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Some fuses are short but powerful. Modern Monetary Theory. Just a guy on the MMT cyberspace.
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The EU can intimidate any of its adversaries with its 3/60 fiscal rules. Any enemy can look at the healthy finances of Portugal and Greece and they will all chicken-out.
I once asked a friend who was the treasurer of a large investment bank and now the chief operating officer of a large hedge fund whether hedge funds are a net good for society. He told me that they benefit no one but the people that are running them. I think the same of conservative politicians.
The Guardian on our study published today: www.theguardian.com/environment/...
I was shocked when I first saw these results from standard climate models used in IPCC reports: for high emissions, the Atlantic overturning circulation #AMOC shuts down in all 9 models that ran past 2100, and is well on the way to shutdown by 2100. Our paper on that is out today.🧵
Portuguese President states the obvious: Trump acts as if it were a Russian asset.
New Bureau of Economic Analysis data: In 2023 US multinationals booked 42% of their foreign profits in the main tax havens After 2 years of unprecedented decline, profit shifting seems to be rising again Back to the lung-run trend that started in 1978?
FFS.
I wrote about the manifestly illegal attempt to fire Lisa Cook 1/ paulkrugman.substack.com/p/in-the-mat...
This was 100% predictable. Give in to extortion once, and you will be trapped forever.
Global sea level is measured by satellite with precision since 1993. A new study compares the data with IPCC projections from the same time. Both the overall rise and its acceleration (the rate of rise has doubled since) are very close to the data. agupubs.onlinelibrary.wiley.com/doi/10.1029/...
Portugal: average house price is now 426000 euros and average rent hits 1300 euros/month. The minimum salary is €870 per month (paid 14 times per year).
Another war crime to add to the never-ending list A double-tap massacre www.theguardian.com/world/2025/a...
Monday's blog post (25/08) is now posted (17:47 EAST) - Cryptocurrencies are not currencies - billmitchell.org/blog/?p=62736 #mmt
Artificial intelligence software is designing novel experimental protocols that improve upon the work of human physicists, although the humans are still “doing a lot of baby-sitting.”
„Such censorship of scientists has been attempted by failed governments of the past such as Nazi Germany, the Soviet Union, and early communist China, always with disastrous consequences for their citizens.“ Watching MAGA-US sleepwalking into disaster. agupubs.onlinelibrary.wiley.com/doi/10.1029/...
This is such an insane statistic that it's hard to understand. 40% of what is shipped is fossil fuels -- not 40% of things are shipped *by* fossil fuels. 40% of *what is being carried* is the fossil fuels themselves.
MMT scholars might want to start factor in this next revolution because it's not like any other past revolutions (Industrial, Internet, etc). Forget about new jobs that will replace the old jobs taken away. And that's just the tip of the iceberg. This time it's very much different imho.
If this AI trend is not onverhyped, all politicians will be completely lost. Not only AI. This week, the UK government got its first working Quantum Computer. If we mix Quantum Computing and AI, in my view, in under 5 years the world will be vastly different. MMT must not ignore these aspects imho.
Absolutely devastating but no longer headline news… www.bbc.com/news/article...
Monday's blog post (11/08) is now posted (16:31 EAST) - What does it mean for a nation to become bankrupt? - billmitchell.org/blog/?p=62707 #mmt
Acording to Mr. ChatGPT it's going to take a bit longer to overtake human habilities. Imho I think it's going to happen much sooner. And of course the benefits will be in the hands of the owners of these upcoming mega AI platforms.
We have plastic in our brains. And our livers, kidneys, heart, bloodstream and more. In just 8 years, scientists have observed an increase in the amount of bodily plastic. The outcomes of becoming part-plastic are not good. 🎁 via @opinion.bloomberg.com www.bloomberg.com/opinion/arti...
Insanity.
We should never forget the suffering that resulted from the bombing of Hiroshima and Nagasaki 80 years ago. Oh wait, I’m told this is Gaza today.
Our latest estimates of government investment required to introduce a Job Guarantee in Australia - Federal net outlays $A24.8 billion for 386.8 thousand jobs. Compare that to pandemic direct stimulus of $A311 billion over 2020-22. Access our report - www.fullemployment.net/publications...
This, I believe, is the "day the World has changed". In a couple of years, maybe 5 at most, there will be no need for sophisticated human brain capabilities to conduct fundamental or applied investigation, etc. Brain jobs taken by AI, manual jobs by robots. A new world is unfolding.
I believe one of the new mRNA vaccines was expected to treat colon cancer, and another had the potential to keep pancreatic cancer from recurring. That’s what they’re taking away.
