The document discusses the Green New Deal, which is proposed as a solution to address the interconnected crises of climate change, recession, and energy depletion. The Green New Deal would invest in a green future through massive global stimulus spending. It would fight climate change, create green jobs, and spur green economic growth. The Green New Deal aims to transform the economy and banking system to prioritize sustainable and low-carbon investment and development while providing job security.
Energy and Technology - From Lens of the SuperorganismNate Hagens
The document discusses how modern human culture functions as a superorganism driven by energy demands. It describes how energy underpins both natural systems and human economies. Fossil fuels in particular have allowed for industrialization and massive increases in productivity through cheap energy inputs. However, the easy sources of fossil fuels are declining and we are having to resort to more complex means like debt, monetary policy and new technologies to continue growing total energy consumption. This global human superorganism behaves more like a single-celled organism, pursuing energy needs in a simple, non-strategic way without real consideration of long term sustainability.
Energy and Technology - From Lens of the SuperorganismNate Hagens
This document discusses how energy, technology, money, and humans function as a superorganism. It begins with an introduction and framework, then covers some basics about energy and the economy, including how energy underpins natural systems and human economies, and how fossil fuels underpin modern economies. It discusses how industrialization resulted from massive inputs of low-cost fossil labor. It then discusses how humans and modern culture can be viewed as a superorganism that self-organizes to access energy gradients, similar to organisms in nature. It concludes with implications of this perspective.
The Global Predicament from Perspective of the Human SuperorganismNate Hagens
1. The document discusses how human society functions like a superorganism that is dependent on energy, particularly fossil fuels, to power economic growth.
2. It notes that while there is widespread recognition of issues like climate change, people do not discuss the real issues and there are myths around solutions.
3. The talk will cover energy basics, how human behavior is shaped by the evolutionary need to access resources, and implications for a future with declining net energy.
"The Economy under President Obama" tells the story of the 2009-2016 period using a series of economic and budgetary charts. Definitive non-partisan sources such as the Federal Reserve Economic Database (FRED) and Congressional Budget Office (CBO) are used, along with major media sources.
The presentation covers the Great Recession and response, fiscal policies, trends in major economic variables, income inequality and the ACA/Obamacare. Key questions covered include: 1) What did President Obama and Congress do to help or hinder the recovery? 2) What were the important decisions President Obama had to make? 3) How much of the national debt addition was due to the President's policies? 4) What were the trends in the key economic and budget variables? 5) What economic and budgetary legacy did he pass along?
Tom Tresser presented at a forum of privatization and the Chicago Infrastructure Trust at SEIU's Chicago HQ on Saturday, June 23, 2012. Visit http://www.civiclab.us. Contact Tom = tom@civiclab.us
This presentation on privatization and TIFs was given to Theresa Amato's public interest law class at the Loyola Law School. The audio is 47 minutes long. If you'd like a copy, please email tom@civiclab.us.
The document discusses the Green New Deal, which is proposed as a solution to address the interconnected crises of climate change, recession, and energy depletion. The Green New Deal would invest in a green future through massive global stimulus spending. It would fight climate change, create green jobs, and spur green economic growth. The Green New Deal aims to transform the economy and banking system to prioritize sustainable and low-carbon investment and development while providing job security.
Energy and Technology - From Lens of the SuperorganismNate Hagens
The document discusses how modern human culture functions as a superorganism driven by energy demands. It describes how energy underpins both natural systems and human economies. Fossil fuels in particular have allowed for industrialization and massive increases in productivity through cheap energy inputs. However, the easy sources of fossil fuels are declining and we are having to resort to more complex means like debt, monetary policy and new technologies to continue growing total energy consumption. This global human superorganism behaves more like a single-celled organism, pursuing energy needs in a simple, non-strategic way without real consideration of long term sustainability.
Energy and Technology - From Lens of the SuperorganismNate Hagens
This document discusses how energy, technology, money, and humans function as a superorganism. It begins with an introduction and framework, then covers some basics about energy and the economy, including how energy underpins natural systems and human economies, and how fossil fuels underpin modern economies. It discusses how industrialization resulted from massive inputs of low-cost fossil labor. It then discusses how humans and modern culture can be viewed as a superorganism that self-organizes to access energy gradients, similar to organisms in nature. It concludes with implications of this perspective.
The Global Predicament from Perspective of the Human SuperorganismNate Hagens
1. The document discusses how human society functions like a superorganism that is dependent on energy, particularly fossil fuels, to power economic growth.
2. It notes that while there is widespread recognition of issues like climate change, people do not discuss the real issues and there are myths around solutions.
3. The talk will cover energy basics, how human behavior is shaped by the evolutionary need to access resources, and implications for a future with declining net energy.
"The Economy under President Obama" tells the story of the 2009-2016 period using a series of economic and budgetary charts. Definitive non-partisan sources such as the Federal Reserve Economic Database (FRED) and Congressional Budget Office (CBO) are used, along with major media sources.
The presentation covers the Great Recession and response, fiscal policies, trends in major economic variables, income inequality and the ACA/Obamacare. Key questions covered include: 1) What did President Obama and Congress do to help or hinder the recovery? 2) What were the important decisions President Obama had to make? 3) How much of the national debt addition was due to the President's policies? 4) What were the trends in the key economic and budget variables? 5) What economic and budgetary legacy did he pass along?
Tom Tresser presented at a forum of privatization and the Chicago Infrastructure Trust at SEIU's Chicago HQ on Saturday, June 23, 2012. Visit http://www.civiclab.us. Contact Tom = tom@civiclab.us
This presentation on privatization and TIFs was given to Theresa Amato's public interest law class at the Loyola Law School. The audio is 47 minutes long. If you'd like a copy, please email tom@civiclab.us.
Public finance deals with the revenue and spending of government entities and its impact on the economy. It has four key areas: public income from taxes and other sources; public expenditure on infrastructure, services, etc.; public debt to fund gaps between income and expenditure; and financial administration of budgets, policies, and their social and economic effects.
The main functions of public finance are allocation of resources to both private and public goods, redistribution of wealth to reduce inequality, and stabilization of the economy during booms and recessions. Private finance encompasses personal finance of individuals and families as well as business finance.
The public and private sectors differ in objectives, sources of income, ability to borrow, currency ownership, time horizons
This document contains a 20 question multiple choice quiz on concepts in public finance and economics. The questions cover topics such as the definitions and scopes of public finance and economics, sources of public debt, effects of public expenditure, components of public finance, characteristics of business cycles, types of public facilities, modern terms for public finance, influences of fiscal policy, and differences between public and private finance. The correct answers to each multiple choice question are also provided.
