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January 2018 Newsletter

Policy Note: A Just Social Wage and a Job Guarantee

In this Policy Note, Steven Hail, Research Scholar at the Binzagr Institute, makes the case for a higher minimum wage and a job guarantee program to end unemployment, poverty, and extreme inequality. He argues that countries like the US, UK, and Australia should establish "a minimum social wage at a level which restores to the low paid their fair share of national income distribution, accounting for increases in both the cost of living and the benefits of technological change and rising labour productivity over the past half-century. It should not be seen as a mechanism to keep wages down, as is the case with the threat of unemployment at the moment. Instead, the goal should be to raise the relative wage of the low paid, and by doing so to engineer a much greater degree of income equality (Mitchell 2013). Any inflationary consequences should be negated by an increase in tax rates on those at the top of the wealth distribution, to create space for the low paid to spend more out of their higher incomes, without pushing the economy beyond its productive capacity. A movement towards a more progressive tax system, such as the one which existed fifty years ago, alongside a radical increase in real minimum wages rates, supported by a Job Guarantee, would play a major part in a transition to a future of sustainable prosperity (Tcherneva 2015).” Read the full paper here. Our press release for this publication is also available here
A Just Social Wage and a Job Guarantee
Click here to watch a brief promotional video about this working paper.

Conference - Money on the Left: Word, Image, Praxis

April 6, 2018: University of South Florida
Keynote speaker: Mathew Forstater
Money on the Left: Word, IMage, Praxis
We are thrilled to announce that the Money on the Left: Word, Image, Praxis conference will be held for the first time at University of South Florida (Tampa, Florida) on April 6, 2018

Money on the Left is an interdisciplinary conference designed to inaugurate a new scholarly organization and project: the Humanities Division of The Modern Money Network (MMN). Leveraging the vast theoretical and methodological repertoire of the humanities, MMN’s Humanities Division discloses the ways that modern money and cultural expression together shape the world in order to imagine a just and sustainable future.
Crucially, the Humanities Division grounds humanistic inquiry in the insights of neochartalism, or Modern Monetary Theory (MMT). Whereas orthodox Liberal political economy envisions money as a private, finite, and decentralized exchange instrument, MMT insists that money is a boundless public utility that can be mobilized to serve all. Affirming MMT’s capacious understanding of money, the Humanities Division critiques Liberalism’s damaging influences on collective thought and practice, while disclosing fresh social, cultural, and environmental histories rooted in MMT’s complex and salutary perspective. With this, the Division seeks to not merely describe money’s previous articulations, but also transform its perceived historical conditions and potentials across the globe.

The Humanities Division’s first conference invites individual presentations that revisit money’s historical role and significance on the left. Money has long stymied leftist imaginaries. Equating the monetary instrument with private exploitation and fiscal policy with redistributive reform, leftist political culture too often reifies Liberal political economy’s bankrupt foundations and forecloses money’s problems and powers of collective provisioning. Money on the Left redresses this fraught legacy by problematizing and recuperating the left’s past engagements with money. Drawing upon diverse disciplines and methods, the conference aims to develop rich neochartalist inquiries into discourse (word), aesthetics (image), and informed activity (praxis), and to do so across heterogenous sociohistorical contexts.

The conference is co-sponsored by the Binzagr Institute for Sustainable Prosperity, the Modern Money Network, and the Department of Humanities & Cultural Studies (University of South Florida). The event is organized by
Scott Ferguson and William Saas, Research Scholars at the Binzagr Institute. Mathew Forstater, Research Director at the Binzagr Institute, will be the conference keynote speaker.

 

Updates from our Team

Saudi Arabian Monetary Authority
Abdulelah Alrasheedy, Research Scholar at the Binzagr Institute, published a working paper with Saudi Arabian Monetary Authority (SAMA): "The Cost of Unemployment in Saudi Arabia (January 2018).

Coin Square

Robert C. Hockett, Research Scholar at the Binzagr Institute, was featured in an article entitled "Forecasting 2018 for Bitcoin and Ethereum" (December 27, 2017).

