Congrats to Paolo Barnard who has published this manifesto based on the principles in ‘Soft Currency Economics’ and what is now known as MMT!

Wish I could read Italian!


35 Responses

    1. @DOB, It is ok, because in Italy a person with a degree can always be called “dottore”. Ergo in Italy there is no need to have a PhD to be called “dottore”, an academic degree is enough.

  1. Is there no hard copy version of Soft Currency economics? I spend too much time staring at the computer screen as it is..

  2. Warren
    Off topic but when was the last time you, Randy and Bill stood on the same platform and talked MMT. Do you ever talk about getting together ? (in a literal way) I mean. It would be quite powerful I think.

    1. last time we got together may have been about 5-6 years ago for a few days to review the idea of a text book. Bill and Randy assured me they’d have it done in a year or so.

      1. @WARREN MOSLER, Very funny. Every couple of months or so Bill mentions the book on his blog as if it’s just around the corner. I think we need an enterprising conference organiser to put a programme together with a good social side to it, to tempt all you guys to the same part of the globe. Plenty of potential delegates I’d imagine. Profit guaranteed.

    1. @Elwood Anderson,

      The document is long so it has to be translated in segments since Google Translate only will do about 9 pages at a time. I used PDF995 to pull out pages 1-9 and translated it with Google Tranlate in the Google Chrome browser, which is the only browser that will give you a decent translation.

      The translation is marginal and the document itself is not very interesting to someone other than an Italian. I didn’t bother translating the remainder of the document.

  3. I write in a bad English.. but I can read well Italian..

    Barnard is a juornalist that Official ItalianMass Media (controlled by State or by Telecom Italia = Club Bilderberg or Berlusconi tycoon and friend of Foreign Dicators ) don’t want because he attaks
    Eu Commission, Euro and Bank System: in practice the SovraNational Lobby.. the rare time he could speak he seem to people a person who see internationl conspirancy everywhere.. I don’t know if he has 100% right or only 20% tight.. but something strage sound also to me.. I think that the next phase of the plan is already written and easy to forecast: 2013 new attch against Italy during political election in spring, panic, Monti again Prime Minister for 5 years, Draghi give us money in achange of new Cuts & Tax & Privatization (coincidence: in this months Monti have made a law for Golden Share that leave some power to State in some Strategic Company Oil&Army even if they will be sold to Private Multinational)..

    Barnard propose return to Lira with BankItalia to avoid to pay a margin to Private Bank that can borrrow at 1% from Bce.. and he want to renegotiate foreign debt from Euro to Lira at a good exchange (not at the price setted by the market that is setted by 20 Global Bank Affairs).. I don’t know if it’s 100% desiderable this options, I have some doubt on Imported Inflation on Oil&Gas&Metals paid in Lira.. but I don’t have certainty..

    returning to the theory of international conspirancy of Barnard I can remember some “official” declaration of powerfull entities, often outside Italy where this “official” news are unknown [words in (…) are my comments] :

    1) Mario Monti : ” people didn’t accept strong economic reforms (i.e. liberalization, privatization, high tax, cuts, flexible works) because political and social costs to adopt was higher then the costs of not adopt them, but know (with Panic of Spread) the cost of don’t addopt them is higher, so we can do them”

    2) IMF : “the crisis and austerity have the good effect of facilitate the privatization of many public service”

    3) Draghi in the German Bundestag : “people some nations are not aware that they lose their autonomy, and politician (and mass media) don’t say this truth to them”

    4) the Head of a Big Hedge Fund : “speculation against Euro is even a psicological teast against European people to resit to pressure and fight or to accept the new austerity measure”

    5) Mario Monti many years ago : “we like Euro not like currency, this is secondary, but to force nations to adopts a moder economics modesl (i.e. Liberism)

    6) Draghi: ” the European social well fare state is dead”

    by by frìon Italy

    1. @Piero from Italy,

      6) another “official” declaration of the member of Italian Government to the Parlament when the first law of austerity of Monti was send for appprovation :

      ” in the past the nationl public debt was financed 50% by foreigners to finance the external commercial deficit, but now otuside creditors don’t want finance, so the reduction of internal consumptions (caused by stict fiscal policy) it’s necessary to reduce import and so get the external balance in balance”

      of course this “official” declaration “povery is a necessity” was not pubicized by mass media.. but the measure passed in parliament..