This document provides an overview of a public economics course, including:
1) The main textbook and lecture slides are listed. Office hours and exam procedures are also outlined.
2) The four questions of public finance are introduced: when should government intervene, how might it intervene, what are the effects of interventions, and why do governments intervene as they do.
3) Facts about government spending, taxes, deficits, and debt in the US and Europe are presented to illustrate the size and role of government.
4) Current policy debates around social security, healthcare, and education funding are briefly discussed.
5) In conclusion, the central role of government around the world is established to provide context for
The document discusses disinvestment and payback period. It defines disinvestment as a government or organization selling or liquidating an asset or subsidiary. The objectives of disinvestment include reducing financial burden, improving public finances, and introducing competition. Payback period is defined as the time required for a firm to recover its original investment. It is calculated by dividing the original investment by the annual cash flows. Payback period is used to measure risk, control the effects of uncertain future cash flows, and minimize the impact on liquidity.
Public finance chapter 7, difference between public finance and private finance, Principle of Maximum Social Advantage, Canons of Taxation, Types of Tax, Direct and Indirect Tax, Specific and Ad veloram tax,
The document discusses the importance of studying public finance. It begins by outlining the four key questions of public finance: when should government intervene, how might it intervene, what are the effects of interventions, and why do governments choose certain policies. It then provides facts about the significant role of government in the US and worldwide economies through spending, taxation, regulation and provision of services. Specifically, it notes that government spending represents a large portion of GDP and has shifted over time toward social insurance programs like health.
The document discusses President Obama's $447 billion jobs plan called the "American Jobs Act" which aims to stimulate the economy and create jobs through tax breaks, infrastructure spending, and aid to state and local governments. It also discusses the debate around reducing the federal budget deficit and national debt. While the deficit and debt have increased, the unemployment rate remains high, representing a serious jobs crisis. Some argue the focus should be on stimulating the economy and reducing unemployment rather than deficit reduction in the short term.
Bigger Government And Spending Does Not Boost Growthguest2ccc07d
The document argues that Keynesian economic theory, which advocates for increased government spending and deficit spending to boost economic growth, is flawed based on historical evidence. It cites examples from the 1930s under Hoover and Roosevelt, as well as more recent policies under Ford, Bush, and in Japan in the 1990s, that showed increased government spending and deficit spending did not successfully stimulate economic growth and reduce unemployment as Keynesian theory predicts. The document concludes that there is no evidence that bigger government boosts economic growth, and that long-term pro-growth policies are better than short-term stimulus policies.
The document discusses steps the U.S., China, and Japan should take before the next G20 meeting to address the global financial crisis. It proposes:
1) Establishing an emergency currency peg between the dollar, RMB, and yen to stop competitive currency devaluations.
2) Creating a group of allied global central banks including the Fed, PBOC, and BOJ to provide currency swaps and act as a global lender of last resort.
3) Having global sovereign funds recapitalize key global corporations through partial nationalization to restore market confidence.
The document argues this U.S.-China-Japan agreement would provide a foundation for the larger G20 nations
This document discusses income and employment theory. It covers two main theories - the classical theory and Keynesian theory. The classical theory believes the economy always functions at full employment through flexible prices and supply creating its own demand. The Keynesian theory introduced by John Maynard Keynes argues an economy can be in equilibrium at less than full employment. Effective demand represents aggregate demand matching aggregate supply and determines the equilibrium level of income and employment. Government policies like public investment and targeted employment programs can help achieve full employment, while tax cuts and raising interest rates too soon do not help reach full employment.
The Financial Crisis and 'Rational Economic Man'Conor McCabe
The document is a collection of quotes and information about the financial crisis and its aftermath. It discusses how governments ran out of money and had to implement austerity measures like spending cuts. It also discusses the European Central Bank's response through low interest rates and bond purchases to stimulate bank lending. The document examines concepts like fiscal consolidation, financialization, and social reproduction, highlighting the gendered impacts of austerity policies.
Lecture on public finance ( abridged version)Regmi Milan
The document summarizes several lectures on public finance:
1. The first lecture introduced students to the course and provided an overview of public finance concepts like expenditure, revenue, deficit, and the roles of foreign aid, borrowing, and monetary policy.
2. The second lecture discussed a student field visit experience to relate practical planning, budgeting, monitoring, and evaluation skills to the subject.
3. Subsequent lectures covered topics like public versus private goods, the role of government in the Great Depression, theories of public expenditure, canons of public expenditure, and Wagner's Law and the Wiseman-Peacock hypothesis about increasing public activities over time.
The document discusses the principle of maximum social advantage proposed by British economist Hugh Dalton. According to this principle, the optimal level of government fiscal activities is the point where marginal social benefits from public spending equals marginal social costs of taxation. This maximizes social welfare. The document explains this using diagrams showing marginal social benefit and marginal social sacrifice curves, with their point of intersection indicating maximum social advantage. It assumes taxes impose costs and spending provides benefits, with both subject to diminishing returns.
Public finance studies income and expenditure activities of the state or government, while private finance studies those of individuals and private entities. Both have the objectives of satisfying wants, though public finance aims for collective wants satisfaction. They both require balancing receipts and expenditures, and borrowing when expenditures exceed income. However, they differ in how expenditure is determined, the compulsory nature of public expenditure, and ability to apply the principle of equi-marginal utility.
The document discusses various methods for calculating and measuring national income and gross domestic product (GDP) of a country. It provides definitions and formulas for calculating gross national product (GNP), gross domestic product (GDP), net national product (NNP). It also discusses the expenditure approach and income approach to measuring GDP and how GDP relates to a country's overall economic activity and welfare.
The document discusses different economic policies and theories throughout history, including laissez-faire capitalism prior to the Great Depression, John Maynard Keynes' interventionist views, Reaganomics, and modern fiscal and monetary policy approaches. It provides an overview of the key economic challenges faced during the Great Depression and recession periods, and the different solutions proposed and enacted by governments.
Public expenditure by governments has increased over time due to various factors:
1. Population growth has led to increased spending on public services like schools, housing, and healthcare.
2. Defense spending has risen to protect countries from foreign threats, consuming a large portion of budgets.
3. The expansion of administrative systems with more departments and elections has grown public administration costs.
4. Economic development through infrastructure projects, industries, and programs has required significant government funding.
1. The document discusses the role of government in promoting economic progress by protecting individual rights and providing certain goods, but argues that government is not well-suited to correct economic issues or redistribute wealth.
2. It proposes private savings accounts as an alternative to social security, noting that such programs in other countries like Chile were very successful and created real wealth for citizens.
3. If social security is not reformed, the document warns that taxes will have to be greatly increased to unsustainable levels, putting pressure on policies like euthanasia of less productive citizens.
