News From the
Alliance For Just Money
Latest Reading and Research
IMMR Coffee House, Thursday, December 19
At 2:30 pm ET / 1:30 pm CT via Zoom
Topic: Debtmoney and how it has pushed US and European Economies to their Financial Limit
With Dr. Michael Hudson
Beyond our many discussions of bank money causing problems, Dr. Hudson’s focus is on how banks create DEBT, and why it’s necessary to annul the “savings” electronic credit behind this debt as well as cancelling debt. The focus would be on debt money having pushed the US and European economies to their financial limit, where they can’t grow any further.
Dr. Michael Hudson is an economist and economic historian with a PhD from New York University. Dr. Hudson teaches at the University of Missouri–Kansas City and conducts research at the Levy Economics Institute at Bard College.
This meeting is an on-line video conference open to all registered AFJM members. If you are interested in participating or would like to join AFJM, please contact firstname.lastname@example.org
The Alliance For Just Money Pamphlet Available
Howard Switzer wrote and composed a terrific pamphlet in which the case for monetary reform is made in a short and effective manner. If you don't have time or the skill for a monetary reform elevator speech you can share this pamphlet. The pamphlet can be downloaded and printed by anyone. Printed copies will be soon available for a minimal charge. (Pamphlet)
Report on 2019 Politicon in Nashville
By Virginia Hammon
We went to Politicon! It was fun, exhilarating, and tiring–all at once! We went to spread the word about how we can pay for a better world when we change the money system to Just Money. Was taking our message to Politicon worth the expense? What did we do? What did we learn? How much did it cost? What were the results? Please share your ideas about what has worked well for you at such a conference. Click here to read the report. Thank you.
Rethinking the Role of Banks in Economics Education
On December 4 the Alliance for Just Money released a statement regarding the Open Letter "Rethinking the Role of Banks in Economics Education", in which students form all over the world challenge their economics professors and their textbooks on the money and banking theories they teach.
The open letter was composed by the international student network Rethink Economics and has gained international traction and some media coverage. We agree with their aims and have co-signed the letter.
We also request all involved to consider sensible policy proposals based on the correct understanding of money and banking.
You can read the AFJM statement here.
Archive Page on AFJM Web Site
We have added a page to the AFJM Web Site to enable easy access to past AFJM Newsletters, Coffee House recordings (forthcoming and for members only), Study Stacks, Reports, Campaigns and Bibliography Updates. (Archive)
LATEST READING AND RESEARCH
Challenging the Economics Profession
By Nick Egnatz
Paper by Nick Egnatz taking a critical look at why the economics profession and central bankers are giving unsatisfactory answers to the question how the money and banking system actually works. "Our politicians remain blissfully ignorant about money creation. If confronted with a citizen's request to examine the system and explore monetary reform, the politician is likely to ask, 'what is the position of the Federal Reserve on money creation and monetary reform?' As we will demonstrate the Federal Reserve economists basically have no position on how our money is created and will be quite happy to move on to another subject." (Article)
The Athens Monetary Literacy Group
By John Glazer
The article describes how the Athens Monetary Literacy Group started, evolved, and sustained for over 3½ years. Its founding idea was for members to achieve basic literacy in the dynamics of the monetary system and be able to clearly communicate what they learned to others. They followed interests and questions from one meeting to the next. Perspectives expanded, and the group reached out to engage others in dialogue around monetary reform. There are practical lessons and inspiring aspirations in this story of a small group trying to make sense of how money works. (Article)
Proposal for a Political Program around Monetary Reform
By Tim Di Muzio and Richard Robbins
In the crucial and readable study Debt as Power the authors Tim Di Muzio and Richard Robbins not only give a historical overview of how debt in the modern capitalist society originated and became a tool of power, but also propose a political platform they argue is feasible to counter and even reform the current system. It is clear that they recognize that we operate under the credit creation mechanism of money and banking, i.e. private banks create our money as deposits when originating loans, and that this system can and should be reformed. (Article)
Review: The End of Banking
By John Howell
Howell reviews Jonathan McMillan's 2016 book The End of Banking. "McMillan does an excellent job of describing the current system and making a case for the elimination of money creation by banks. This leaves the question of how new money is to be created. Like other monetary reform proposals, including the NEED Act, McMillan puts money creation in the public sphere, namely in government." (Review)
Much Ado About 1974: The Bank of Canada in the 70s
By Adam Smith
At the last AFJM Coffee House Adam Smith, a lead researcher at Canada's COMER (Committee on Monetary and Economic Reform), shared about the Canadian situation, past and present, including COMER's Supreme Court case against the Bank of Canada. In the paper he shared and discussed he deconstructs a conspiricist myth regarding the Bank of Canada, which myth started in the 1970s and is still believed by many. (Article)