We're all glad that EU is on track for consistent"responsible" budgets. Even better would be to slash every and all defence spending so "we" can have surplus in all budgets.
Brazilian president to the American people, "If Trump was Brazilian and did what he did at the Capitol, he'd be on trial in Brazil"
That's just one of many instances of distortion and misinformation in the US Department of Energy "Critical Review on the Impacts of Greenhouse Gas Emissions". Which in fact is a fossil fuel propaganda scam. Let's hope Americans are not that easily fooled. tamino.wordpress.com/2025/08/03/s...
French Army General and Chief of the Defence Staff Thierry Burkhard: "Russia is a lasting threat.The war in #Ukraine is existential for Russia.It’s determined to achieve what it has set as its goal,or at least what Putin has set as his goal,with the ultimate objective, being to weaken Europe& NATO⤵️
American journalist, historian, and author Anne Applebaum on the West's biggest mistake in Russia's war against #Ukraine: "The West doesn't understand the extremism of Putinism. They keep imagining that there's a deal to be done, that if we just give Crimea to Russia, then he'll stop fighting.⤵️
I have a new post over at The Climate Brink on how the recent DOE report on climate science and the EPA's proposed overturning of the endangerment finding used and misused my research: www.theclimatebrink....
🚨 If you're interested in working on a coordinated response to the DOE climate report, please enter your info on this google form 🚨 Please RT this so as many people see it as possible. forms.gle/BL9xUAfRxA...
Motherfucking wind farms…
Join us if you are in Maputo, Mozambique! About the event: The event aims to promote an open and solution-oriented dialogue on the challenges and opportunities facing the African continent in the current international landscape.
Whose interest does the IMF really serve? Fadhel Kaboub explains: youtu.be/pRrAVQMcBU4
Trump helping degrowth. Who would have thought. The problem is that this unhinged strategy will hurt the poor the most.
If anyone's interested, there are 16000 houses available for sale in Portugal with prices starting at 1 million euros.
Right on!
Good career opportunities coming from Sweden. Bonus points: it is a monetary sovereign country because its Central Bank issues Swedish Krona.
Jorge M. da Silva gave an interview today to the Portuguese public television. He is the executive director for UNOPS which is the UN agency for Gaza. He clearly affirmed that among all conflict zones (Somalia, Sudan, Myanmar, Afganistan, etc), Gaza is the single one where UN can't provide food aid.
No worries. CBs will raise interest rates. Problem solved.
The interesting thing is that if this isn't considered piracy, so no criminal penalties, then scientific articles should be of free access to everyone and even scientific books. The other is patents copied for competitor entities' advantage. The wild west.
european-alternatives.eu/alternatives...
🚨BREAKING: The last journalists working for AFP in Gaza have said they can no longer work for the news agency. They are out of energy and they are starving to death. I have never seen a statement from a news organisation like it. 🧵
If he denies it's because it's: ______ .
Progress, right?
My latest. open.substack.com/pub/stephani...
www.doctorswithoutborders.org/latest/devas...
The MML #MMT Tour - we would love to meet you. 1) Bristol Anti-Austerity Conference Fri/Sat 12/13 Sept. 2) Amsterdam 1-Day/Evening MMT Workshop Sun 14 Sept. 3) Sheffield 2-Day MMT Workshop Sat and Sun 20/21 Sept. 4) Vienna 2-Day MMT Workshop Sat and Sun 27/28 Sept. More details to follow.
What Worries Me About the 'Big Beautiful Bill' Isn't the Price Tag. It's Everything Else. open.substack.com/pub/stephani...
And the Oscar for the most stupid magazine cover of the year goes to...
Monday's blog post (07/07) is now posted (16:07 EAT) - The Eurozone Member States are not equivalent to currency-issuing governments in fiscal flexibility - billmitchell.org/blog/?p=62651 #mmt
Monday's blog post (14/07) is now posted (09:16 EAT) - How to break out of the commodification of everything - billmitchell.org/blog/?p=62659
Some guy says something about tariffs www.npr.org/2025/07/14/n...
Brasil was able to send to trial its most important criminal, so Brazilians don't have to deal with a similar horror show.
The frequency of the longest and most dangerous heatwaves is increasing as the planet warms
No, it's not your imagination. Extreme weather is getting more extreme.
I always keep this chart in handy to remind that public debt and inflation are totally uncorrelated. In fact, if gov deficit is channeled to support sectors of high demand, naturally, given enough resources, there will be more of those services and products for sale, 'lowering' their prices.
We see here a self-styled "honest broker" with decades of experience in downplaying climate change presenting an age-old climate denial trope: using *annual* rainfall data as argument against an increase in *extreme* rainfall. Does he *really* not know better? Or assume his readers won't? 🧵1/5
CO2 emissions accumulate in the atmosphere, much of it stays there for millennia.
