Podcasts about general principles

▶ Splash Page: https://i.mtr.bio/biblebashed ▶ Rumble: https://rumble.com/c/BibleBashed ▶ YouTube Channel: https://www.youtube.com/channel/UCMxYyDEvMCq5MzDN36shY3g ▶ Main Episode's playlist: https://youtube.com/playlist?list=PLtY_5efowCOk74PtUhCCkvuHlif5K09v9 ▶ Patreon: https://www.patreon.com/BibleBashed ▶ Facebook: https://www.facebook.com/BibleBashed ▶ Twitter: https://twitter.com/BibleBashed In this conversation, the speaker, Pastor Tim Mullet, discusses the biblical perspective on marriage, emphasizing that it is not optional according to God's design. The discussion covers the foundation of salvation in Christ, the historical context of marriage, changing societal attitudes, and the consequences of singleness. Pastor Mullet argues that marriage is a divine institution with responsibilities for procreation, and highlights the importance of understanding God's intentions as presented in the scriptures. In this conversation, the Pastor Tim discusses the biblical perspective on marriage, singleness, and the commands of God. Emphasizing that God's commands are blessings rather than curses, the speaker argues that marriage is a duty and responsibility rather than an optional pursuit. The conversation explores the purpose of marriage in God's plan, highlighting its significance in procreation and mutual support. The speaker also addresses the challenges of singleness, encouraging those who desire marriage to actively pursue it with confidence and a sense of obligation. Takeaways Christianity teaches that salvation is found in Christ. Marriage is presented as a divine institution in Genesis. Historical perspectives show a shift in attitudes towards marriage. The age of first marriages has increased over the decades. Societal changes have influenced the church's view on marriage. God describes man's single state as not good, indicating incompleteness. Marriage is a duty and responsibility, not just a personal choice. The Bible begins and ends with the concept of marriage. God's design for humanity includes the blessing of procreation. The church must recognize the importance of marriage in God's plan. God's commands are blessings that lead to life. Marriage is presented as a duty and responsibility. The world often misunderstands the purpose of marriage. People are inescapably made for marriage. The church's role is to uphold God's design for marriage. Singleness should not be romanticized if it feels like a curse. Pursuing marriage requires confidence and initiative. Marriage reflects Christ's relationship with the church. The Bible presents marriage as a normal expectation for humanity. God's plan for marriage is central to His redemptive story. Chapters 00:00 Introduction and Warning 01:30 The Foundation of Salvation in Christ 02:59 Marriage: A Divine Institution 05:56 Historical Perspectives on Marriage 10:12 Changing Attitudes Towards Marriage 14:57 God's Design for Marriage 19:49 The Consequences of Singleness 24:52 General Principles of Marriage 27:51 The Responsibility of Procreation 28:35 The Command of Dominion and Its Blessings 33:18 Marriage as a Duty and Responsibility 38:34 The Purpose of Marriage in God's Plan 47:53 Navigating Singleness and the Pursuit of Marriage --- Support this podcast: https://podcasters.spotify.com/pod/show/biblebashed/support

Originally Recorded September 16th, 2024 About Dr. Roger Nutt: https://www.avemaria.edu/faculty-and-staff/roger-nutt-s-t-l-s-t-d Check out Dr. Nutt's book, General Principles of Sacramental Theology: https://www.amazon.com/General-Principles-Sacramental-Theology-Roger/dp/0813229383 Check out Dr. Nutt's course on The Pursuit of Wisdom, Introduction to Sacramental Theology: https://thepursuitofwisdom.org/course/sacramental-theology This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit musicallyspeaking.substack.com

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If you've ever listened to an episode of Disordered and felt the need to ask "Yes, but what about when ...?", then this episode is for you. A common struggle among people trying to overcome chronic and disordered anxiety is gaining the ability to generalize the principles of recovery and apply them in an individual context. Anxious people will often hear advice aimed at different types of anxious presentations, then ask for specific advice aimed at their specific fears or thoughts or symptoms. That's a reasonable thing to ask of course, but what if the advice you're hearing for panic attacks also applies to GAD or OCD or health anxiety? Can you see how the principles of eliminating avoidance and doing the opposite of what your fear wants to you do might apply in your situation? Recovery isn't necessarily about learning how to eradicate your specific symptom or worry. It's about learning that avoiding and struggling against your internal experiences is making things worse instead of better. This general principle is applicable regardless of the specific struggle in any given moment. --- Struggling with worry and rumination that you feel you can't stop or control? Check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Worry and Rumination Explained⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a two hour pre-recorded workshop produced by Josh and Drew. The workshop takes a deep dive into the mechanics of worrying and ruminating, offering some helpful ways to approach the seemingly unsolvable problem of trying to solve seemingly unsolveable problems. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/worryrumination⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ----- Want to ask us questions, share your wins, or get more information about Josh, Drew, and the Disordered podcast? Visit us on the web at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://disordered.fm⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Chapter 2: General Principles of Criminal Liability Actus Reus (The Criminal Act) Actus reus, or the "guilty act," is a fundamental component of criminal liability. It refers to the physical act or unlawful omission that constitutes a crime. The actus reus can take various forms, including voluntary bodily movements, omissions to act when there is a legal duty to do so, and possession of illegal substances or items. Voluntary Acts: For an action to be considered actus reus, it must be a voluntary act. This means the act must be a conscious and willful bodily movement. Involuntary actions, such as those occurring during a seizure or under duress, do not typically constitute actus reus. Omissions: In some cases, failing to act can fulfill the actus reus requirement if there is a legal duty to act. Legal duties to act can arise from statutes, contracts, relationships, voluntary assumption of care, or creation of peril. For example, parents have a legal duty to provide care for their children, and failing to do so can result in criminal liability. Possession: Possession of illegal items (such as drugs or unregistered firearms) can constitute actus reus. Possession can be actual (physical control) or constructive (having control or the ability to control an item even if it is not in one's direct physical possession). Mens Rea (The Criminal Intent) Mens rea, or the "guilty mind," refers to the mental state or intent required to commit a crime. Different crimes require different levels of mens rea, ranging from specific intent to strict liability, where no intent is required. Specific Intent: Some crimes require that the defendant have a specific intent or purpose to bring about a particular result. Examples include premeditated murder and burglary. General Intent: General intent crimes require that the defendant intended to perform the act that constitutes the crime, but do not require intent to achieve a specific result. Examples include battery and rape. Recklessness: Recklessness involves consciously disregarding a substantial and unjustifiable risk that a certain result will occur from one's actions. This level of mens rea is often seen in crimes like manslaughter. Negligence: Criminal negligence occurs when a person fails to be aware of a substantial and unjustifiable risk that their conduct will cause a particular result, and this failure constitutes a significant deviation from the standard of care a reasonable person would observe. Strict Liability: Strict liability crimes do not require any mens rea. The mere commission of the act is sufficient for criminal liability. Examples include statutory rape and many regulatory offenses, such as selling alcohol to minors. Concurrence of Actus Reus and Mens Rea For a defendant to be found guilty of a crime, there must be a concurrence between the actus reus and the mens rea. This means that the defendant's criminal intent must coincide with the criminal act. For example, if a person plans to commit theft and then carries out the act, the intent and the action are concurrent. Causation and Harm Causation is a critical element in establishing criminal liability. It links the defendant's actions to the resulting harm. There are two types of causation: factual causation and legal causation. Factual Causation: Also known as "but-for" causation, it means that the harm would not have occurred but for the defendant's actions. For instance, if a person shoots another, and the victim dies as a result, the shooter is factually responsible for the death. Legal Causation: Also known as proximate causation, it considers whether the harm was a foreseeable result of the defendant's actions and whether it is fair to hold the defendant legally responsible. Proximate causation limits liability to those harms that are a direct and natural result of the defendant's actions. --- Send in a voice message: https://podcasters.spotify.com/pod/show/law-school/message Support this podcast: https://podcasters.spotify.com/pod/show/law-school/support

Join three leadership scholars and practitioners as they discuss the International Leadership Association's General Principles for Leadership Programs. They focus on international contexts, colonization, culture, and critical perspectives. This conversation is relevant to leadership educators and leaders within and beyond higher education. How do we cultivate leadership informed by context and an international perspective?

