Steve just dropped the most important breakdown he's done in years. For 150 years, the same broken economic theory has dominated universities. Your prices are rising. Your debt is climbing. And economists are still using models from 1870. Here's what Steve reveals in this video: ✅ Why physics had a quantum revolution but economics never will ✅ The 3 reasons anomalies in economics get swept under the rug (while physicists solve them) ✅ How the Bank of England proved banks create money in 2014—and economists literally ignored it ✅ Why 89% of real firms don't experience what textbooks claim is a universal law ✅ The ideology hiding behind the math (and why it protects the system instead of challenging it) This isn't just theory. It explains why policy keeps failing, why private debt cycles cause crashes, and why the profession will never fix itself from the inside. Watch it here: https://www.youtube.com/watch?v=TYtCn1-8cGw&views Share this with anyone who's tired of the propaganda. The only way change happens is if people understand what's actually broken. #Economics #PostKeynesian #BankingTruth #RealEconomics

I came down with an infection after last week's class, and did a RAT today to see the dreaded 2nd line: I'm not feeling too bad now, but I know from reading the literature that the last thing I should do is push myself at present. I also want to be clear to fly to London next week for a meeting called by the Bank of England to discuss my Carbon Tracker Report. So I think the wisest course of action it to postpone this week's lecture, and aim for the week after instead. My main dread about Covid is not the immediate symptoms, but Long Covid, and in particular, "brain fog". I'm incredibly deflated for numerous reasons of course. This is not how I wanted to kick off my six months in Hungary. But it shows how infectious the current strand is that someone like me, who wears masks inside, can catch it. My guess is that I got it through the BC4LS air conditioning system. I took solace in the sheer size of my office that I could take my mask off inside--it's about 40 square metres, and I'm the only person in it. But the air conditioning can act as a distribution system, and this is what I think got me. I don't feel like I need to, but I think now might be a good time to lie down for a while...

This is a personal plea, arising from how I’ve become a bit depressed that MMT might never succeed in displacing conventional beliefs about money. I see a potent force, that’s constantly impeding progress, coming from money reformers themselves. I feel we metaphorically shoot ourselves in the foot, by repeatedly using words like borrowing, debt and deficit. Such words, in the public mind, surely strengthen the very ideas about State money that we are trying to weaken. The public knows full well what the words borrowing and debt entail to them - sums of money, owed to another party, that are due to be repaid in future. The public sees that when an individual or company goes into in financial deficit, they must be carrying debt to someone else. I’m also depressed that the public-relations toxicity of these words doesn’t seem to be strongly appreciated by some money reformers, perhaps because their better knowledge and understanding of what, in the context of fiat money and a sovereign money authority, those words truly mean makes those reformers relatively immune to the toxic effects that the public likely experience. Even Steve, in his ‘Meme that is destroying Western civilisation’, has freely used the word debt when describing fiat money - even though he also talked of debt-free fiat money, later in the same piece. Of course, using that language is tempting simply because its strong conventionality will direct readers’ thoughts expressly towards the concepts intended. Yet it also misdirects those thoughts into accepting the very misunderstandings we want those readers to reject. Surely we should seek and use alternative expressions, other words and phrases, and avoid using ’anti-MMT’ language when talking about MMT-style money reform. For example, a simple change might be to talk about National self-debt, government self-deficit, or even maybe self-borrowing ? Those hybrid words are only slightly more cumbersome, don’t sound wholly unfamiliar and bring the distinct advantage that, among some of the public, they might trigger the thought “What, no-one can be in debt to themselves, so what does self-debt mean then?”.

The only good thing about events like yesterday's sudden breakdown of my internet connection is that it makes me laugh all the more at conspiracy theorists who think the current travails of humanity are planned by "the elite". There are so many SNAFUs that even if there were plans, they'd fall apart because of them--like the most famous conspiracy of all, Watergate, being exposed by a security guard noticing some tape or something like in on a door in the hotel. My SNAFUs yesterday and today: (1) Internet failing at my friend's place, irreparably so (at least by me). Technicians are supposed to fix it, but I haven't yet heard from them; (2) I thought I'd go to the "Institute for Strategy, Resilience and Security" (ISRS) offices at UCL instead today to record a podcast with Phil in 50 minutes' time--to find that the office has been shut down and their rooms are now occupied by academics I don't know; (3) I managed to get into Carbon Tracker's office, which will cover the 3.30-4.30 podcast recording with Phil and Doyne Farmer, but; (4) The whole building shuts down today at 5pm, so I'll be turfed out shortly afterwards with no viable internet option for tomorrow, when; (5) I was supposed to give a workshop at 2.30pm tomorrow, but at the moment I have no idea how I'm going to do that; and (6) I'm supposed to give a talk to US activists on Sunday--same story. Pardon the French, but I don't know what the fuck to do over the weekend. I hope I have a functioning system by next Wednesday, but with my luck, the technicians won't turn up till Friday... I'll sort something out. Love to you all. You're some of the few people who keep me sane.

Because of my work for the dutch monetary reform organization 'Ons Geld', this article (paper?) has been brought to my attention. Its title is 'Reforming the Eurozone financial system: A system-dynamics approach' and its authors are 'van Egmond' & 'de Vries. I would suspect that some of you here will be interested in this article / paper, because it involves CBDC, monetary reform and system dynamics.