Blog

Mitch Greene, Research Scholar at the Binzagr Institute, wrote a blog entitled "Some Reflections for MLK Day" (January 15, 2018).

News4C

Robert C. Hockett, Research Scholar at the Binzagr Institute, was featured in an article entitled "A 2018 Analysis for Bitcoin and Ethereum" (December 28, 2017).

Yonkers Tribune

Oren M. Levin-Waldman, Research Scholar at the Binzagr Institute, published two public policy op-ed articles: "The Unstated Assumption Underlying the New Tax Law (January 16, 2018) and "The Meaning of Worker Freedom (January 30, 2018).

Bloomberg Radio

Robert C. Hockett, Research Scholar at the Binzagr Institute, was featured in two interviews with Bloomberg Radio: "Patriarch’s Lynn Tilton Wins $1 Billion Lawsuit " (January 3, 2018) and "Lawmakers Encourage New Scrutiny on Intel Chief " (January 13, 2018).


Renegade Inc.
Steven Hail, Research Scholar at the Binzagr Institute, published an op-ed article: "Why have wages been allowed to stagnate?" (January 5, 2018).


Law and Political Economy
Robert C. Hockett, Research Scholar at the Binzagr Institute, published a blog post on Yale Law School's Law and Political Economy forum: "Whatever Happened to “Just Prices?" (January 10, 2018).

PIX 11 News

Raúl Carrillo, Research Fellow at the Binzagr Institute, was interviewed for a piece entitled: "Customers Angry after Bank of America Tightens Free-Checking Rules"  (January 25, 2018). He was also quoted in a press release by NYC Comptroller's Office (January 23, 2018).


Los Angeles Times
Robert C. Hockett, Research Scholar at the Binzagr Institute, was featured in an article entitled "A year after CEO's ouster, palace intrigue grips Banc of California" (January 11, 2018).

Soft Denial Art Installation

A 2016 NEP blog by Michael Hoexter, Research Scholar at the Binzagr Institute, has  inspired French artists to produce this art installation that was featured in a Slovenian art festival  


Think Advisor
Robert C. Hockett, Research Scholar at the Binzagr Institute, was featured in the article on  "As Hate Groups Embrace Bitcoin, Advisors Warned to Check Out Clients" (January 17, 2018).

Real Progressives

Our research team was featured three times on Real Progressives this month. Robert C. Hockett, Research Scholar at the Binzagr Institute, was interviewed on January 7, 2018. Fadhel Kaboub, President of the Binzagr Institute was interviewed on January 13 and January 20, 2018.

Forbes

Sara Hsu, Research Scholar at the Binzagr Institute, published several new op-ed articles on the state of the Chinese economy: "Fears Over China's Local Government Debt Are Growing -- Again" (January 2, 2018), "Why 'Strong Government' Is Expected To Be Key To China's Economy In 2018" (January 7, 2018), "China's Shutdown Of Bitcoin Miners Isn't Just About Electricity" (January 15, 2018), and "China Is Set To Lose Its 'Emerging Market' Status As Growth Continues To Decline" (January 25, 2017).  You can follow Sara's columns on Forbes.com here.

The Diplomat

Robert C. Hockett, Research Scholar at the Binzagr Institute, was interviewed for an article entitled "CFIUS Scrutiny on Chinese Investment" (January 8, 2018).

Forbes

Robert C. Hockett, Research Scholar at the Binzagr Institute, was interviewed for an article entitled  "More Booms and Busts As SEC, Fed Lose Independence?" (January 26, 2018).

Call for Proposals: Binzagr Palgrave-Macmillan Book Series

We are delighted to announce a partnership between the Binzagr Institute and Palgrave Macmillan to publish a new book series on Sustainable Prosperity. This series is co-edited by Mathew Forstater, Fadhel Kaboub, and Michael J. Murray. Please contact the co-editor to submit your book proposals.
The Job Guarantee and Modern Money Theory
Full Employment and Social Justice

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