Over the course of history, human nature hasn't changed a great deal, but culture and institutions are another story. And a key way of explaining those l shifts in history is through the lens of evolutionary economics.Geoffrey Hodgson is a professor at Loughborough University and has written numerous books including Darwin's Conjecture: The Search for General Principles of Social and Economic Evolution and How Economics Forgot History: The Problem of Historical Specificity in Social Science. His work examines the crucial role economics plays in explaining the history of everything.Geoffrey and Greg discuss the evolution of legal and financial institutions, why traditional economic theories, like general equilibrium models, don't quite pan out when explaining complex social systems, and how the key to finding a general theory for the social sciences may be Darwinism.*unSILOed Podcast is produced by University FM.*Episode Quotes:On the theory of firm33:04: Our argument is really, firms are historically specific. Human cooperation in production is back to the primates. We've banded together and hunted things together, but they aren't necessarily firms in the sense that business school students understand firms or want to apply that knowledge to understanding how firms operate. So we do have teams, groups, and hunting bands in different species, but the firm is something more. It's something long-lasting as mechanisms, which means it can outlive the lives of everyone within it—all employees, all owners, all shareholders—it can all be outlived by the firm. We have several firms which have literally existed for hundreds of years, and that's really important.Focusing on the systems behind the memes25:19: Rather than arguing about the definition of the meme, I think look more concretely at the psychological, organizational, legal, and other cultural rule systems that are involved.Collateralization is also a very old concept, but it's underdeveloped46:44: Mortgage is an old word. I mean, with the pawnbroker shop, they had pawnbroker shops in ancient Rome, so if you had a gold ring or something, you put it in, and that's a form of collateralization. You deposit the ring, a good bit of gold, you get the money out, and then you either repay it and get the gold back or you use the money. You don't. So collateralization is also a very old concept, but it's underdeveloped.Is the issue with business people using evolutionary metaphors a lack of precision? 20:13: Precision isn't everything. It's important. I would emphasize conceptual precision because often when people say we need more precision, they go off and try and build a mathematical model, but then they assume out of some of the problems and difficulties that were there at the beginning that the discussion about what should be done in terms of research is ruled out.Show Links:Recommended Resources:General equilibrium theoryGame theoryJohn DeweyThorstein VeblenThe Selfish Gene by Richard Dawkins Adam SmithRonald CoaseOliver WiliamsonAlchian and DemsetzViolence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History by Douglass C. North, John Joseph Wallis, and Barry R. WeingastFirst Bank of the United States Joel MokyrDeirdre McCloskeyGuest Profile:Faculty Profile at Loughborough UniversityProfessional WebsiteHis Work:Darwin's Conjecture: The Search for General Principles of Social and Economic EvolutionFrom Pleasure Machines to Moral Communities: An Evolutionary Economics without Homo economicusHow Economics Forgot History: The Problem of Historical Specificity in Social Science Conceptualizing Capitalism: Institutions, Evolution, FutureThe Wealth of a Nation: Institutional Foundations of English Capitalism“Social Darwinism Revisited: How four critics altered the meaning of a near-obsolete term, greatly increased its usage, and thereby changed social science” | Journal of Evolutionary Economics

April 20, 2024 - Saturday 3:30 MPR 4 Speaker   Speaker:David Sproule   10-class training class to train people to teach teens and adults   Teacher Selection (Page 6 of notebook) Everyone Needs to Teach. Not Everyone Needs to Teach (in a Classroom). There Needs to Be a Selection Process. Elders have some responsibility to guard the flock Teacher Preparation (Page 7 of notebook) Class #1: Introduction to Teaching at This Congregation Teach Teach the Bible Class #2: How to Be an Effective Bible Class Teacher Have a deep reverence for God Soberly be reminded of your responsibility Only teach what fits you Don't teach what you don't know Some topics don't need to be taught by some people Only teach what fits the students Only each what you have made your own Realize each class is important Don't forget your goal Class #3: General Principles for Preparing Bible Class Lessons Pray Let Bible explains itself before consulting commentaries Keep it in context Thoroughly study and prepare in advance Class #4: Preparing a Textual Study for a Bible Class Lesson (See Lesson 8) Class #5: Preparing a Topical Study for a Bible Class Lesson (See Lesson 9) Class #6: Preparing a Character Study for a Bible Class Lesson (See Lesson 10) Class #7: General Principles for Presenting Bible Class Lessons Use your notes Don't raise questions you can't answer Lean on the mature, knowledgeable Christians in the class for support. Might be a sister offering wisdom in class Wrap up the class in a nice package Class #8: Students Presenting Textual Bible Studies Class #9: Students Presenting Topical Bible Studies Class #10: Students Presenting Bible Character Studies Teacher Evaluation Evaluation Is Essential to Ensure Excellence in Our Education Efforts. Talk to the Teacher. There Needs to Be an Evaluation Process. Teacher Appreciation Showing Appreciation Is Biblical. Showing Appreciation Is Effective. Showing Appreciation Is Simple. Publicly Short notes Annual Teacher Appreciation Banquet The Blessing of Being a Bible Class Teacher Many Excuses Are Offered to Avoid Being a Bible Class Teacher. The Blessings & Benefits from Being a Bible Class Teacher Are Innumerable. The Blessings of Being a Bible Class Teacher Far Outweigh the Excuses. Will You Accept the Challenge of Being an Effective, Loving, Passionate Bible Class Teacher?   Video: https://www.youtube.com/watch?v=8rLQj7kurnY Duration 40:51

After some therapy for us all about our hobby addition, we kick off a new weekly topic - our Hits, Misses and Favourite parts of Warhammer The Old World - Starting with General Principles through to formations and Troop Type Summary.Follow us for lots faction reviews and Old World content on our Youtube channel as well - https://www.youtube.com/@oldworldfanatics[03:08] - Shoutouts[06:48] - News [14:25] - Tournament Shoutouts[24:46] - Hobby[40:18] - Hobby Therapy[54:22] - Hits, Misses & Favourites[1:33:50 ] - OutrosLinks and ShoutoutsCastle Assault 24 - https://docs.google.com/forms/d/e/1FAIpQLSeLyLmgamXBye3LpKjp07CxZ_sCQgbO8uKv80QzHjhTtSduxg/viewformBest Coast Pairings - https://www.bestcoastpairings.com/Tournaments

Follow along with our Nailed it Board/OITE Podcast Companion book. Get your copy by clicking here >> https://a.co/d/cr4i8nD  Enjoy another episode from our board review series featuring Dr. Cole and Dr. Woolwine.   This episode is sponsored by the American Academy of Orthopaedic Surgeons: Filled with content that has been vetted by some of the top names in orthopaedics, the AAOS Resident Orthopaedic Core Knowledge (ROCK) program sets the standard for orthopaedic education. Whether ROCK is incorporated into your residency curriculum, or you use it independently as a study tool, the educational content on ROCK is always free to residents. You'll gain the insights and confidence needed to ensure a successful future as a board-certified surgeon who delivers the best patient care. Log on at https://rock.aaos.org/.

Follow along with our Nailed it Board/OITE Podcast Companion book. Get your copy by clicking here >> https://a.co/d/cr4i8nD  Enjoy another episode from our board review series featuring Dr. Cole and Dr. Woolwine.   This episode is sponsored by the American Academy of Orthopaedic Surgeons: Filled with content that has been vetted by some of the top names in orthopaedics, the AAOS Resident Orthopaedic Core Knowledge (ROCK) program sets the standard for orthopaedic education. Whether ROCK is incorporated into your residency curriculum, or you use it independently as a study tool, the educational content on ROCK is always free to residents. You'll gain the insights and confidence needed to ensure a successful future as a board-certified surgeon who delivers the best patient care. Log on at https://rock.aaos.org/.

