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Friday, 12 February

16:00

The Weekend Quiz – February 13-14, 2016 Bill Mitchell – billy blog

Welcome to The Weekend Quiz, which used to be known as the Saturday Quiz! The quiz tests whether you have been paying attention over the last seven days. See how you go with the following questions. Your results are only known to you and no records are retained.

1. If the fiscal balance of a currency-issuing national government moves into surplus:




...

14:04

Wind power in South Australia makes people forget about causation Renew Economy

Price surges are being blamed on wind energy. Cherry-picked numbers that serve to confirm a belief that already exists is something you're going to see a lot of this year.

13:54

Energy industry needs to focus on consumers, it may need them Renew Economy

Energy regulators say they "cannot identify" benefits of rooftop solar and battery storage. So here's a long list, and a blast from leading expert for promoting a "sense of entitlement", serving the interests of incumbents and discriminating against consumers.

13:43

Tasmania solar report an epic fail – minister should tell regulator to start again Renew Economy

Tasmanian Economic Regulator’s draft report on solar feed-in tariff ignores the challenge of energy security in Tasmania, the changes facing electricity industry nationally, and climate change.

13:26

Tesla Model X “best car ever” says Musk – and hints at company’s first profit Renew Economy

After an "excruciating" few months, an upbeat Musk calls Model X the "best car ever" and hints Tesla could soon deliver its first profit.

12:27

These 9 EU countries are leading the renewable charge Renew Economy

More EU countries than ever are meeting their 2020 targets for renewable energy generation ahead of schedule.

12:27

German power provider to use electric cars to stabilise the grid Renew Economy

German green power provider Lichtblick has announced plans to incentivize the charging of electric vehicles at times of low power demand.

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Thursday, 11 February

14:07

Ultimately, real resource availability constrains prosperity Bill Mitchell – billy blog

There are many misconceptions about what a government who understands the capacity it has as the currency-issuer can do. As Modern Monetary Theory (MMT) becomes more visible in the public arena, it is evident that people still do not fully grasp the constraints facing such a government. At the more popularist end of the MMT blogosphere you will read statements such that if only the government understood that it can run fiscal deficits with impunity then all would be well in the world. In this blog I want to set a few of those misconceptions straight. The discussion that follows is a continuation of my recent examination of external constraints on governments who seek to maintain full employment. It specifically focuses on less-developed countries and the options that a currency-issuing government might face in such a nation, where essentials like food and energy have to be imported. While there are some general statements that can be made with respect to MMT that apply to any nation where the government issues its own currency, floats its exchange rate, and does not incur foreign currency-denominated debt, we also have to acknowledge special cases that need special policy attention. In the latter case, the specific problems facing a nation cannot be easily overcome just by increasing fiscal deficits. That is not to say that these governments should fall prey to the IMF austerity line. In all likelihood they will still have to run fiscal deficits but that will not be enough to sustain the population. We are about to consider the bottom line here – the real resource constraint. I have written about this before but the message still seems to get lost.

First of all here is a totally general statement about the capacity of a currency-issuing government that applies to any nation and is a fundamental principle of MMT.

Accordingly, such a government can always use its currency-issu...

Tuesday, 09 February

01:08

‘Sword Of Damocles’ Hangs Over Asia The Diplomat » Pacific Money

Financial markets are worried about another Chinese currency devaluation.

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