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Modern Monetary Theory, Austerity and Covid 19

Advanced notice :  Wednesday 9th September 2020
Phil Armstrong from the Gower Initiative for Modern Money Studies will be joining us at our monthly meeting (either in the flesh or virtually, if we still have to socially distance)on Wednesday 9th September.

Phil has spent 38 years teaching economics and business and is an advocate of Modern Monetary Theory  -

"The true nature of reality becomes clearer in a crisis like Covid-19.  Just as with the global financial crisis of 2008, when 'free markets' didn't work as their advocates had wished, and big business requred massive government support to survive, so the current crisis has revealed deep truths that might otherwise have remained hidden to the interested observer.  In this crisis we can see all too clearly who the important workers are:  not the so-called 'wealth creators', City traders and the like.  In reality, they are NHS staff, care workers, supermarket workers and cleaners to name but a few. We have also learned that - in extremis - the government seamingly finds enough spending capacity to 'do whatever is necessary'.  A question springs to mind - where's the money coming from? 

The insights of Modern Monetary Theory recalibrate our understanding of the financial system so as to answer this question and go on to provide deeply satisfying explanations of real world economic events which are absent in orthodox thinking."

You can find Phil's resume and published work here -

Please put this event in your diary.


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