    2. @Piero from Italy,

      There is no conspiracy there if you are able to read Polish or at least think in a Eastern European way.

      The reasons why Western / Southern Europe is in the mess is very obvious: this is the cost of dismantling the national states, rolling back the process which had started in 1848 or earlier. It is also the cost of getting rid of the last remaining institutions of the State Capitalism. In 1848 Italy and Germany were only geographical names. Italy, Spain, Germany and Poland will be geographical names again in 2030. You will have South Tirol, Sicily, Bavaria and Silesia. Just look at the separatism in Spain or “Scottish independence”. Pan-European corporations mostly owned by German/French/Dutch/North Italian capital will constitute the second, neoliberal economic leg of the Zombie Europe. (The other one is bureaucratic). Democracy will only mean more Euro Song contests. Here you can vote as much as you can.

      Italy will be only a part of the registered trademark for registered regional product called “Italian pizza”.

      Please have a look at this old interview with Polish Finance Minister:

      “It is hard to imagine how we could have something that was a stable and continuous mechanism that depended exclusively on intergovernmental cooperation. We do need the European Commission as a neutral referee. One can imagine emergency response happening on the basis of intergovernmental cooperation, but not much more than that. On the other hand, a solution to this great threat must be found. If the institutions that have been created to make the “community method” function — i.e. the European Commission, the European Council (the powerful body of European leaders) and the European Parliament — don’t succeed in being part of the solution, then that will be taken as evidence that we can’t get things done quickly enough through the community method.”

      If someone is to gain power, someone else is to lose it.

      1. @Adam (ak),

        1) conspirancy is the strong view of Barnard, the author of Manifesto

        My opinion is :

        2) Market are 20 Multinational Banks, the other try to follow them (80% of derivative are managed by 6 US Banks like you know)

        3) EU State will lose autonomy (see Draghi at Bundestag or your Pizza Brand) and EU Commission will be new government, but is a long term process and until German Election autum 2013 all will be freeze.. so before of that date there will be a new panic attack to Spain/Italy (by the Market = 20 Banks) to force us to ask aid to Bce (OMT) in exchange of new conditionality (i.e. austerity).. if it’s true or false this forecast is simple : wait six months and see..

        4) Monti/Draghi are against MMT : read my post on declaration of Italian Government about relation between import/export and debt and necessary of poverty

  4. Hi, I’m a professionist in teach italian, here some hints from my vocabulary:

    Pizzah : round thin splatted bread with some mozzarella and juicy tomato on it
    Spagetti : long thin hair made of bread with some “sugo” to better taste
    Sicily : Big island with many black hair beautiful girls
    Berlusconi Yacht : a boat full of wonderful black and blond beautiful girls
    Ferrari : red fast car with four wheels
    Benelli : famous italian shotgun used by usa police to wack up ducks, deers and harmless people

  5. Great effort. However, I do hope Italy has the institutional framework to support a MMT based financial system (here I mean basic government structure that is efficient and it works on all levels). Otherwise, exiting the EU could be just jumping out of the frying pan into the fire.

    1. @Anton,

      My forecast (that is’nt my desire) is :

      3) EU State will lose autonomy (see Draghi at Bundestag or your Pizza Brand) and EU Commission will be new government, but is a long term process and until German Election autum 2013 all will be freeze.. so before of that date there will be a new panic attack to Spain/Italy (by the Market = 20 Banks) to force us to ask aid to Bce (OMT) in exchange of new conditionality (i.e. austerity).. if it’s true or false this forecast is simple : wait six months and see..

      4) Monti/Draghi are against MMT : read my post on declaration of Italian Government about relation between import/export and debt and necessity of poverty

  6. Thanks Warren. However this is not just something I published based on Soft currency economics. It’s a complete blueprint for life and nation-saving economics for any government anywhere, and is published under the new brand Mosler Economics MMT for Public Purpose, or ME-MMT. I hope Warren will post the new logo on this blog. This Manifesto is Mosler Forstater Parguez at their best.

    On translating it: as soon as we find some time to do it. However, the Manifesto is Warren + Mat + Alain accurately word for word as they lectured in Italy back in Oct. so they know what’s in it.

    @Andy: I say, Warren should now firmly establish himself at the top of the ME-MMT for Public Purpose brand name, and invite all the other MMT academics to join once and for all. They owe it to him. There should be an international Mosler Economics School of Government think tank churning out the next generation of white collar technocrats, and it’s what I’ll work on here in Italy from now on.