The Adam Smith Plan to Save Markets and the Climate: The Climate is Too Big t...Nancy Skinner
This is a Proposed Plan B for financing the global climate crisis and the rapid transition to a clean energy economy. The existing funding mechanisms are woefully insufficient to meet the 1.5°C goal or 2°C limit. The goal of having $100 million/yr. by 2020 for the Green Climate Fund is wildly unrealistic, especially given US political developments and the unintended effects of Brexit.
Moreover, the IPCC has underestimated the rate of climate change and relied on far more extensive development of Carbon Capture and Storage (CCS) than is currently possible or incentivized to meet the 2°C limit. The stark reality is we simply lack financing at the scale needed to decarbonize both developing and developed economies, in the time frames needed.
In short, we need a "Big Bold Idea' that is much larger in size, that facilitates all stakeholders, including developing and developed nations, to decarbonize economies rapidly, and incentivize CCS to unleash rapid innovation.
Finally, the Fund addresses the interests of companies that find themselves with enormous stranded assets - fossil fuels. The plan incentivizes them to lead the development of CCS implementation from existing technologies used by coal, oil & gas plants to the progression of net-negative CCS (including BECCS and newer breakthrough technologies).
The Adam Smith Plan elegantly produces a Global Climate Fund of roughly $6.7 Trillion USD/year. The International Energy Association has projected $1.1 Trillion per year required for investments in the energy sector alone to meet the 2°C goal.
Adam's Smith described an "invisible hand" that could serve all interests even as people pursue their own self-interest. That is quite different than the existing paradigm which requires financial "sacrifice" by nations to help solve the global crisis; effectively a zero-sum game. The Plan utilizes a global funding mechanism to benefit nations, not only to reduce emissions but to deliver an economic shot in the arm to whole new industries and new jobs, while actually reducing risks to global financial institutions and investors from large Institutional investors (Insurers and Pensions), to Portfolio and Fund managers, to ordinary investors.
It's an offshoot of the Tobin Tax, a .05% tax on the estimated $5.30 Trillion/day of currency exchanges (FX), that yields a $6.7 Trillion Annual fund that can save the Climate, grow global growth and stabilize Markets.
A single private bank in London now closes FX of 18 currencies at the same time across all time zones. The bank is owned by 69 Member Banks and as such, we can avoid the perpetual obstacle of political resistance. Imposing a minuscule tax on the trade of the wealthiest on the earth, currency traders, which amounts to rounding errors for them, can finance the entire global transition to clean energy economies, with minimal administration of collection efforts, essentially acting as Adam’s Smith’s “Invisible Hand".
This document discusses moving from an economy focused on growth to one focused on wellbeing. It notes that continued growth is unsustainable due to planetary limits being reached and flatlining wellbeing in developed nations. Political leaders, businesses, and economists are increasingly agreeing on limits to growth and the need to define prosperity through wellbeing rather than growth. Models show zero growth is possible while maintaining wellbeing, employment, and environmental sustainability.
Public finance deals with the revenue and spending of government entities and its impact on the economy. It has four key areas: public income from taxes and other sources; public expenditure on infrastructure, services, etc.; public debt to fund gaps between income and expenditure; and financial administration of budgets, policies, and their social and economic effects.
The main functions of public finance are allocation of resources to both private and public goods, redistribution of wealth to reduce inequality, and stabilization of the economy during booms and recessions. Private finance encompasses personal finance of individuals and families as well as business finance.
The public and private sectors differ in objectives, sources of income, ability to borrow, currency ownership, time horizons
This document contains a 20 question multiple choice quiz on concepts in public finance and economics. The questions cover topics such as the definitions and scopes of public finance and economics, sources of public debt, effects of public expenditure, components of public finance, characteristics of business cycles, types of public facilities, modern terms for public finance, influences of fiscal policy, and differences between public and private finance. The correct answers to each multiple choice question are also provided.
This document provides an overview of a public economics course, including:
1) The main textbook and lecture slides are listed. Office hours and exam procedures are also outlined.
2) The four questions of public finance are introduced: when should government intervene, how might it intervene, what are the effects of interventions, and why do governments intervene as they do.
3) Facts about government spending, taxes, deficits, and debt in the US and Europe are presented to illustrate the size and role of government.
4) Current policy debates around social security, healthcare, and education funding are briefly discussed.
5) In conclusion, the central role of government around the world is established to provide context for
The document discusses disinvestment and payback period. It defines disinvestment as a government or organization selling or liquidating an asset or subsidiary. The objectives of disinvestment include reducing financial burden, improving public finances, and introducing competition. Payback period is defined as the time required for a firm to recover its original investment. It is calculated by dividing the original investment by the annual cash flows. Payback period is used to measure risk, control the effects of uncertain future cash flows, and minimize the impact on liquidity.
Public finance chapter 7, difference between public finance and private finance, Principle of Maximum Social Advantage, Canons of Taxation, Types of Tax, Direct and Indirect Tax, Specific and Ad veloram tax,
The document discusses the importance of studying public finance. It begins by outlining the four key questions of public finance: when should government intervene, how might it intervene, what are the effects of interventions, and why do governments choose certain policies. It then provides facts about the significant role of government in the US and worldwide economies through spending, taxation, regulation and provision of services. Specifically, it notes that government spending represents a large portion of GDP and has shifted over time toward social insurance programs like health.
The document discusses President Obama's $447 billion jobs plan called the "American Jobs Act" which aims to stimulate the economy and create jobs through tax breaks, infrastructure spending, and aid to state and local governments. It also discusses the debate around reducing the federal budget deficit and national debt. While the deficit and debt have increased, the unemployment rate remains high, representing a serious jobs crisis. Some argue the focus should be on stimulating the economy and reducing unemployment rather than deficit reduction in the short term.
Bigger Government And Spending Does Not Boost Growthguest2ccc07d
The document argues that Keynesian economic theory, which advocates for increased government spending and deficit spending to boost economic growth, is flawed based on historical evidence. It cites examples from the 1930s under Hoover and Roosevelt, as well as more recent policies under Ford, Bush, and in Japan in the 1990s, that showed increased government spending and deficit spending did not successfully stimulate economic growth and reduce unemployment as Keynesian theory predicts. The document concludes that there is no evidence that bigger government boosts economic growth, and that long-term pro-growth policies are better than short-term stimulus policies.
The document discusses steps the U.S., China, and Japan should take before the next G20 meeting to address the global financial crisis. It proposes:
1) Establishing an emergency currency peg between the dollar, RMB, and yen to stop competitive currency devaluations.
2) Creating a group of allied global central banks including the Fed, PBOC, and BOJ to provide currency swaps and act as a global lender of last resort.
