PoorNoMore — ஏழைகளே இல்லாத உலகம்

  Impact of external trade on the economy of a country varies vastly based on (i) whether the currency is convertible on demand to gold/$ or it is a non-convertible fiat currency with no intrinsic value and (ii)whether the country's currency is exchanged with other countries' currencies at fixed rates or floated in the forex market, so the rates will keep reflecting the demand and supply.  If it is convertible fixed exchange rate currency system, like gold standard or gold exchange standard, it requires building forex/gold reserves, as the central bank may have to buy its own currency in the foreign exchange market using its foreign currency reserves to maintain the fixed exchange rate; and the reserves should be sufficient to back the circulating currency. If it is fiat non-convertible floating exchange rate currency system, then the forex/gold reserves will not be required to back the circulating currency (as there is no promise to convert currency into gold/$ on demand) but...

  OPERATIONAL REALITIES OF MODERN MONEY This working paper is an INTRODUCTION to Collected Works of Warren Mosler (www.collectedworksofwarrenmosler.com) RAJENDRA RASU  Research Fellow, Global Institute for Sustainable Prosperity ABSTRACT The Purpose of this paper is to demonstrate clearly that every country can realize the optimum productive potential of its real resources with an appropriate monetary system and measures. The Collected Works of Warren Mosler is a compilation of Mosler's work on the operational realities of money and the monetary system, which got the name Modern Monetary Theory (MMT) subsequently. It is collated under various relevant topics, with his simple, penetrating revelations bringing out the truths of profound significance about misused monetary measures and the real economy. Mosler has brought a totally new perspective to the way the economy is understood by revealing how fundamental misunderstandings of the real economy have resulted in deprivation a...

The purpose of the proposal is to show the common man, policymakers, Government & other stakeholders that it is possible to achieve full employment and price stability through sustainable development of villages, in a country like India which is resource rich.  And we are providing a model & structure to do that.   Is  it  possible to have a workable structure to achieve this?   India occupies top 3 position in cultivation of many of the farm produces. To sustain and get the maximum benefit out of this, we need to streamline the entire process. This strength is not utilized to get maximum economic benefit to farmers, farm workers and villages. We  need an innovative structure to get the best possible outcome.  Farmers not getting adequate return is a perennial problem in India; produces like tomato thrown to landfill due to excessive supply is a regular occurrence, conveying lack of planning. Middle men and retailers reap the benefits at t...

The above proposal has evolved out of conversation with Warren Mosler & the  verbatim extract of the correspondence is given below:  Warren Mosler:  Thoughts on proposing to make the rural poor employment program universal and with a somewhat higher wage?   Rajendra Rasu:  The employment program for rural poor is called NREGA (National Rural Employment Guarantee Act) program.   WM: Ok    Raj:  We need to carefully look at the situation. Indian context is unique, compared to developed economies. It has an extremely high share of informal workers, 94%.   WM: Is the NREGA wage above informal sector wages?   Raj:  NREGA wage has been increasing every year, presently it is at Rs 200 ($3) pet day. It is lower than prescribed minimum wage which is Rs 300 per day. Informal wage varies hugely state to state, based on demand & supply. In Tamilnadu, it is very high Rs 600 per day for men, Rs 400 for...

MMT India presented a policy proposal during Oct. 2019 in which the possibility of sudden disruption to all economic activities was considered and proposed an economic model focused on ensuring availability of basic necessities to all at all times and having critical & strategic infrastructure in place to meet any eventuality. Covid19 is the worst crisis faced in the modern era, which caught all the countries, particularly the developed nations, completely unprepared & woefully short in their response to medical exigency of unseen proportion. No other crisis known to us has brought entire world to a total physical standstill, abruptly stopping all activities. It is not only a health crisis which doesn't have a known cure, it is spreading very fast & killing people, it could cause unimaginable economic disruption, shattering the livelihood of millions & millions and destroy most of the private sector if the impact is long-lasting. The crisis is unprecedented and...