople take credit for creating jobs, it’s a little like squirrels taking credit for creating evolution. In fact, it’s the other way around.

Anyone who’s ever run a business knows that hiring more people is a capitalists course of last resort, something we do only when increasing customer demand requires it. In this sense, calling ourselves job creators isn’t just inaccurate, it’s disingenuous.

That’s why our current policies are so upside down. When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.