3) Having global sovereign funds recapitalize key global corporations through partial nationalization to restore market confidence.
The document argues this U.S.-China-Japan agreement would provide a foundation for the larger G20 nations
This document discusses income and employment theory. It covers two main theories - the classical theory and Keynesian theory. The classical theory believes the economy always functions at full employment through flexible prices and supply creating its own demand. The Keynesian theory introduced by John Maynard Keynes argues an economy can be in equilibrium at less than full employment. Effective demand represents aggregate demand matching aggregate supply and determines the equilibrium level of income and employment. Government policies like public investment and targeted employment programs can help achieve full employment, while tax cuts and raising interest rates too soon do not help reach full employment.
The Financial Crisis and 'Rational Economic Man'Conor McCabe
The document is a collection of quotes and information about the financial crisis and its aftermath. It discusses how governments ran out of money and had to implement austerity measures like spending cuts. It also discusses the European Central Bank's response through low interest rates and bond purchases to stimulate bank lending. The document examines concepts like fiscal consolidation, financialization, and social reproduction, highlighting the gendered impacts of austerity policies.
Lecture on public finance ( abridged version)Regmi Milan
The document summarizes several lectures on public finance:
1. The first lecture introduced students to the course and provided an overview of public finance concepts like expenditure, revenue, deficit, and the roles of foreign aid, borrowing, and monetary policy.
2. The second lecture discussed a student field visit experience to relate practical planning, budgeting, monitoring, and evaluation skills to the subject.
3. Subsequent lectures covered topics like public versus private goods, the role of government in the Great Depression, theories of public expenditure, canons of public expenditure, and Wagner's Law and the Wiseman-Peacock hypothesis about increasing public activities over time.
The document discusses the principle of maximum social advantage proposed by British economist Hugh Dalton. According to this principle, the optimal level of government fiscal activities is the point where marginal social benefits from public spending equals marginal social costs of taxation. This maximizes social welfare. The document explains this using diagrams showing marginal social benefit and marginal social sacrifice curves, with their point of intersection indicating maximum social advantage. It assumes taxes impose costs and spending provides benefits, with both subject to diminishing returns.
Public finance studies income and expenditure activities of the state or government, while private finance studies those of individuals and private entities. Both have the objectives of satisfying wants, though public finance aims for collective wants satisfaction. They both require balancing receipts and expenditures, and borrowing when expenditures exceed income. However, they differ in how expenditure is determined, the compulsory nature of public expenditure, and ability to apply the principle of equi-marginal utility.
The document discusses various methods for calculating and measuring national income and gross domestic product (GDP) of a country. It provides definitions and formulas for calculating gross national product (GNP), gross domestic product (GDP), net national product (NNP). It also discusses the expenditure approach and income approach to measuring GDP and how GDP relates to a country's overall economic activity and welfare.
The document discusses different economic policies and theories throughout history, including laissez-faire capitalism prior to the Great Depression, John Maynard Keynes' interventionist views, Reaganomics, and modern fiscal and monetary policy approaches. It provides an overview of the key economic challenges faced during the Great Depression and recession periods, and the different solutions proposed and enacted by governments.
Public expenditure by governments has increased over time due to various factors:
1. Population growth has led to increased spending on public services like schools, housing, and healthcare.
2. Defense spending has risen to protect countries from foreign threats, consuming a large portion of budgets.
3. The expansion of administrative systems with more departments and elections has grown public administration costs.
4. Economic development through infrastructure projects, industries, and programs has required significant government funding.
1. The document discusses the role of government in promoting economic progress by protecting individual rights and providing certain goods, but argues that government is not well-suited to correct economic issues or redistribute wealth.
2. It proposes private savings accounts as an alternative to social security, noting that such programs in other countries like Chile were very successful and created real wealth for citizens.
3. If social security is not reformed, the document warns that taxes will have to be greatly increased to unsustainable levels, putting pressure on policies like euthanasia of less productive citizens.
The Adam Smith Plan to Save Markets and the Climate: The Climate is Too Big t...Nancy Skinner
This is a Proposed Plan B for financing the global climate crisis and the rapid transition to a clean energy economy. The existing funding mechanisms are woefully insufficient to meet the 1.5°C goal or 2°C limit. The goal of having $100 million/yr. by 2020 for the Green Climate Fund is wildly unrealistic, especially given US political developments and the unintended effects of Brexit.
Moreover, the IPCC has underestimated the rate of climate change and relied on far more extensive development of Carbon Capture and Storage (CCS) than is currently possible or incentivized to meet the 2°C limit. The stark reality is we simply lack financing at the scale needed to decarbonize both developing and developed economies, in the time frames needed.
In short, we need a "Big Bold Idea' that is much larger in size, that facilitates all stakeholders, including developing and developed nations, to decarbonize economies rapidly, and incentivize CCS to unleash rapid innovation.
Finally, the Fund addresses the interests of companies that find themselves with enormous stranded assets - fossil fuels. The plan incentivizes them to lead the development of CCS implementation from existing technologies used by coal, oil & gas plants to the progression of net-negative CCS (including BECCS and newer breakthrough technologies).
The Adam Smith Plan elegantly produces a Global Climate Fund of roughly $6.7 Trillion USD/year. The International Energy Association has projected $1.1 Trillion per year required for investments in the energy sector alone to meet the 2°C goal.
Adam's Smith described an "invisible hand" that could serve all interests even as people pursue their own self-interest. That is quite different than the existing paradigm which requires financial "sacrifice" by nations to help solve the global crisis; effectively a zero-sum game. The Plan utilizes a global funding mechanism to benefit nations, not only to reduce emissions but to deliver an economic shot in the arm to whole new industries and new jobs, while actually reducing risks to global financial institutions and investors from large Institutional investors (Insurers and Pensions), to Portfolio and Fund managers, to ordinary investors.
It's an offshoot of the Tobin Tax, a .05% tax on the estimated $5.30 Trillion/day of currency exchanges (FX), that yields a $6.7 Trillion Annual fund that can save the Climate, grow global growth and stabilize Markets.
A single private bank in London now closes FX of 18 currencies at the same time across all time zones. The bank is owned by 69 Member Banks and as such, we can avoid the perpetual obstacle of political resistance. Imposing a minuscule tax on the trade of the wealthiest on the earth, currency traders, which amounts to rounding errors for them, can finance the entire global transition to clean energy economies, with minimal administration of collection efforts, essentially acting as Adam’s Smith’s “Invisible Hand".
This document discusses moving from an economy focused on growth to one focused on wellbeing. It notes that continued growth is unsustainable due to planetary limits being reached and flatlining wellbeing in developed nations. Political leaders, businesses, and economists are increasingly agreeing on limits to growth and the need to define prosperity through wellbeing rather than growth. Models show zero growth is possible while maintaining wellbeing, employment, and environmental sustainability.
