‘Game-changing … Read it!’ – Mariana Mazzucato ‘In a world of epic, overlapping crises, Stephanie Kelton is an indispensable source of moral clarity … the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all. Read it – then put it to use.’ – Naomi Klein. The leading thinker and most visible public advocate of modern monetary theory – the freshest and most important idea about economics in decades – delivers a radically different, bold, new understanding for how to build a just and prosperous society.

Any ambitious proposal – ranging from fixing crumbling infrastructure to Medicare for all or preventing the coming climate apocalypse – … More

Where Does Money Come From? reveals how, contrary to public perception, the bulk of today’s money supply is created and allocated by commercial banks in their role as providers of credit. The authors argue that this system is inherently unstable, with little effective regulation of how much credit is provided, or whether it is used for productive or speculative purposes.

Based on detailed research and consultation with experts, including from the Bank of England, Where Does Money Come From? reviews … More

The novel begins in Marseilles “thirty years ago” (c. 1826), with the notorious murderer Rigaud telling his cellmate John Baptiste Cavalletto how he killed his wife. Arthur Clennam is detained in Marseilles with a group of travellers in quarantine. He meets new friends in the quarantine. He is returning to London to see his mother after 20 years in China with his father, handling that part of the family business. His father died there. On his deathbed, his father had given him a mysterious message, murmuring “Your mother,” which message and a watch Arthur mails to Mrs Clennam.

Inside the watch casing is an old silk paper with the initials DNF (do not forget) worked in beads. It … More

An argument that under capitalism, debt has become infinite & unpayable, expressing a political relation of subjection & enslavement. Experts, pundits, & politicians agree: public debt is hindering growth & increasing unemployment. Governments must reduce debt at all cost if they want to restore confidence & get back on a path to prosperity. Lazzarato’s diagnosis, however, is completely different: under capitalism, debt is not primarily a question of budget & economic concerns but a political relation of subjection & enslavement. Debt has become infinite & unpayable. It disciplines populations, calls for structural reforms, justifies authoritarian crackdowns, & even legitimizes the suspension of democracy in favor of “technocratic governments” beholden to the interests of capital.

The 2008 economic crisis only accelerated the establishment of a “new State capitalism,” which has carried out a massive confiscation … More