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Modern Monetary Theory and Full Reserve Banking.
Under the existing bank system, private banks are allowed to create money from thin air and lend it out. For decades many economists have opposed that practice. The bank system that bars that practice is called "full reserve". Modern Monetary Theory is a quite separate set of ideas: pretty similar to Keynes's ideas.
This is a small informal meeting: the room booked only holds about twelve, so there'll be plenty of opportunity for questions and discussion. If you want to attend, please notify the organisers by email or via Eventbrite.
This is essentially two separate talks of about one hour each. One hour is devoted to Modern Monetary Theory, a set of ideas not much different to Keynes's claim that in a recession, government should simply borrow or print money and spend it. Just repeating Keynes's message may seem boring, but it needs doing, given the fact that senior members of the economics profession (e.g. at the IMF, OECD and Harvard) opposed the latter "print and spend" policy in the recent recesssion. I.e. it wasn't just the Tories who were pro-austerity during the recent recession: several senior economists were as well.
Full Reserve Banking is a quite separate set of ideas. The basic idea behind FRB is that private/commercial banks should not be allowed to create money out of thin air: only government and its central bank should do that job. Ralph Musgrave, who is giving the talk, is the author of a book on FRB.
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