The document discusses how the economic crisis has changed everything and how understanding historical context is important. It summarizes that economic growth has been fueled by cheap fossil fuels but that growth cannot continue indefinitely as energy supplies become constrained. It outlines strategies for building resilient communities that can better withstand economic and energy challenges.
How to survive the Global Financial and Ecological CrisesSustento
A presentation on how to survive the current crises of finance and ecosystem. They are both highly correlated with finance providing the basis for ecosystem exploitation. I propose that we move to re-alaign the financial system to provide stable money and appropriately priced ecosystem goods and services. I argue these are both necessary for a sustainable economy.
Who Profits from Peace? Belfast Trades Council Mayday Lecture 2013Conor McCabe
This document summarizes key points from a lecture on financialization in Ireland and the UK. It discusses how monetary policy shifted in the 1970s-2000s to increasingly favor financial markets and asset prices over wages and employment. This contributed to the growth of sectors like finance, insurance, and real estate (FIRE) at the expense of production. Policies of privatization, spending cuts, and austerity have furthered this shift. The document also examines the European debt crisis and ECB responses like long-term refinancing operations that bailed out banks but did little for economic growth or employment. Overall, it analyzes how financialization has restructured economies to privilege rentiers and asset speculation over workers.
The New Climate Economy- The Global Commission on the Economy and ClimateEnergy for One World
This document summarizes the key findings of a report on accelerating climate action. The main points are:
1) Rapid technological innovation, sustainable infrastructure investment, and increased resource productivity present an opportunity for strong, sustainable, and inclusive growth in the 21st century.
2) Over the past decade, progress in renewable energy, electric vehicles, and other areas show the economic benefits of climate action, including new jobs and business opportunities.
3) Bold climate action could yield $26 trillion in direct economic gains by 2030 compared to business as usual, though this is likely an underestimate due to limitations in current economic models.
4) The next 10-15 years are critical to shift infrastructure investments and limit
Eton College Forum on the Global Financial Crisistutor2u
The title of this event is ‘No More Business As Usual: How to Avoid Another Financial Crash.’ The 2008 crisis marked a sea-change point.It was a fa ilure on three counts: 1. A failure of oversight from Governments and Central Banks alike, 2. A failure of modeling in not being able to predict the crash and 3. A failure of ideology. Underpinning the crisis was the fundamentally flawed neo-liberal ideologue which has dominated main-stream economic thinking.
Who Owns Ireland? UCD Lecture 10 February 2014Conor McCabe
The document discusses the financial crisis in the UK and Europe from 2009-2012. It includes a letter stating there is no money left in the UK Treasury. It discusses quantitative easing measures taken by central banks to stimulate the economy. It discusses the ECB providing cheap loans to banks, some of which banks used to buy their own government bonds. However, many banks just deposited the money without increasing lending. The document discusses the increasing role of financial markets and motives in economies.
The great transition - building a high wellbeing, low carbon economywalescva
The document discusses the need for a transition to a more sustainable, socially just and low carbon economy. It outlines that the current economic system is unsustainable, unstable, unfair and does not lead to high well-being. It proposes six pillars for a new economic framework: reforming finance and money, creating good jobs, measuring well-being, defining ecological limits, redefining the role of the state, and reducing inequality. It advocates for complementary currencies and localization of economies to increase community resilience and circulation of money.
The document provides an overview of the Canadian economy. It notes that Canada currently has a population of over 30 million and is ranked 11th in the world for exports. The economy has shifted from being primarily based on farming and waterways to focusing more on industries like petroleum, cars, and manufacturing. Currently, Canada is experiencing higher economic growth and GDP increases, though some economists worry this rise may not last due to recent government benefits for citizens. Housing and consumer spending are also contributing to GDP growth.
Financial transactions tax private power in global policy makingDemocracy Club
This is an essay about the failure of an idea in the face of private power. It begins with a brief history of the idea of a financial transactions tax. It then explains how the modern concept came to be a rallying call for activists and several politicians during the ongoing financial crisis. It examines the economic merit of the European Commission’s conception of the tax, but finds little agreement among scholars and institutions. Despite this lack of agreement, it finds a highly disparaging narrative of the tax in the popular press and in political discourse, particularly in the United Kingdom, which, when coupled with the unrealised nature of the tax, despite the idea’s decades-long existence, suggests that the discourse of the tax has been shaped to reflect its more negative aspects.
To explain this, the essay examines the political situation at the global, regional and national levels, using the Group of Twenty (G20), the European Commission (EC) and the UK as case studies. Here the essay makes a case that there is a significant danger of regulatory capture of these political institutions by the banking lobby. It uses Doris Fuchs’ tripartite definition of power to show how financial institutions exercise control, then uses Walter Mattli and Ngaire Woods’ model of regulatory capture to compare the G20, EC and UK. In this case, it finds that the EC is the institution least susceptible to capture. The essay concludes by considering the case of the financial transactions tax as symbolic of the lack of political action in the face of the power of global private interest, which presents grave problems for global governance.
Chapter 1 - basic concepts about macroeconomics for BBAginish9841502661
This chapter introduces macroeconomics and important macroeconomic concepts. It discusses what macroeconomists study, including issues like inflation, unemployment, recessions, government budgets, trade balances, and economic growth. It introduces tools and concepts used in macroeconomic analysis, including aggregate supply and demand, GDP, unemployment, inflation, and exchange rates. It explains why macroeconomics is important by outlining how the macroeconomy impacts society's well-being. Finally, it provides an overview of basic macroeconomic models and concepts like stocks and flows, production possibility frontiers, and the differences between endogenous and exogenous variables.
The document discusses the potential for social finance in Canada by highlighting examples from the US and UK where social finance has created positive social and environmental impacts. It argues that Canada is poised for innovation in social finance due to growing social/environmental pressures and limitations in existing frameworks. A national collaboration called CAUSEWAY aims to enable a Canadian social finance marketplace through changing conversations, developing financial products, and enabling policy support like tax incentives.
The document discusses the economic, political, and social crises affecting Europe in 2008-2009. It outlines how governments in Iceland, Latvia, Hungary, and the Czech Republic faced challenges from the recession and in some cases changes in government. It then presents 10 principles for "Fixing the Future" through reshaping recovery plans to address long-term challenges like climate change and promoting innovation, entrepreneurship, and new infrastructure investments.