Thank you for listening to this episode. We pray it blesses you in Jesus name.

In this episode, Sev talks about many of the major areas within the General Principles module that could be tested on the CFP® exam. Education planning, retirement planning and mortgage calculations are explained, along with the Federal Reserve, the financial planning process, the standards of conduct and code of ethics. ____________________________________________ About Sev Meneshian

Notes from our episode International Leadership Association: https:/ilaglobalnetwork.org ILA Committee for the Advancement of Leadership Programs: https:/ilaglobalnetwork.org/about/advancement-of-leadership-programs/ ILA General Principles Document: https://ilaglobalnetwork.org/wp-content/uploads/2021/02/Feb-8-2021_-ILA-General-Principles-Concept-Paper.pdf Want to stay connected to the NASPA SLPKC? Follow us on Social Media: Email: slpchairs@gmail.com Facebook: Student Leadership Programs Knowledge Community Instagram: @naspa_slpkc Twitter/X: @naspaslpkc Looking to volunteer with the SLPKC? Check out our open volunteer opportunities at: www.naspa.org/volunteer Want to stay in touch with the National Clearinghouse for Leadership Programs? Follow us on Social Media: Email: nclp@umd.edu Instagram and Twitter/X: @the_nclp Facebook: National Clearinghouse for Leadership Programs We also look forward to welcoming you to the 2024 Leadership Educators Symposium. The symposium will be hosted at the University of Tampa from December 13-15 For more information and to register, please visit nclp.umd.edu/programs

 This episode is sponsored by Eckard Enterprises. To start empowering your financial future, visit www.EckardEnterprises.com This is a reboot to talk about the general principles of asset protection for physicians. It means more than getting an adequate medical malpractice policy. It involves managing risks to hold on to the wealth we have accumulated. A good asset attorney will look at their clients holistically to anticipate areas where they may be at risk over and above being a physician, such as being a business owner, a board member, a spouse, an investor, etc. Ike Devji has written hundreds of articles about asset protection and spoken at national conferences.  He works with clients across the country. He has links on his website with valuable free information about ways to protect yourself.  You can learn more at www.ProAssetProtection.com

What are the building blocks for good design? Why do some gardens just feel right? In this episode we chat about how to apply design principles for creating or improving your garden. We talk about the theory behind landscape design elements, principles and even laws, and share practical ways to achieve these. If you love a list, a bit of theory and some formulas for great garden design, then tune in for a light-hearted exploration of our top three design principles. Photos for this episode are on Instagram at OnGardenDesign ☕☕☕ BUY US A COFFEE if you loved this episode

Guests: Kristan Williams (MS Principal Plano campus), Jillian Bryant (Assistant Athletic Director Plano campus), and Gabe Boyd (parent North campus)   NOTE: Clint Davis will be speaking to parents about all things relating to social media - Tuesday, Oct. 24th at the Plano campus and Monday, Nov. 13th at the North campus, both from 6:30-8:00 pm   How do we engage, as Christian parents, with PCA - from athletics to academics and all facets of the school…especially when we feel that there is an issue or concern that we wish to express and address?   General Principles for Parents: Train up your children to self-advocate, to speak for themselves where and when appropriate - and to start with expressing their concern directly to their coaches or teachers. If parents need to engage with their students, start the communication process with the coach or teacher directly - and make sure that all communications are presented in a Christ-like manner that honors the position and person you are communicating with. If you feel that an issue remains unresolved, you can work your way up to the next level after addressing it first with the coach or teacher.   Parents - in athletics, coaches are not going to talk about playing time or other athletes, but they will help you understand how your athlete can improve on skills or attitude.   Parents - ask your students questions about situations, but also learn to listen to other perspectives before you draw conclusions on issues.   Parents - what teachers and coaches observe at school might be different than what you observe at home; situations are different, expectations are different. If your student is caught or accused or doing something wrong, it is an opportunity to train your children to respond with humility and develop maturity in the process.   Parents - teachers and coaches are not perfect, either. Please extend them the same grace that you expect them to extend to your students. When mistakes are made by anyone, create an atmosphere of cooperation and allow for forgiveness and restoration. Conversations can be conducted without condemnation. When engaging in conversations and meetings, assume positive intent and look for a workable solution.   Parents - remember that you are modeling proper behavior and attitude for our children. If a mistake is made, apologize and seek reconciliation. It's easier to forgive others when you've been forgiven much!   The Soul of Civility: Timeless Principles to Heal Society and Ourselves by Alexandra Hudson Special shout out to Jared Wood for allowing us to use his music - check him out at JaredWoodMusic!

Thank you for joining us for our series on Parenting Adult Children. Many of you have or will soon have adult children so we hope you find these episodes helpful as you navigate this unique stage of life. During this series, we are looking at several aspects of the relationship between parents and their adult children - morality, communication, finances and how to lead by example. In today's podcast, we are looking at some general principles for parenting our adult children. We will discuss the challenges of the "sandwich" generation and answer the question, "If I'm still taking care of my children and my parents, who's taking care of me?!" Next week, we will wrap up this series as we discuss how to lead our adult children by example. If you have questions, comments or topic ideas, please email Dr. Irv at hopewellcounsel@gmail.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/hopeforthehurting/message

Summarizing what came before, Paul talks more about what it looks like to live for Christ.

09.03.2023 | Romans 13:1–7 | Rev. Román González

Paul talks about general principles on how we can honor and obey God that can apply to any/all circumstances in our lives.

In this episode of the Jaded Mechanic podcast, Jeff is joined by guest Jesse Sammons. They discuss the nerves and self-doubt that can come with being surrounded by impressive individuals in the automotive repair industry. Jeff shares his tactic of surrounding himself with smarter people and how it has benefited his career.We discuss a positive work environment for their employees, drawing from their own negative experiences in previous workplaces, and fostering a growth-minded culture where individuals not only enjoy their work but also find fulfillment in their interactions with colleagues.Additionally, we disucss establishing a space where individuals can enhance their skills and grow professionally and the importance of employees improving their abilities, as this will enable the business to offer higher compensation. The main objective? Cultivate a better work environment and provide learning opportunities, ultimately fostering a positive and growth-oriented culture within our businesses.During the episode, the Jesse reveals that one of their motivations for starting his own business was to enhance the customer experience. He observed numerous instances of poor customer service, lack of transparency, and neglect of minor details, resulting in negative experiences for customers. His aim is to address these issues by ensuring accurate information, professionalism, and transparency in his service.Furthermore, Jesse acknowledges the challenges faced by the industry as a whole, such as rapid technological advancements and a shortage of skilled professionals. They recognize that other industry experts possess valuable knowledge and experience in navigating these challenges. Jesse emphasizes the importance of communication and collaboration among professionals to overcome these obstacles and enhance the overall customer experience.Overall, the episode highlights the speaker's commitment to improving the customer experience and addressing common industry problems. They believe that through transparency, professionalism, and mutual support, professionals in the industry can bring about positive change and provide superior services to customers.In this episode, we underscore the significance of collaboration and learning from others as a means to improve and achieve success. They emphasize that other businesses in the industry are not competitors, but rather have their own customer base, clients, and unique approaches. And by assisting one another and drawing from each other's experiences, individuals can learn and reach their full potential. Moreover, when everyone in the industry recognizes the value of collaboration and learning from others, the industry as a whole can undergo a positive transformation.Tune in for an insightful conversation about personal growth and finding your place in the industry.

