http://toponium-es.blogspot.com/2011/08/lo-que-en-realidad-hacen-las-agencias.html

Thanks

I look forward to that. As many others have commented, your writing on these topics has been excellent.

I don't know how much you've absorbed as yet about MMT? It's taken me a while, reading around a lot of blogs, to get to what I feel is now a good overview of the key points & arguments. I've not really found one single source that covers it in a thorough way accessible to a non trained economist.

So, partly for your benefit, and for the benefit of other interested readers here, there is one MMT blog that I would reccomend as a starting point. It is that of Prof Bill Mitchell, University of Newcastle, NSW, Australia, for his superb commentary from an MMT perspective on the recent 'manufactured' debt ceiling 'crisis' in the US.

In particular, I believe the commentary translates directly to the UK & the UK government's ideological choice of devastating & entirely unneccesary 'austerity' program. Several posts over the last weeks here:

http://bilbo.economicoutlook.net/blog/

Usefully, Prof Mitchell provides links in his pieces to further explanation of the concepts & principles covered in previous blogs.

I will write aboutv MMT soon, I promise, and add my little bit to the tide of opinion.

I guess I'm very keen to see MMT/full reserve proposals get a good airing. They seem to have such transforming potential, I think if the public were aware of how easily things could be changed & how much better off we'd be, they would be absolutely outraged that authorities are sitting on their hands, allowing the banks to rule & letting so many suffer unneccesary hardship.

Best wishes

Sorry for not replying, Mike. Been a bad time. For what its worth MMT seems to me to be a large part of the solution.

Bit disappointed you haven't replied to or even aknowledged the emails I've sent you regarding MMT & positivemoney.org's monetary system reform proposals?

(Full reserve banking & MMT fiscal management)

http://www.positivemoney.org.uk/wp-content/uploads/2011/07/Submission-to-ICB-4-July-11-Positive-Money-nef-Soton-Uni1.pdf

A solution to the US debt ceiling (artificial 'crisis' along MMT principles is put forward here:

http://www.correntewire.com/beyond_the_debt_ceiling_the_30_trillion_plan_for_ending_borrowing_and_the_national_debt

Full explanation of why minting a $30T coin is not inflationary here:

http://neweconomicperspectives.blogspot.com/2011/08/coin-seignorage-and-inflation.html#comments

Professor Yamaguchi of Doshisha University, Kyoto, Japan has done extensive economic modelling comparing the present debt money (bankstas free lunch) system with what he terms a 'public money' system (essentially, again, full reserve & MMT), paper here:

http://www.monetary.org/yamaguchipaper.pdf

The approach of all these is offering a real solution to the banks' scams & public finance economic warfare.

http://www.guardian.co.uk/politics/2011/jul/31/public-jury-campaign-feral-elite

Includes an interview with Icelandic president Olafur Ragnar Grimsson, who says listening to the credit ratings agencies was a mistake.

They're in a very tight spot. If they keep on spending they'll grow their deficit. If they cut they'll enter a deflationary spiral and that will – grow the deficit.

Either way it looks pretty bad. So the ratings agencies should be downgrading US debt right now anyway.

Things are NOT looking good globally. One has to wonder though if we'll see another repeat of the same old patterns of the game so far. So the US gets a last minute debt agreement. Then Bernanke announces due to dire growth, more QE. The banks and Wall St rejoice, 'the markets' shoot up again. Lots of money is made by a few. Europe agrees more public money to bail out the private banks, the markets celebrate – yeilds fall slightly – everything looks good.

But the whole thing will just turn to crap again, sooner or later, because nothing fundamental has changed or been addressed. i really am quite, quite frightened now for how this will play out.

Also, whats the point of so many similarly named ratings. So you get downgraded from Aa3 to A1. Is that the dumbest system in the world, or like that to deliberately mislead normal people reading the papers.