The Structure Of A Financial Crisis EssayAmber Moore
The document discusses the structure and causes of financial crises. It begins by providing context about Turkey's financial crisis in 2001 and discusses why countries experience financial crises. It then examines Turkey's privatization policies from the 1980s onward and some challenges they faced. Finally, it looks at Turkey's efforts to resume privatization in the early 1990s and the revenues generated, though the program progressed more slowly than planned. In general, the document analyzes Turkey's privatization approaches and the ongoing economic difficulties they faced.
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...Alex Pruden
Folding is a recent technique for building efficient recursive SNARKs. Several elegant folding protocols have been proposed, such as Nova, Supernova, Hypernova, Protostar, and others. However, all of them rely on an additively homomorphic commitment scheme based on discrete log, and are therefore not post-quantum secure. In this work we present LatticeFold, the first lattice-based folding protocol based on the Module SIS problem. This folding protocol naturally leads to an efficient recursive lattice-based SNARK and an efficient PCD scheme. LatticeFold supports folding low-degree relations, such as R1CS, as well as high-degree relations, such as CCS. The key challenge is to construct a secure folding protocol that works with the Ajtai commitment scheme. The difficulty, is ensuring that extracted witnesses are low norm through many rounds of folding. We present a novel technique using the sumcheck protocol to ensure that extracted witnesses are always low norm no matter how many rounds of folding are used. Our evaluation of the final proof system suggests that it is as performant as Hypernova, while providing post-quantum security.
Paper Link: https://eprint.iacr.org/2024/257
Monitoring and Managing Anomaly Detection on OpenShift.pdfTosin Akinosho
Monitoring and Managing Anomaly Detection on OpenShift
Overview
Dive into the world of anomaly detection on edge devices with our comprehensive hands-on tutorial. This SlideShare presentation will guide you through the entire process, from data collection and model training to edge deployment and real-time monitoring. Perfect for those looking to implement robust anomaly detection systems on resource-constrained IoT/edge devices.
Key Topics Covered
1. Introduction to Anomaly Detection
- Understand the fundamentals of anomaly detection and its importance in identifying unusual behavior or failures in systems.
2. Understanding Edge (IoT)
- Learn about edge computing and IoT, and how they enable real-time data processing and decision-making at the source.
3. What is ArgoCD?
- Discover ArgoCD, a declarative, GitOps continuous delivery tool for Kubernetes, and its role in deploying applications on edge devices.
4. Deployment Using ArgoCD for Edge Devices
- Step-by-step guide on deploying anomaly detection models on edge devices using ArgoCD.
5. Introduction to Apache Kafka and S3
- Explore Apache Kafka for real-time data streaming and Amazon S3 for scalable storage solutions.
6. Viewing Kafka Messages in the Data Lake
- Learn how to view and analyze Kafka messages stored in a data lake for better insights.
7. What is Prometheus?
- Get to know Prometheus, an open-source monitoring and alerting toolkit, and its application in monitoring edge devices.
8. Monitoring Application Metrics with Prometheus
- Detailed instructions on setting up Prometheus to monitor the performance and health of your anomaly detection system.
9. What is Camel K?
- Introduction to Camel K, a lightweight integration framework built on Apache Camel, designed for Kubernetes.
10. Configuring Camel K Integrations for Data Pipelines
- Learn how to configure Camel K for seamless data pipeline integrations in your anomaly detection workflow.
11. What is a Jupyter Notebook?
- Overview of Jupyter Notebooks, an open-source web application for creating and sharing documents with live code, equations, visualizations, and narrative text.
12. Jupyter Notebooks with Code Examples
- Hands-on examples and code snippets in Jupyter Notebooks to help you implement and test anomaly detection models.
The Microsoft 365 Migration Tutorial For Beginner.pptxoperationspcvita
This presentation will help you understand the power of Microsoft 365. However, we have mentioned every productivity app included in Office 365. Additionally, we have suggested the migration situation related to Office 365 and how we can help you.
You can also read: https://www.systoolsgroup.com/updates/office-365-tenant-to-tenant-migration-step-by-step-complete-guide/
Conversational agents, or chatbots, are increasingly used to access all sorts of services using natural language. While open-domain chatbots - like ChatGPT - can converse on any topic, task-oriented chatbots - the focus of this paper - are designed for specific tasks, like booking a flight, obtaining customer support, or setting an appointment. Like any other software, task-oriented chatbots need to be properly tested, usually by defining and executing test scenarios (i.e., sequences of user-chatbot interactions). However, there is currently a lack of methods to quantify the completeness and strength of such test scenarios, which can lead to low-quality tests, and hence to buggy chatbots.
To fill this gap, we propose adapting mutation testing (MuT) for task-oriented chatbots. To this end, we introduce a set of mutation operators that emulate faults in chatbot designs, an architecture that enables MuT on chatbots built using heterogeneous technologies, and a practical realisation as an Eclipse plugin. Moreover, we evaluate the applicability, effectiveness and efficiency of our approach on open-source chatbots, with promising results.
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-und-domino-lizenzkostenreduzierung-in-der-welt-von-dlau/
DLAU und die Lizenzen nach dem CCB- und CCX-Modell sind für viele in der HCL-Community seit letztem Jahr ein heißes Thema. Als Notes- oder Domino-Kunde haben Sie vielleicht mit unerwartet hohen Benutzerzahlen und Lizenzgebühren zu kämpfen. Sie fragen sich vielleicht, wie diese neue Art der Lizenzierung funktioniert und welchen Nutzen sie Ihnen bringt. Vor allem wollen Sie sicherlich Ihr Budget einhalten und Kosten sparen, wo immer möglich. Das verstehen wir und wir möchten Ihnen dabei helfen!
Wir erklären Ihnen, wie Sie häufige Konfigurationsprobleme lösen können, die dazu führen können, dass mehr Benutzer gezählt werden als nötig, und wie Sie überflüssige oder ungenutzte Konten identifizieren und entfernen können, um Geld zu sparen. Es gibt auch einige Ansätze, die zu unnötigen Ausgaben führen können, z. B. wenn ein Personendokument anstelle eines Mail-Ins für geteilte Mailboxen verwendet wird. Wir zeigen Ihnen solche Fälle und deren Lösungen. Und natürlich erklären wir Ihnen das neue Lizenzmodell.
Nehmen Sie an diesem Webinar teil, bei dem HCL-Ambassador Marc Thomas und Gastredner Franz Walder Ihnen diese neue Welt näherbringen. Es vermittelt Ihnen die Tools und das Know-how, um den Überblick zu bewahren. Sie werden in der Lage sein, Ihre Kosten durch eine optimierte Domino-Konfiguration zu reduzieren und auch in Zukunft gering zu halten.
Diese Themen werden behandelt
- Reduzierung der Lizenzkosten durch Auffinden und Beheben von Fehlkonfigurationen und überflüssigen Konten
- Wie funktionieren CCB- und CCX-Lizenzen wirklich?