Part 1 • Jon Shigematsu, Isaiah Mackler

Welcome to episode 142 of Activist #MMT. Today's the final part of my three-part conversation with Scott Fullwiler, on his 2008 paper, Modern Central Bank Operations: The General Principles. Today we discuss principles seven to ten. My full and detailed question and summary list can be found in the show notes to part one. Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal seven, which refers to a world without a floor system (QE is an example of a floor system), is that a central bank can change its target interest rate by simply announcing it. This is contrary to the false idea that the central bank can only set a new target rate by overwhelming the system with reserves in order to push the rate higher, or push it lower by starving the system by selling a very large amount of bonds. This implies the central bank and its government to be little more than a very large currency user. Also, the "liquidity effect" is the false idea that the mere existence of reserves makes banks want more of them, and that this in turn results in more lending to customers. (This is essentially Say's law, which is the false idea that supply causes demand.) Principal eight is that the amount of total reserves in the system is primarily due to the central banks method of interest rate management. If a central bank chooses a floor system like QE, then there will be a whole lot of reserves in the system. If they also choose restrictive reserve requirements, then there will be even more as banks demand more in order to meet them. If there was no floor system or reserve requirements at all, then the total amount in the system will be greatly reduced. In this case, once again, the aggregate level will be controlled endogenously – by the rigidness of banks needing to settle payments each day, which is primarily dependent on the behavior of actual humans in the real economy (the non-government sector). Principles nine and ten basically assert that the central bank is in the unique position of being a currency issuer. Only the central bank, via the execution of fiscal policy, can create net financial assets – which is money we don't have to pay back. Commercial banks can only create credit, which must always be paid back, plus interest. Commercial banks – and indeed the entire financial system and economy – depends on the central bank because: we have to pay taxes which can, ultimately, only be paid with reserves, which can only be done through the banking system. Also, banks are legal franchises of the state. If a commercial bank tried to bypass the central banking system entirely, it wouldn't be a bank for long. In the same way, you could try and call yourself a bank, but unless you're legally sanctioned and accepted as one by the central bank, you wouldn't get very far. You can financially support this podcast by going to Patreon.com/ActivistMMT. For as little as a dollar a month, all patrons get exclusive, super-early access to several full episodes and some unique patron-only opportunities, like asking my academic guests questions (like my episodes with Dirk Ehnts, John Harvey, and Warren Mosler). In addition to this podcast, patrons also support the development of my large and growing collection of learn-MMT resources, and my journey through the Torrens graduate program. To become a patron, you can start by going to Patreon.com/ActivistMMT. Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, let's get right back to my conversation with Scott Fullwiler. Enjoy. Audio chapters 5:42 - It would mean they could buy reserves for low interest (penalty rate) and then earn high interest for holding it (IOR) 7:59 - Principle 7: There is no "liquidity effect" associated with central bank changes to its operating target. (Apologies for the very long question! I got it wrong at first, and scrambled to rewrite it at the last minute.) 20:40 - Principle 8: The quantity of reserve balances in circulation is primarily determined by the central bank's METHOD of interest-rate maintenance. 27:50 - Principle 9: Under current operating procedures, the central bank's balance sheet expands and contracts endogenously while these changes neither create nor destroy net financial assets for the non-government sector. (The banks can't create or delete reserves, only the central bank can.) 30:01 - Clarifying this sentence in principle 9: Outside of a floor (QE) system, the monetary base can only be determined endogenously (by commercial banks and potential borrowers). 31:10 - Thoughts on his approach to principle ten. 32:32 - Principle 10: The central bank's interest rate target "matters" because banks use reserve balances to settle payments. (The central bank is a currency issuer. Commercial banks are currency users.) 36:52 - Reservations about the final paragraph in principle ten. (Also, assuming away everything that disagrees with you, and equating sharing sources that refute you with "appealing to authority.") 39:52 - If you could, who would you appoint to government positions (Treasury, Federal Reserve, etc)? 41:48 - Assuming they're there, what changes would we see? (Your favorite policy plus the job guarantee, or your favorite policy plus the involuntary unemployment) 42:46 - Assuming they're there, what changes would we see in monetary policy? 47:08 - Macro-prudential regulation instead of one target interest rate. 49:31 - Scott will be teaching macroeconomics at Torrens University (for my MMT-plus-ecological economics masters program) starting February. I'll be taking it June 2023. How he's designing the course. 53:48 - Goodbyes 56:51 - Duplicate of introduction, with no background music (for those with sensitive ears)  

Welcome to episode 142 of Activist #MMT. Today's the final part of my three-part conversation with Scott Fullwiler, on his 2008 paper, . Today we discuss principles seven to ten. My full and detailed question and summary list can be found in the show notes to . Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal seven, which refers to a world without a floor system (QE is an example of a floor system), is that a central bank can change its target interest rate by simply announcing it. This is contrary to the false idea that the central bank can only set a new target rate by overwhelming the system with reserves in order to push the rate higher, or push it lower by starving the system by selling a very large amount of bonds. This implies the central bank and its government to be little more than a very large currency user. Also, the "liquidity effect" is the false idea that the mere existence of reserves makes banks want more of them, and that this in turn results in more lending to customers. (This is essentially , which is the false idea that supply causes demand.) Principal eight is that the amount of total reserves in the system is primarily due to the central banks method of interest rate management. If a central bank chooses a floor system like QE, then there will be a whole lot of reserves in the system. If they also choose restrictive reserve requirements, then there will be even more as banks demand more in order to meet them. If there was no floor system or reserve requirements at all, then the total amount in the system will be greatly reduced. In this case, once again, the aggregate level will be controlled endogenously – by the rigidness of banks needing to settle payments each day, which is primarily dependent on the behavior of actual humans in the real economy (the non-government sector). Principles nine and ten basically assert that the central bank is in the unique position of being a currency issuer. Only the central bank, via the execution of fiscal policy, can create net financial assets – which is money we don't have to pay back. Commercial banks can only create credit, which must always be paid back, plus interest. Commercial banks – and indeed the entire financial system and economy – depends on the central bank because: we have to pay taxes which can, ultimately, only be paid with reserves, which can only be done through the banking system. Also, banks are legal . If a commercial bank tried to bypass the central banking system entirely, it wouldn't be a bank for long. In the same way, you could try and call yourself a bank, but unless you're legally sanctioned and accepted as one by the central bank, you wouldn't get very far. You can financially support this podcast by going to . For as little as a dollar a month, all patrons get exclusive, super-early access to and some unique patron-only opportunities, like asking my academic guests questions (like my episodes with , , and ). In addition to this podcast, patrons also support the development of my large and growing collection of , and my journey through the Torrens graduate program. To become a patron, you can start by going to . Every little bit helps a little bit, and it all adds up to a lot. Thanks. And now, let's get right back to my conversation with Scott Fullwiler. Enjoy. Audio chapters 5:42 - It would mean they could buy reserves for low interest (penalty rate) and then earn high interest for holding it (IOR) 7:59 - Principle 7: There is no "liquidity effect" associated with central bank changes to its operating target. (Apologies for the very long question! I got it wrong at first, and scrambled to rewrite it at the last minute.) 20:40 - Principle 8: The quantity of reserve balances in circulation is primarily determined...

On this week's episode, Dr. Ashley Scarlett (Dr. Scarlett Smash) chats with Dr. Imogen Webster, Lead for Programme Development at IWC about the new IWC document – General Principles for Whale Watching.

