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1. Hello! I'm a doctora

   Posted by Ana on 6th Jan 2014

   Hello! I'm a doctoral stdnuet at Cornell University and I'm writing a paper on the garlands in the Ara Pacis, an I just stumbled on your lovely photo here. Could you help orient me in terms of where this particular garland is? Where is this one located inside the altar? Id like to see this one in person, as im identifying the different vegetation for my project. Thank you! Also, would you allow me to use your image in an academic paper, I cite you as photographer? It's not likely to be published. Thank you!Hannah Ryan, Cornell University

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6. “The Jubilee proadpo

   Posted by Tom on 6th Dec 2014

   “The Jubilee proadposal is effecadtively a large injecadtion of fiat money to replace debt-create money, and in that sense it is conadsisadtent with MMT thinkading, not in conadtraaddicadtion to it. I am simadply going one step furadther by sayading the first use of that injecadtion sholud be to reduce priadvate debt directly.’Agree ina0part.And if you are simadple sugadgestading Govts run larger deficits I agree. This is essenadtial to solve the curadrent problems.But fiat money? (do you mean notes anda0coins)Rememadber Govt bonds are issued to stop monadeadtary inflationGovt deficits withadout Govt bonds increase money $1 fora0$1The comadmeradcial banks jouradnal entry when Govt spenda0isDEBIT Cenadtral bank reserves (comadmeradcial banks asset/central banks liaadbiladity)CREDIT Cusadtomer deposit (banks liability/our moneya0asset)When the non bank secadtor buys bonds. The buyer of these bonds use money and the banks setadtle with treaadsury using cenadtral bank reservesSo bonds decrease reserves held by the comadmeradcial bank. And also money if the non bank secadtor buys the bonds. The comadmeradcial banks jouradnal entry if we (non bank) buy bondsa0is CREDIT Cenadtral bank reserves (comadmeradcial banks asset/central banks liaadbiladity both decrease)DEBIT Cusadtomer deposit (banks liability/our money asset both decrease)It exactly reverses the entry when Govtsa0spend.–If fiat money is used withadout bonds. Monadeadtary inflaadtion could result–why use fiat money rather than cenadtral bank reservesMMT underadstand how this all fits together. Very few econadoadmists do. Most are comadpletely lost in conadfusading modadels. And have foradgotadten how simadple the bankading and money sysadtem really is when the indiadvidadual jouradnal entries are followed.

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