- Verstehen des DLAU-Tools und wie man es am besten nutzt
- Tipps für häufige Problembereiche, wie z. B. Team-Postfächer, Funktions-/Testbenutzer usw.
- Praxisbeispiele und Best Practices zum sofortigen Umsetzen
Introduction of Cybersecurity with OSS at Code Europe 2024Hiroshi SHIBATA
I develop the Ruby programming language, RubyGems, and Bundler, which are package managers for Ruby. Today, I will introduce how to enhance the security of your application using open-source software (OSS) examples from Ruby and RubyGems.
The first topic is CVE (Common Vulnerabilities and Exposures). I have published CVEs many times. But what exactly is a CVE? I'll provide a basic understanding of CVEs and explain how to detect and handle vulnerabilities in OSS.
Next, let's discuss package managers. Package managers play a critical role in the OSS ecosystem. I'll explain how to manage library dependencies in your application.
I'll share insights into how the Ruby and RubyGems core team works to keep our ecosystem safe. By the end of this talk, you'll have a better understanding of how to safeguard your code.
In the realm of cybersecurity, offensive security practices act as a critical shield. By simulating real-world attacks in a controlled environment, these techniques expose vulnerabilities before malicious actors can exploit them. This proactive approach allows manufacturers to identify and fix weaknesses, significantly enhancing system security.
This presentation delves into the development of a system designed to mimic Galileo's Open Service signal using software-defined radio (SDR) technology. We'll begin with a foundational overview of both Global Navigation Satellite Systems (GNSS) and the intricacies of digital signal processing.
The presentation culminates in a live demonstration. We'll showcase the manipulation of Galileo's Open Service pilot signal, simulating an attack on various software and hardware systems. This practical demonstration serves to highlight the potential consequences of unaddressed vulnerabilities, emphasizing the importance of offensive security practices in safeguarding critical infrastructure.
Northern Engraving | Nameplate Manufacturing Process - 2024Northern Engraving
Manufacturing custom quality metal nameplates and badges involves several standard operations. Processes include sheet prep, lithography, screening, coating, punch press and inspection. All decoration is completed in the flat sheet with adhesive and tooling operations following. The possibilities for creating unique durable nameplates are endless. How will you create your brand identity? We can help!
Freshworks Rethinks NoSQL for Rapid Scaling & Cost-EfficiencyScyllaDB
Freshworks creates AI-boosted business software that helps employees work more efficiently and effectively. Managing data across multiple RDBMS and NoSQL databases was already a challenge at their current scale. To prepare for 10X growth, they knew it was time to rethink their database strategy. Learn how they architected a solution that would simplify scaling while keeping costs under control.
Taking AI to the Next Level in Manufacturing.pdfssuserfac0301
Read Taking AI to the Next Level in Manufacturing to gain insights on AI adoption in the manufacturing industry, such as:
1. How quickly AI is being implemented in manufacturing.
2. Which barriers stand in the way of AI adoption.
3. How data quality and governance form the backbone of AI.
4. Organizational processes and structures that may inhibit effective AI adoption.
6. Ideas and approaches to help build your organization's AI strategy.
For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2024/06/temporal-event-neural-networks-a-more-efficient-alternative-to-the-transformer-a-presentation-from-brainchip/
Chris Jones, Director of Product Management at BrainChip , presents the “Temporal Event Neural Networks: A More Efficient Alternative to the Transformer” tutorial at the May 2024 Embedded Vision Summit.
The expansion of AI services necessitates enhanced computational capabilities on edge devices. Temporal Event Neural Networks (TENNs), developed by BrainChip, represent a novel and highly efficient state-space network. TENNs demonstrate exceptional proficiency in handling multi-dimensional streaming data, facilitating advancements in object detection, action recognition, speech enhancement and language model/sequence generation. Through the utilization of polynomial-based continuous convolutions, TENNs streamline models, expedite training processes and significantly diminish memory requirements, achieving notable reductions of up to 50x in parameters and 5,000x in energy consumption compared to prevailing methodologies like transformers.
Integration with BrainChip’s Akida neuromorphic hardware IP further enhances TENNs’ capabilities, enabling the realization of highly capable, portable and passively cooled edge devices. This presentation delves into the technical innovations underlying TENNs, presents real-world benchmarks, and elucidates how this cutting-edge approach is positioned to revolutionize edge AI across diverse applications.
Ivanti’s Patch Tuesday breakdown goes beyond patching your applications and brings you the intelligence and guidance needed to prioritize where to focus your attention first. Catch early analysis on our Ivanti blog, then join industry expert Chris Goettl for the Patch Tuesday Webinar Event. There we’ll do a deep dive into each of the bulletins and give guidance on the risks associated with the newly-identified vulnerabilities.
Skybuffer SAM4U tool for SAP license adoptionTatiana Kojar
Manage and optimize your license adoption and consumption with SAM4U, an SAP free customer software asset management tool.
SAM4U, an SAP complimentary software asset management tool for customers, delivers a detailed and well-structured overview of license inventory and usage with a user-friendly interface. We offer a hosted, cost-effective, and performance-optimized SAM4U setup in the Skybuffer Cloud environment. You retain ownership of the system and data, while we manage the ABAP 7.58 infrastructure, ensuring fixed Total Cost of Ownership (TCO) and exceptional services through the SAP Fiori interface.
What is an RPA CoE? Session 1 – CoE VisionDianaGray10
In the first session, we will review the organization's vision and how this has an impact on the COE Structure.
Topics covered:
• The role of a steering committee
• How do the organization’s priorities determine CoE Structure?
Speaker:
Chris Bolin, Senior Intelligent Automation Architect Anika Systems
Essentials of Automations: Exploring Attributes & Automation ParametersSafe Software
Building automations in FME Flow can save time, money, and help businesses scale by eliminating data silos and providing data to stakeholders in real-time. One essential component to orchestrating complex automations is the use of attributes & automation parameters (both formerly known as “keys”). In fact, it’s unlikely you’ll ever build an Automation without using these components, but what exactly are they?
Attributes & automation parameters enable the automation author to pass data values from one automation component to the next. During this webinar, our FME Flow Specialists will cover leveraging the three types of these output attributes & parameters in FME Flow: Event, Custom, and Automation. As a bonus, they’ll also be making use of the Split-Merge Block functionality.
You’ll leave this webinar with a better understanding of how to maximize the potential of automations by making use of attributes & automation parameters, with the ultimate goal of setting your enterprise integration workflows up on autopilot.