General Principles, Specific Choices

Welcome to episode 141 of Activist #MMT. Today's part two of my three-part conversation with Scott Fullwiler, on his 2008 paper, Modern Central Bank Operations: The General Principles. Last time in part one, we discussed some generic but related topics, and then principles one and two. Today in part two, we discuss principles three to six. Next time in part three, we discuss seven through ten. My full and detailed question and summary list can be found in the show notes to part one. Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal three is that, outside of a floor system, it's not possible for the central bank to target the quantity of reserves. This is for two reasons: first, as in principle one, banks need reserves to settle payments and meet reserve requirements. Both of these are rigid needs. They need exactly that amount, no more no less. In other words, banks' demand for reserves is always vertical. Any less, and the payment system, and consequently society, breaks down. Any more and the reserves sit around unused. (The excess may earn a bit of interest, but, outside of a Volcker shock, where rates are set up around 20%, it's not much.) This means the amount of reserves in the system is determined by commercial banks (that is, it's endogenous) not the central-bank (which would be exogenous). The other reason the central bank can't set the quantity of reserves (outside a floor system), is because many transactions occur that are outside the central bank's control. A few examples are government spending and taxation (both of which the central bank must do), and calendar factors such as more cash being desired by the public as each weekend and vacation day approaches. Related is principle four, which is that all of these extra transactions must be offset. This is required if banks' demands for reserves is to be met, which is required to manage the payment system, which is required to have a stable society. Specifically, these extra transactions result in reserves entering and leaving the system in an uncontrollable and volatile fashion, making it less likely that banks' needs will be met. Therefore, the central bank must buy and sell bonds in order to keep reserve levels sufficient. Principal five is that reserve requirements are not for controlling reserve aggregates (which as in the previous principal, isn't possible anyway), but rather are an additional tool for reducing interest rate volatility. Although nothing changes what the central bank has to do, correctly designed reserve requirements allow the actions to occur at a more measured pace. They also provide some foresight and notification before some actions become urgent. (Think of it in terms of the tickets and doors at a sports stadium. Everyone with a ticket needs to get inside before the game starts and outside after it ends. The doors and the tickets make it such that the crowd enters and exits in a controlled fashion, distributed over time.) Finally, principle six is that volatility in the target rate can only exist within the central bank's corridor, meaning interest on reserves at the minimum and the discount window's penalty rate at a maximum. The decision to not regulate, or not enforce existing regulations, is just another form of regulation. When there is no deliberate floor or ceiling, as is our current reality, it means the highs will be dangerously high and lows dangerously low. In the same way, Minsky's financial instability hypothesis is only true within the ceiling and floor set by governments. We could set a rigid floor and ceiling such as with a job guarantee, but then, as Kalecki says in his 1942 paper, Political Aspects of Full Employment, if the government governs, then the rich and their feelings can't. This is why the rich pay our legislators to not legislate, especially when it comes to employment. Principals seven through ten come in part three, but for now, let's get right back to my conversation with Scott Fullwiler. Enjoy. Audio chapters 6:07 - Relation between fractional reserve banking and money multiplier 9:10 - Principle 3: Outside a floor system, it's impossible for the central bank to target the quantity of reserves. 15:12 - Another comment regarding the Fed being in charge of the government (not) 15:54 - Principle 4: The CB must offset many things out of its control, and government spending is mind-twisting! 28:21 - Principle 5: Unless using a floor system, it's impossible for the CB to control the amount of reserves. It can only control the price of those reserves (the interest rate). Also, reserve requirements (and TT&L accounts) are to BUFFER. 34:51 - Using the target rate to manage inflation is a terrible thing to do (it has real-world consequences) but does not limit the ability of the central bank to manage the stability of the payment system. 38:28 - Liar, Liar reference 39:18 - Principle 6: How does the CB defend a precise target, as opposed to only ensuring it's remains within the corridor? 48:38 - What if the penalty rate was intentionally set below interest on reserves (IOR)? 52:16 - It would mean they could buy reserves for low interest (penalty rate) and then earn high interest for holding it (IOR) 54:33 - Principle 7: There is no "liquidity effect" associated with central bank changes to its operating target. (Apologies for the very long question! I got it wrong at first, and scrambled to rewrite it at the last minute.) 58:36 - Duplicate of introduction, with no background music (for those with sensitive ears)

Welcome to episode 141 of Activist #MMT. Today's part two of my three-part conversation with Scott Fullwiler, on his 2008 paper, . Last time in part one, we discussed some generic but related topics, and then principles one and two. Today in part two, we discuss principles three to six. Next time in part three, we discuss seven through ten. My full and detailed question and summary list can be found in the show notes to . Also, be sure to check out the list of audio chapters at the bottom of today's show notes, to find precisely where each principle, and otherwise, can be found. (A list of the audio chapters in today's episode can be found at the bottom of this post.) Principal three is that, outside of a floor system, it's not possible for the central bank to target the quantity of reserves. This is for two reasons: first, as in principle one, banks need reserves to settle payments and meet reserve requirements. Both of these are rigid needs. They need exactly that amount, no more no less. In other words, banks' demand for reserves is always vertical. Any less, and the payment system, and consequently society, breaks down. Any more and the reserves sit around unused. (The excess may earn a bit of interest, but, outside of a Volcker shock, where rates are set up around 20%, it's not much.) This means the amount of reserves in the system is determined by commercial banks (that is, it's endogenous) not the central-bank (which would be exogenous). The other reason the central bank can't set the quantity of reserves (outside a floor system), is because many transactions occur that are outside the central bank's control. A few examples are government spending and taxation (both of which the central bank must do), and calendar factors such as more cash being desired by the public as each weekend and vacation day approaches. Related is principle four, which is that all of these extra transactions must be offset. This is required if banks' demands for reserves is to be met, which is required to manage the payment system, which is required to have a stable society. Specifically, these extra transactions result in reserves entering and leaving the system in an uncontrollable and volatile fashion, making it less likely that banks' needs will be met. Therefore, the central bank must buy and sell bonds in order to keep reserve levels sufficient. Principal five is that reserve requirements are not for controlling reserve aggregates (which as in the previous principal, isn't possible anyway), but rather are an additional tool for reducing interest rate volatility. Although nothing changes what the central bank has to do, correctly designed reserve requirements allow the actions to occur at a more measured pace. They also provide some foresight and notification before some actions become urgent. (Think of it in terms of the tickets and doors at a sports stadium. Everyone with a ticket needs to get inside before the game starts and outside after it ends. The doors and the tickets make it such that the crowd enters and exits in a controlled fashion, distributed over time.) Finally, principle six is that volatility in the target rate can only exist within the central bank's corridor, meaning interest on reserves at the minimum and the discount window's penalty rate at a maximum. The decision to not regulate, or not enforce existing regulations, is just another form of regulation. When there is no deliberate floor or ceiling, as is our current reality, it means the highs will be dangerously high and lows dangerously low. In the same way, Minsky's is only true within the ceiling and floor set by governments. We could set a rigid floor and ceiling such as with a , but then, as Kalecki says in his 1942 paper, , if the government governs, then the rich and their feelings can't. This is why the rich pay our legislators to not legislate, especially when it comes to employment. Principals seven through ten come in part three, but for now, let's get...