    1. @Paolo Barnard,

      Dear Mr.Barnard,
      Thank you for establishing sound MMT center in Europe. Impressive success. It looks like Italy is leading force in Europe promoting economy based on correct understanding of functional finance. I second your policy to establish Mosler Economics School of Government think tank but i may not be enough to effectively influence current national government to correct their economic policies.

      Have you considered supporting some bottom-up international movement of democratic countries citizens who understand and support MMT application in national economies ?

      Massive, consolidated movement can hardly be ignored by politicians and governments in democratic countries.

      1. @Cezary Wojcik, Yes, I did. For a long time I favoured the bottom-up approach, untill it became clear to me that something has gone horribily wrong with people’s ability to react in meaningful ways (that is real action rather than pc activism). No more hope in people’s movements in the Western world. Maybe still possibile in Latin America or Asia or Africa, not here. Only chance here is to build a solid army of Mosler Economics technocrats to infiltrate the positions of power, govt, and academia. PB

      2. @Paolo Barnard and Warren Mosler,

        Well, i’m quite aware that ‘couch advisor’ (me) is trying to oppose seasoned front liners speaking out of trenches.

        I wouldn’t count on citizens of Asia or Africa (I have no experience with Latin America). I spent 2 years working in Africa and 1 year in China. None of the talks with these people even remotely related to politics. They just don’t pose questions like :” Has the government done this or that correctly ?”. I don’t blame them. They don’t know what democracy really means. USA society seems to be the most skilled in democratic processes. Probably the only state created on the foundation of democracy from inception. Australian and European countries citizens come the second in line. I’d be happy to be mistaken.

        Mr. Barnard, few videos about MMT seminars in Italy i’ve seen on Utube quite contradict your lack of hope in western culture people. I’m sure i’d heard yourself sharing with a journalist your astonishment about unexpectedly high quantity of seminar attendees.

        Again, I totally second your idea to “…build a solid army of Mosler Economics technocrats to infiltrate the positions of power, govt, and academia”. Fortunately, your plan does not exclude the strategy to spread education about MMT around the globe.

        Please feel invited to the LinkedIn group called “Modern Monetary Theory – MMT World” where various professionals (mostly non-economists) from different countries (currently 30 people including Mr. Mosler, thanks again 🙂 are trying to ignite some passion out of MMT potential among themselves and hopefully further around the globe.

        To get there please click this link first : and then click the button “Join the group”. Once you contribute to the content you will automatically become a co-owner of this group.

        Coming back to your reality i keep my fingers crossed for the success of your plan.

        Looking forward to further discussion i
        wish you all the best


  7. I’m quite sure the italian Manifesto is Barnard’s stuff and not only Warren Mosler and other 2 at their best. Since it has been described as ME and not as “Barnard economics” I think you Warren are supposed to find someone translating it for you as soon as possible and explain the things in it that don’t belong to you.

    1. @Giuseppe Trucco, I do not know, but I’m agree with you that in order to be named ME “Mosler Economics” MMT it should be definitely good to have the english version verified by the author.

      1. @WARREN MOSLER,At the bottom of page 7:

        “Benvenuti nell’Eurozona. Nasce da un progetto del 1943 per sottomettere le economie dei concorrenti industriali di Francia e Germania, e oggi ha purtroppo raggiunto quell’obiettivo”.

        Which means:

        “Welcome to the Eurozone. It comes from a project from 1943 to submit the economies of industrial competitors of France and Germany, and today it has unfortunately reached that goal”.

        In the comments (sub point 10) to your post of 2 Aug 2012 (ECB August meeting) on this blog Paolo had the same kind of claim:

        “it took them 75 years to build it, and starting with the same aim as today: destroy the industrial base of southern Europe, create a huge reserve army of the unemployed in the PIIGS, destroy the very notion of a sovereign State. And it’s all happening right now. There is no competition in this model, Germany and France never even thought of it. Just slavery for the south”.

        And then later clarifying ‘them’ as:

        “French technocrats in the 30′s, then the Austrian school, then French + German technocrats, a host of EU think tanks+lobbies, the Neolcassicals, the Neomercantile corporations of Germany, and finally Italian + Dutch + Luxembourg technocrats too, all with the blessing of the US that always knew better”.

      2. Assuming that’s what is says I either can’t agree or can’t comment as I either have no other knowledge of that history or don’t recall what I thought I knew to be that way.

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