The global public procurement market is worth an estimated US$13 trillion and is one of the biggest untapped levers for change that governments have, for achieving green industrial strategy. Great to Speak at the UN Environment Programme conference on Sustainable Public Procurement in Latin America.
And yes, Liberia is located on planet Earth. Who would have thought.
And Starmer has nothing to say There is no way that the UK government, and those of the rest of the western countries looking the other way, are not complicit in genocide Obscene, indefensible and criminal www.theguardian.com/world/2025/j...
Meaning 75% don't care to have children. One has to wonder why in such a democratic and liberties and guarantees political block.
Portugal, portrayed by the European institution as a success story after the Troika austerity policies intervention, has become this. www.portugalresident.com/its-official...
As soon as solar radiation is put into practice and provides 'good results', it will mean everybody pumping CO2 into the atmosphere at a rate like there's nothing else better to do.
New Scientist has a report on a controversial issue discussed last week at the #GlobalTippingPoints conference in Exeter: will we need solar radiation interference as a desperate measure, as politicians are failing to phase out fossil fuels? www.newscientist.com/article/2487...
What people are asking is how they can pay a home or the monthly rent in PT.
Interesting. It is called global, but in fact is “a national effort to strengthen Australia’s research capability and scientific leadership by securing world-class researchers from the United States.” By the way, you’re welcome in Europe, too.
“After losing nearly 600 employees to layoffs and retirements as part of the Trump administration’s sweeping cuts to the federal work force, the National Weather Service is planning to hire additional staff members to ‘stabilize’ the department.” 🙄
Everyone, don’t fall for that fake story about SMOC reversal; the actual paper says nothing about Southern Ocean overturning circulation or deep water formation. See John Kennedy’s thread.
Good news, the Financial Times ran a piece on degrowth. It’s a 3-min video starring economics columnist Soumaya Keynes. Perfect opportunity to prolong the discussion by mobilising some of the academic literature on the topic. Full article: timotheeparrique.com/a-response-t...
Degrowth...
At the moment, we are planning to run our MMT weekend seminar in September (once more) in the UK, this time probably in Sheffield, and then again in Amsterdam, in the two weeks following the Bristol Anti-Austerity Conference. modernmoneylab.org.uk/events/brist... More information to come....
Short thread with 2 basic facts you should know about this kind of flash flood. ⬇️
What could go wrong.
My translator tells me "thoughts & prayers" is an American political expression that means "we'd rather have a secret police force than a weather service".
🚨 Today, Deutsche Bank, Santander, ING, and Natixis (Groupe BPCE) renew their support for Venture Global LNG, the largest liquefied natural gas #LNG developer, by helping its subsidiary, Venture Global Plaquemines, in issuing two bonds worth a total of US$4 billion. Why is this support problematic?
Just received news that 27 people have been arrested in Parliament Square under the Terrorism Act 2000 for holding signs saying "I oppose genocide. I support Palestine Action". This is real police state behaviour.
The disaster: during the first trimester of this year, the housing prices increased 16,3% in Portugal compared to 5,4% in EU. The insane housing prices saga continues on top of the previous cumulative already insane prices increase. These are Eurostat HPI index data. www.publico.pt/2025/07/04/e...
Trump exposing the great US myth of the entrepreneur. All private enterprise is shored up by public money. To talk of ‘free-markets’ and ‘competition’ is just fantasy. The whole economic system is rigged by corrupt politicians who then pretend that only the fittest survive.
The US Global Change Research Program's website, including all its sub-domains that host the National Climate Assessments and related reports, is now offline. The 1990 Global Change Research Act (see below) mandates its research findings be available to all federal agencies & departments.
Which is why it's important to follow the editorial cartoonists. We use visual metaphors (Lies: pants on fire, Pinocchio nose, etc) without spelling it out.
The #GlobalTippingPoints2025 conference has started! Over 500 scientists are discussing the latest science on Earth System risks here in Exeter.
Endless economic growth starts to look more like there isn't going to be much of a future.
This MUST happen www.theguardian.com/environment/...
The US is falling behind the curve on solar power – a key energy source of the 21st century. We are losing our edge to China on the technology that we originally invented. Now Senate republicans want to take out our solar industry at the knees in their "Big Beautiful Bill":
Is it too late to give Sacha Baron Cohen an Oscar for this? Not a damn lie told. 🇺🇸
House prices have doubled in the past 7 years in Portugal. Rents have increased 80% during the same period. The salaries have not increased at the same pace. www.rtp.pt/noticias/eco...