Welcome to episode 140 of Activist #MMT. Today I talk with Scott Fullwiler on his 2008 paper, Modern Central Bank Operations: The General Principles. Today's part one of a three-part conversation. Today in part one we discuss some generic but related topics, and then principles one and two. Next time in part two we cover principles three to six, and then in part three, principles seven to ten. My full and detailed question and summary list can be found at the bottom of these show notes (look below!). Also, be sure to check out the list of audio chapters to find precisely where each principle, and otherwise, can be found. (Here are links to parts two and three. A list of the audio chapters in this episode can be found right below the resources section in this post.) Today's principles one and two. Principle one is that reserves can only be used for two purposes: Settling payments between banks, and meeting reserve requirements. (There's actually a third purpose, which is it's the only thing that can ultimately settle tax obligations to the state.) Knowing these are its only possible uses, when you hear, for example, that more reserves somehow increase a bank's liquidity, and that this in turn encourages banks to lend more to customers, which then in turn increases economic activity in general… you know they're wrong. The same is true with the reverse: that less reserves somehow discourages lending and reduces economic activity. Principal two says that, because the central bank is the only entity capable of creating and deleting reserves, it has "a fundamental, legal obligation to promote the smooth functioning of the national payment system." Without a functioning payment system, society would, without exaggeration, break down. If a bank can't settle its payments with another bank, then everyone expecting a payment won't receive it, and everyone expecting payment from them also won't receive it. And on and on. Trillions of dollars go through the federal reserve system every day. More goes through this system in the United States each week then an entire year's worth of GDP. Not to mention, the US payment system is central to most of the payments for the entire world, and so the US payment system breaking down would have global implications. (As a brief side note, this latter point is leveraged by the United States to surveil and manipulate most nations around the globe. One example is how, when Iraq threaten to eject all US troops, the US responded by threatening to forbid Iraq from using its payment system, thereby potentially disconnecting it from the entire world. This is the big story that lurks behind the so-called petrodollar. Here is a fascinating video on this by the Wall Street Journal.) And now, onto my conversation with Scott Fullwiler. Enjoy. Resources Daily Treasury statement (original location) 2017 paper by Rohan Grey, Banking in a Digital Fiat Currency Regime 2015 paper by Perry Mehrling, Elasticity and Discipline in the Global Swap Network 2000 paper by Stephanie Bell (now Kelton), Do Taxes and Bonds Finance Government Spending? The updated version of this paper, from 2009, consolidates the original ten principles into around seven, and then adds some more. It's much longer, and is a chapter in the book (as co-edited by Scott) called Institutional Analysis and Praxis: The Social Fabric Matrix Approach. Audio chapters 5:06 - Hellos 6:55 - My boys 8:49 - Our meeting, and Twitter 11:27 - The plan 12:17 - The Federal Reserve and the banks are in charge of the government (not) 16:58 - How do you know what you know? 19:52 - How the paper came to be 23:08 - What would change about your paper if you could write it again? 25:25 - The horizontalists versus structuralists debate (plus circuitists and chartalism) 27:54 - MMT agrees more with horizontalists, but Randy Wray had one unexpected element of agreement with structuralists. 30:34 - Steve Keen's Debunking Economics opens with the false labor supply-demand curve 31:37 - Principle 1: Reserves can only be used for settling payments and meeting reserve requirements. 35:57 - Aside from banks and other central banks what other institutions and entities have reserve accounts? 38:24 - Principle 2: The primary directive of central banks is to preserve the stability of the payment system (which is necessary to have a functioning society) 40:54 - Principle 2 continued: parenting analogy 43:22 - Principle 2 is almost the most important one 44:23 - Relation between fractional reserve banking and money multiplier 47:27 - Principle 3: Outside a floor system, it's impossible for the central bank to target the quantity of reserves. 50:48 - Duplicate of introduction, with no background music (for those with sensitive ears) My full question and summary list I have some questions before we get into the ten principals: Pre-1: First, I'd like to start with a general question mostly unrelated to your paper: A common online theory is that the central bank doesn't answer to the government. Rather, the government answers to the central bank – and according to some, even directly to commercial banks. This means the government must borrow (in the personal sense!) from the CB or banks, which means the national debt and deficit, and bond vigilantes, are indeed a big deal. This also completely undermines MMT. We're going to get into lots of details, but in general, how would you respond to that person? (Assuming they really want to know better.) Is there any instance in history where, when it really came down to it, the central bank didn't do what Congress or Parliament demanded of it? Having a stable society requires a stable payment system, which, under our current institutional set up, only the central bank can do. Is it possible to have a stable society/payment system, and a dollar worth the same on both sides of the country, if the government had to answer to the central bank in that way? Pre-2: Your paper, written in 2008, is called Modern Central Bank Operations: The General Principles. Can you tell the backstory of how the paper came to be, as you briefly mentioned in email? Pre-3: As I understand it, horizontalists and structuralists agree that loans create deposits, but disagree on the how, where, and dwhy the reserves are obtained afterwards. Can you summarize the differences and the debate between the two camps, and also relate it to the chartalist view? Pre-4: How do you know what you know? You interviewed CB employees? Looked at their balance sheets? Just logically it must be true? Pre-5: It's been fourteen years and two major crises since you wrote your paper. How well do the ten principles stand up? If you wrote the paper again today, would there be any major changes? THE PRINCIPLES I'm going to summarize the ten principles in your paper as best I can, and describe some of their implications. Then I'll ask you to correct and elaborate as necessary. I'll also use some of the principles as an excuse to ask a question. PRINCIPLE ONE Reserves only serve two purposes: settling payments and meeting reserve requirements. Regarding the latter, there could be an arbitrary requirement that, for example, a bank must always hold an amount of reserves equal to 10% of the amount it has in deposits (perhaps immediately, or with a lag). In the absence of reserve requirements, the amount of deposits held by a bank is only very distantly related to the amount of reserves banks need to make settlement. This is because a newly created deposit for a newly created loan (or from new government spending): may not be spent right away, may not be spent in its entirety, at least some of it may be spent at (a company that banks at) the same bank. If it is spent at (a company that's a customer of) another bank, it's only one of many transactions taking place between those two banks. The net transactions between those banks may be small, or even in the opposite direction. (A simple example: if I owe you $1000 and you owe me $1050, then the net transaction to settle the whole thing is… you just give me 50 bucks.) Finally, the bank may already have sufficient reserves, or can cheaply borrow them from another bank. So again, the existence or creation of new deposits is only very indirectly related to the need for more reserves. A minor follow up: Banks require reserves to transact with entities other than itself. These other entities include other banks, and the government at all levels. What other institutions/entities require reserves for settlement? Foreign banks and governments? PRINCIPLE TWO As the only institution capable of creating and deleting reserves, the central bank has "a fundamental, legal obligation to promote the smooth functioning of the national payment system." As you say in the paper, "a nation's payment system is at the core of the infrastructure of the modern business world." According to the Federal Reserve's Board of Governors in 1990: "A reliable payments system is crucial to the economic growth and stability of the nation. The smooth functioning of markets for virtually every good and service is dependent upon the smooth functioning of banking in the financial markets, which in turn is dependent upon the integrity of the nation's payment system." The amount of transactions settled each day is enormous. In the US in 2005 it was $2.1 trillion. Today I believe it's closer to $5 trillion. So, a sixth of the annual GDP of the United States, is processed each day by the central bank. Further, this is only a portion of the nation's transactions, because more are directly settled between banks through side agreements and internal systems. The central bank is the only institution that can create reserves, and so, if we are to have a functioning society, it will provide the reserves needed by the banks, because it's the only thing that can settle those transactions. If a bank abuses these privileges (such as, they keep demanding more and more, because they keep committing crimes) then they could be shut down. An analogy is how parents are the only ones capable of providing their children with food. Ultimately, it's provided based on the needs of the children. Parents will provide enough food in order for their children to remain healthy and not dead (and so they don't have to go to jail). It also implies a power struggle, such as when the children whine about being hungry, not out of actual need but as a form of manipulation. Of course, unlike the banks and their central bank, in most normal families, the children haven't paid off their parents. Also unlike banks, a child can't be shut down if they consistently misbehave – unless the parent really wants to go to jail and lose all their children! PRINCIPLE THREE Before I summarize this principle, can you talk about how the money multiplier view and fractional reserve banking are two sides of the same thing? The principle: The money multiplier not only doesn't limit bank lending, it's impossible for the central bank to directly target reserve levels, or the monetary base, at all. It's only possible to directly target the price of that money – the interest rate. The monetary aggregate can only be indirectly targeted, which is inherently unreliable. Even if the central bank could magically manage the levels of reserves, since banks are not reserve constrained, it wouldn't have any direct effect on bank lending anyway. It's impossible for the central bank to control the level of reserves because there are many factors out of its direct control. This includes: fiscal policy (the government spending it's compelled to execute), taxation which is collected through the banking system foreign policy and foreign exchange, the public's desires for cash and coins, loans, and foreign products, calendar factors, such as paychecks at the end of each week and more cash spending on the weekends and vacation national holidays, crises, the trillions in daily transactions which must be settled, and the fact that the central bank doesn't just manage the payment system, it also manages "inflation" and "maximum employment"! As we're about to discuss in principle four, all these activities must be continually offset. Attempting to target specific reserve levels can only serve to degrade its ability to manage these offsets, and so its target rate, and ultimately, the payment system. PRINCIPLE FOUR As in the previous question, the central bank does many things unrelated to interest rate targeting, and many other things happen out in the world that aren't directly in its control. This results in reserve levels moving in an unpredictable fashion, all of which must be offset if the target rate is to be maintained. One of the things out of the central bank's control is government spending. The way the government spends occurs is mind twisting, and understanding it is key to understanding national accounting specifically and modern money in general. The government itself has a checking account at its central bank, which in the United States is called the Treasury's general account, or TGA. This is the account where a number is raised in response to new spending voted on via the passage of a new law. [CORRECTION: As (needlessly!) required by law, the TGA is not raised except after tax and bond revenue is received.] When that money is distributed to someone in the real economy, that same number is lowered once again. This is a very nature of government spending. Here's another example of this mind twisting: When the government sells a bond, it's paid for by the government. The government does this by withdrawing $1000 from its account, the TGA, and handing it to the central bank. So, to pay the bank – it's bank – it withdraws $1000 from that bank and hands it right back to the bank! Further, at some future date, the bank must then pay its profit to its shareholders, which is the government. How do they do this? By putting that money right back into that same government account! (Of course, no money is actually passed around, it's just a number going down there and going up here.) (Also, the government's account can go deeply negative without much real-world consequence, but since negative numbers stress uninformed people out, we cater to (and leverage) that ignorance by making sure it stays positive.) PRINCIPLE FIVE Reserve requirements are related to interest rate targets, not control of monetary aggregates. In one sense, what's having the purpose of having rules at all when it's guaranteed that the rule maker will do whatever it takes to ensure the rule followers always follow the rules? It seems reserve requirements are a tool to buffer against sudden volatility, in the same way that TT&L accounts (as stated on page 607 in Stephanie Kelton's 2000 paper, Do Taxes and Bonds Finance Government Spending?) are used to buffer against volatility from government spending and redemption. These things don't stop the need for offsetting these activities (as in principle four), but it does make it possible to not have to do it at such quick, extreme, and unpredictable levels. In other words, these buffers don't change what the the central bank needs to do but it helps them see it coming. I'm going to ask a mostly unrelated question: Interest rates are for managing the target rate, which is for managing the stability of the payment system, which is for maintaining the stability of the entire nation. Yet, at the same time, the CB is also mandated to manage (some definition of!) inflation, and the only way it knows how to do this is by adjusting interest rates. How can these tasks not conflict? If it's critical to keep interest rates stable (near the target, ideally zero from our MMT points of view), then during the Volcker shock, how could you possibly keep interest rates stable at such a high level? In that situation, it seems that banks simply settling their payments each day would be so expensive, they would have to pass much of that cost onto their customers through higher interest rates. Raising interest rates: increases interest income on new bonds, further enriching the rich raises interbank borrowing costs for banks, which are passed onto its customers. The results in its business customers raising prices for its customers, which is just another way to further lower real wages. Anyone with a variable rate loan, whether the borrower is in or out of the country, suddenly has much greater difficulty paying it off. This includes global south countries colonized by powerful nations, such as via the IMF. PRINCIPLE SIX Volatility in the target rate is only possible between the discount window's penalty rate at a maximum and the interest rate paid on reserves at a minimum. The way you say it in your paper is, "Potential volatility is determined by the width of the corridor." Here's a question about the target rate and its corridor or band (with thanks to Andrew Chirgwin): Let's assume a corridor with a width of .5%. So the minimum, the interest on reserves (IOR), is 1.75%. The target rate is 2%, and the penalty/discount rate is 2.25%. So, they're all different values. If a bank is in need of reserves, it first turns to another bank. It may be a bank it needs to settle with, but maybe not. It may try to get all the reserves from one bank, or maybe a little from several. In order to turn a profit, the banks with excess will make an interest-rate offer to the bank-in-need. That rate will be somewhere within the band. It won't be higher than the penalty rate, because the bank-in-need could just turn to the central bank's discount window and pay less interest. It won't be lower than IOR, because no bank would deliberately choose to lose money (that is, make less from the bank-in-need, than they would from interest paid directly on their reserves). Within this narrow band, banks with excess may compete with one another in an attempt to get the business of the bank-in-need. So, although a bank may offer an interest rate of, say, 2.24%, which is just under the penalty rate, another could easily steal their business by offering 2.20%. The central bank is okay with this competition, because they know the interest rates will remain within the band. What I don't understand is, the CB defends that band so that it remains within the minimum and maximum. So, why is there a precise target at all – and consequently, what's the point of potentially setting it equal to IOR? Clearly I'm missing something, because it's stated at several points in your paper that setting the target rate equal to IOR does make an important difference. How does the central bank defend the precise target rate? A somewhat related thought experiment, which may just be absurd: What would some of the major consequences be if the discount window/penalty rate was set below IOR? (With the target rate between the two.) PRINCIPLE SEVEN In the context of monetary policy, the concept of "liquidity effect" is that extra reserves in the interbank market pushes down interest rates, which then stimulates banks to make more loans, which in turn increases economic activity. In other words, it's the false view that the interest rate is not something the central bank can arbitrarily decide, but rather something it can only control or defend by offsetting the effects of "market forces". Luckily, since the central bank is the largest currency user, it at least has a decent chance of success. (I know that's not what they mean but it's not far off!) Specifically, the "liquidity effect" is the false belief that the only way for the central bank to "choose", or defend, its target rate, is to inject a potentially vast amount of reserves into the banks' balances. This will encourage banks to increase lending, which in turn will increase economic activity. This is called "easing". (QE is just a ridiculous amount of easing.) Removing a large amount, called "tightening", will discourage lending and economic activity. In reality, the target rate is an arbitrary decision (a "policy variable") of the voting members of the central bank. The consolidated government has the infinite capacity to create and delete its own money and to sell and purchase its own bonds. This means it can effectively choose an interest rate for any bond at any maturity. The false "liquidity effect" view also asserts the mere existence of more reserves in a bank's account makes banks suddenly need them; makes them want to use them. It strongly suggests that reserves can be directly lent to customers, or can be used for some purpose beyond settlement (and meeting reserve requirements). If my bank dramatically increased my personal checking account, then sure, that would indeed cause me to pay off my mortgage and probably hire some contractors to do fixes and upgrades to my house that at the moment, we can only dream about. But that's only because, for average people, deposits can be used for almost any purpose. [CORRECTION: Me getting money in my bank account, outside a loan, is net financial asset – a grant. The back being reserved is always an even swap. That's totally different.] Beyond reserve requirements, the only possible use of bank reserves is to settle transactions – transactions that happened at some point in the past. It means the mere existence of more reserves has no direct influence on a bank's behavior. In other words, settlement – and therefore the amount of reserves needed – is endogenous. A bank's demand for reserves is vertical. It's decided on not by the government but by actual people choosing to take out a loan and a bank choosing to give them one A final point: The false idea of the "liquidity effect", that the mere existence of new reserves incentivizes banks to issue more loans, evokes the concept of Say's law. Say's law is the false idea that supply causes demand, as if a new product appearing on a store shelf magically and magnetically attracts a new customer – who didn't even know the product was existed – to want to go to that store and want to purchase that product. (As if consumers are unthinking puppets and businesses their puppeteers!) In reality, demand causes supply. In reality, loans create deposits. Those deposits will at some point likely result in some transactions with another bank, which the bank will need to settle. If they don't have enough in reserves, only then will they request more. PRINCIPLE EIGHT The quantity of reserve balances in circulation is primarily determined by the central bank's method of interest rate management. The only uses for reserves are to settle payments and meet reserve requirements. If there are no reserve requirements, then there's clearly less reasons to hold them. As a simple example, if the central bank chooses to penalize overdrafts severely at the end of each day, then banks will demand much more reserves in order to buffer against that possibility. If there were no reserve requirements, and both IOR and the penalty rate (and the target) were set to zero, then it seems there would be little to no uncertainty for banks. It would be free to purchase reserves from the discount window whenever needed. This seems close to, if not exactly, MMT's ZIRP. If all three were equal but set *above* zero, then banks would make a profit on their reserves, and when in need of more reserves for settlement (again assuming no reserves requirements), they would pay that same rate at the discount window. (There would be little need for banks to lend to each other, because they could do no better.) So, again, it seems there would be little concerns from banks to make settlement or fear overdrafts. The only difference is the perpetual risk-free, effort-free interest income! These are different methods the central bank can choose to manage the interest rate. What are some other important scenarios/methods and their practical differences, both from the banks and the central bank's points of view? PRINCIPLE NINE Under current operating procedures, the central bank's balance sheet expands and contracts endogenously while these changes neither create nor destroy net financial assets for the non-government sector. In your paper, you say: "neither reserve balances nor the monetary base can be expanded or contracted exogenously by the central bank as long as the central bank's target rate is above the rate paid on reserve balances." With our previous questions as background, can you elaborate on this? PRINCIPLE TEN This principle is basically distinguishing between the currency issuer and users Central banks interest rate "matters" because banks use reserve balances to settle payments. Banks and "market forces" do not control the interest rate. This is for the simple fact that banks must settle their transactions at the end of each day, those transactions can only be settled with reserves, and those reserves can only be supplied (created and deleted) by the central bank. Also: There's no use for reserves beyond settlement and reserve requirements, settling payments with anything other than risk-free reserves is obviously riskier than settling them with risk-free reserves, reserves are also the only thing that can settle tax obligations to the state; which can only be done through the banking system, and banks are legal extensions (franchises) of the state. If they tried to bypass the state (and its central bank) by entirely settling amongst themselves, the state would not take this lying down! The banks don't control the central bank and its interest rate any more than average people control the commercial banks at which they have a deposit. Even the most powerful currency user has no power over the currency issuer, because their power largely comes from that issuer! (They were issued a lot, while the rest were issued less.) Any power the user has over the issuer is only because the issuer chooses for it to be that way. FINAL QUESTIONS If you could have your dream government, what economic and financial appointments would you make? What position would you want? If those people got appointed, then what are some of the big changes we would see, particularly regarding monetary policy?

