Stephen Torsi

@RelearningEcon @threadreaderapp unroll please

Fractional reserve banking is one of the most persistent myths in economics. It sounds technical, but it describes a world that no longer exists, and pretending it does keeps us misunderstanding how banks actually create money. 🧵1/12

Polanyi on the rise of fascism: "the victory of fascism was made practically unavoidable by the liberals' obstruction of any reform involving planning, regulation, or control."

@JKSteinberger This might help regenerativeeconomics.earth/home

Economic pluralism question: ❓❓❓ does anyone have articles or resources for teaching economic pluralism at the secondary school level? 14-16 yo students, general pre-university high school. 🙏🙏🙏

The 2024 state of the climate report: a report by leading international scientists on recent trends in planetary vital signs. (Ignore at your peril.) academic.oup.com/bioscience/art…

The decaying nature of capitalism illustrated by Premier League football shirt sponsors

US Government = Currency Issuer State Gov. = Currency User Local Gov. = Currency User Corporations = Currency Users You, Me = Currency Users If you consider yourself on the Left but don't understand, I've written several substack posts, in layman's terms, to help explain. 🧵

Reminder: the UK government cannot run out of money. There was never, and will never be a fiscal black hole. The government’s deficit is the non-government’s surplus. The government’s (so-called) “debt” is the non-government’s net financial asset. We’re the non-government

@JosephNWalker @threadreaderapp please unroll

Australia has relatively high state capacity. That is, our administrative state is unusually effective. This deserves study, but I was surprised to find that very little had been directly written on the topic. So the economist Peter Bowers and I produced a literature review.🧵

For the first time since WWII, an extreme right party came 2nd in German national elections. Their rise was fueled by austerity and free market economics. To defeat the far right, we must adopt an anti-fascist economic policy that provides an alternative to the status quo.

Inequality is an externality

"Under the proposal...government would not issue interest-bearing securities to the public...Deficits or surpluses in the government budget would be reflected dollar for dollar in changes in the quantity of money." 1/ ~Uncle Miltie

Welcome to the Divided States of Oligarchy: Elon Musk Wealth 2012: $2 billion 2025: $449 billion Jeff Bezos Wealth 2012: $18 billion 2025: $245 billion Mark Zuckerberg Wealth 2012: $44 billion 2025: $217 billion Federal Minimum Wage 2009: $7.25 an hour 2025: $7.25 an hour

Celebrating our first Masters graduates in the Economics of Sustainability program, December 2024. "Honoured to know everybody here and have loved every minute of the learning!" - Christian Reilly, @MMTpodcast Thinking of joining us? Find out more at torrens.edu.au/courses/busine…

@ClintonAlden @threadreaderapp please unroll

#TaxTalk Economic Justice begins with monetary reality. The myth that 'taxes fund government spending' isn’t just wrong—it’s a bourgeois lie designed to constrain the working class while protecting capitalist wealth. Let’s dismantle this myth. 🧵"

Between 2002 and 2018, some groups actually increased their wealth on certain measures. For young people and middle Australians, experts from @unimelb @RMIT and @Sydney_Uni say it’s a more sobering picture. theconversation.com/our-analysis-o…

The finance deal at #COP29 falls short of what’s required & risks increasing reliance on an extractive private sector-led development model 🔗 Our joint report w/ CPE on an alternative focused on global solidarity, institution building & public investment common-wealth.org/publications/a…

The False Economy of #BigFood—New analysis for @FFC_Commission has found that the costs of Britain’s unhealthy food system amount to £268 billion every year—almost equivalent to the total annual UK #healthcare spend. The report by CUSP co-director @ProfTimJackson provides the first comprehensive estimate of the food-related cost of chronic disease, caused by the current food system. → cusp.ac.uk/themes/aetw/tj…

"A psychiatric diagnosis.....contains a narrative about what progress or recovery should look like...dictating a person’s sense of self... intruding so deeply into their identity that it may be difficult to imagine an alternative way of being". aeon.co/essays/japans-…