AppSec PNW: Android and iOS Application Security with MobSFAjin Abraham
Mobile Security Framework - MobSF is a free and open source automated mobile application security testing environment designed to help security engineers, researchers, developers, and penetration testers to identify security vulnerabilities, malicious behaviours and privacy concerns in mobile applications using static and dynamic analysis. It supports all the popular mobile application binaries and source code formats built for Android and iOS devices. In addition to automated security assessment, it also offers an interactive testing environment to build and execute scenario based test/fuzz cases against the application.
This talk covers:
Using MobSF for static analysis of mobile applications.
Interactive dynamic security assessment of Android and iOS applications.
Solving Mobile app CTF challenges.
Reverse engineering and runtime analysis of Mobile malware.
How to shift left and integrate MobSF/mobsfscan SAST and DAST in your build pipeline.
Programming Foundation Models with DSPy - Meetup SlidesZilliz
Prompting language models is hard, while programming language models is easy. In this talk, I will discuss the state-of-the-art framework DSPy for programming foundation models with its powerful optimizers and runtime constraint system.
Your One-Stop Shop for Python Success: Top 10 US Python Development Providersakankshawande
Simplify your search for a reliable Python development partner! This list presents the top 10 trusted US providers offering comprehensive Python development services, ensuring your project's success from conception to completion.
5. A Green New World? “ Together, we face two crises: climate change and the global economy. But these crises present us with a great opportunity - an opportunity to address both challenges simultaneously. Managing the global financial crisis requires massive global stimulus. A big part of that spending should be an investment- an investment in a green future. An investment that fights climate change, creates millions of green jobs and spurs green growth. We need a Green New Deal .” – Ban Ki-moon, UN Secretary General, December 2008 “ We hereby propose the Green New Deal to help create more jobs, while at the same time realizing an eco-friendly economic growth ” – Han Seung-soo, Prime Minister, South Korea, January 2009 “ I received orders from the Prime Minister to draft a Green New Deal plan. The orders were to create something that would create jobs by the millions and will fundamentally change Japanese society.” – Tetsuo Saito, Environment Minister, Japan, January 2009
6. A Green New World? “ We need to accelerate towards a green economy. We are talking about nothing less than the transformation of our economies in effect a global Green New Deal ” – Achim Steiner, Executive Director, UNEP, October 2008 “ We need a Green New Deal to meet our carbon emissions targets and create jobs in renewable energy and green technology. We need an ambitious and coherent strategy for the future, which is matched by investment by Government to kick-start key projects.” – Lord Chris Smith, Chairman, Environment Agency, November 2008 “ The current volatility in global energy markets and the broader economic slowdown must not push us off-track from our efforts to address climate change. We must put in place the framework that will guide investment during the recovery and we must start the green infrastructure that will enable the sustainable economy going forward. We think there is an enormous opportunity to develop a ‘ Clean Energy New Deal ’ to achieve energy security, economic and environmental goals.” - Nobuo Tanaka, Energy Director, International Energy Association, December 2008
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10. First Risk: Misunderstanding of money/credit = Policy errors
11. The deep flaw in classical theory of economics: That money (deposits/ savings /credit/gold) exists only as the result of economic activity.....
12. Economic activity generates saving, it is not constrained by saving . JM Keynes (and Adam Smith/John Law/Benjamin Franklin/Joseph Schumpeter/President Roosevelt/ JK Galbraith): “ Credit creates savings / deposits ”
13. Keynes: Credit creates economic activity Economic activity generates income Income generates deposits/savings/tax revenues With which to repay debt ….
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16. In a monetary economy, the relevant consideration is the availability of finance not of saving, and there is no necessary constraint on finance . (Geoff Tily, Keynes and the financing of public works’ August, 2009.) http://www.heterodoxnews.com/htnf/htn87/Tily%20Keynes.pdf No constraint on finance
17. Orthodox mistake no 1: Money understood as a commodity ….subject to ‘supply & demand’ ‘marginal utility’ etc…. ‘stock’ ‘velocity’… ‘circulate ’
18. Bank money is not a commodity. There is no limit to the availability of bank money. It is not visible/tangible Unlike like oil Or gold Or tulips
20. Ben Bernanke, Fed Reserve Governor, interviewed on CBS. 60 Minutes Show 15 March 2009, soon after Fed had made $160 billion available to AIG. Was it tax money? Bernanke: "It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank.”
21. Bernanke: “So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed.”
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23. Bank Money/ QE issued by BoE – since Bank founded in 1694 . “ Quantitative Easing” “Money Market Operations”
26. One week after Tsunami of March 11th the Bank of Japan made more than €2.6 trillion (30 trillion yen) available for Japanese ‘reconstruction’. Governor Misaaki Shirakawa of the Bank of Japan
27. Keynes: Credit creates economic activity Economic activity generates income Income generates deposits/savings/tax revenues With which to repay debt ….
28. Major constraint o n credit creation: Credit creation must equal economic potential of the economy Too much credit creation – too much money chasing too few assets, goods and services – creates inflation. We are living through a period of the greatest asset price inflation in history – and orthodox economists do not bat an eyelid!
29. Too little credit = deflation Falling prices leads to loss of income, leads to falls in profits, job losses, leads to more loss of income, tax revenues…a downward spiral of deflating economic activity.
30. Deposits/savings (or vaults of gold) are needed to create economic activity. Flawed orthodoxy ignores credit , argues that
31. “ We can only afford what is already in the bank in the form of savings/deposits/gold.” Orthodoxy:
32. “ What we can create, we can afford.” JM Keynes “ National Self-Sufficiency” The Yale Review, Vol 22, no4 (June 1933), pp.755-769
34. “ Eventually, the debt has to be repaid, either by having higher taxes than would otherwise have been the case or curbing public spending.” “ Budgetary policy tools for economic Recovery.” Iain Begg European Institute, London School of Economics London United Kingdom
35. “ Markets provide the money states need to finance their debts.” “ Europe at the crossroads. Institutional Choices for Sound European Public Finance ” Prof. Mark Hallerberg, PhD Hertie School of Governance Berlin, Germany
38. Just as work – paid employment – makes things affordable for the individual, so full employment makes things affordable for government.
39. “ Take care of employment, and the budget will take care of itself.” John Maynard Keynes.
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44. What is the Green New Deal? its low, low rates of interest – short and long, safe and risky Based on Keynes’ monetary policies (‘liquidity preference’) for maintaining low rates of interest rates. This implies low mobility of capital and an end to the privatisation of interest rates.
45. What is the Green New Deal? It’s about jobs, more jobs and secure jobs. And it’s about the skills and training to create and sustain them In a time of recession, with unemployment already rocketing in the US, and growing here, shifting to green energy will produce countless new jobs, and create many more pound-for-pound of investment, than propping up the current system.
46. The case for the Green New Deal Green New Deal Group