Welcome to episode 140 of Activist #MMT. Today I talk with Scott Fullwiler on his 2008 paper, . Today's part one of a three-part conversation. Today in part one we discuss some generic but related topics, and then principles one and two. Next time in part two we cover principles three to six, and then in part three, principles seven to ten. My full and detailed question and summary list can be found at the bottom of these show notes (look below!). Also, be sure to check out the list of audio chapters to find precisely where each principle, and otherwise, can be found. (Here are links to parts two and three. A list of the audio chapters in this episode can be found right below the resources section in this post.) Today's principles one and two. Principle one is that reserves can only be used for two purposes: Settling payments between banks, and meeting reserve requirements. (There's actually a third purpose, which is it's the only thing that can ultimately settle tax obligations to the state.) Knowing these are its only possible uses, when you hear, for example, that more reserves somehow increase a bank's liquidity, and that this in turn encourages banks to lend more to customers, which then in turn increases economic activity in general… you know they're wrong. The same is true with the reverse: that less reserves somehow discourages lending and reduces economic activity. Principal two says that, because the central bank is the only entity capable of creating and deleting reserves, it has "a fundamental, legal obligation to promote the smooth functioning of the national payment system." Without a functioning payment system, society would, without exaggeration, break down. If a bank can't settle its payments with another bank, then everyone expecting a payment won't receive it, and everyone expecting payment from them also won't receive it. And on and on. Trillions of dollars go through the federal reserve system every day. More goes through this system in the United States each week then an entire year's worth of GDP. Not to mention, the US payment system is central to most of the payments for the entire world, and so the US payment system breaking down would have global implications. (As a brief side note, this latter point is leveraged by the United States to surveil and manipulate most nations around the globe. One example is how, when Iraq threaten to eject all US troops, the US responded by threatening to forbid Iraq from using its payment system, thereby potentially disconnecting it from the entire world. This is the big story that lurks behind the so-called petrodollar. Here is a fascinating .) And now, onto my conversation with Scott Fullwiler. Enjoy. Resources () 2017 paper by Rohan Grey, 2015 paper by Perry Mehrling, 2000 paper by Stephanie Bell (now Kelton), The updated version of this paper, from 2009, consolidates the original ten principles into around seven, and then adds some more. It's much longer, and is a chapter in the book (as co-edited by Scott) called . Audio chapters 5:06 - Hellos 6:55 - My boys 8:49 - Our meeting, and Twitter 11:27 - The plan 12:17 - The Federal Reserve and the banks are in charge of the government (not) 16:58 - How do you know what you know? 19:52 - How the paper came to be 23:08 - What would change about your paper if you could write it again? 25:25 - The horizontalists versus structuralists debate (plus circuitists and chartalism) 27:54 - MMT agrees more with horizontalists, but Randy Wray had one unexpected element of agreement with structuralists. 30:34 - Steve Keen's Debunking Economics opens with the false labor supply-demand curve 31:37 - Principle 1: Reserves can only be used for settling payments and meeting reserve requirements. 35:57 - Aside from banks and other central banks what other institutions and entities have reserve accounts? 38:24 - Principle 2: The primary directive of central banks is to preserve the stability of the payment system (which is...

In today's episode we are talking about how to warm up for a race properly. You need to consider the race distance, race format, race intensity and duration for you. How do you adjust your warm up to suit the specifics of the race? Plus we talk about making a decision about racing when you're just not quite right, especially for your A race. We also talk discuss the New York marathon and the disaster we saw unfold on the men's side. Timestamp: 00:00 - Introduction 01:15 - Gratitude 05:44 - What has Caught our Attention 27:13 - General Principles of Warming Up 35:44 - Spreading the Warm Up 37:00 - The 2nd Rep Theory 40:45 - Importance of Warming Up in Colder Temperatures 44:00 - How to Warm Up in a Cycling Event 48:15 - How to Warm Up for a Triathlon 52:40 - How to Find out what works for you 53:30 - How to Warm Up for a running race  58:50 - Tips on Warming Up in a Multi-stage Event If you want to learn how to TRAIN SMARTER and RACE FASTER, you can join our weekly coaching email, just go to: getfastpodcast.com Some of you might already be in there, but many of you won't be and so this is our official invitation for you to come and join our free community: www.facebook.com/groups/trivelocoaching Check us out on Instagram: https://www.instagram.com/trivelocoaching/ Want access to Gerard's Famous Monthly Coaching Newsletter? Go here: https://www.trivelocoachingprogram.com/memos Disclaimer: The Content in this podcast is in no way intended to be medical advice, treatment or diagnoses. None of our Content is intended to imply that any products mentioned, remedies or information provided are intended to prevent, diagnose, cure or alleviate a disease, ailment, defect or injury or should be used for therapeutic purposes. The Content is intended to assist you with running, cycling, swimming or triathlon and should not be substituted for medical advice by your healthcare professional. We do not accept any liability for any injury, loss, or damage incurred by the use or reliance on our Content.See omnystudio.com/listener for privacy information.

In siman 257, Maran begins to outline the basic principles of the halachot of Hatmana, insulating a pot of food in order to keep it warm. In general, there are two forms of Hatmana. The more problematic form is called Mosif Hevel, where the insulation actually generates heat. The second, more lenient method is referred to as Aino Mosif Hevel, where the insulation merely maintains the heat already present in the pot. On Shabbat itself, both methods of Hatmana are prohibited. The Hachamim were concerned that if one engages in insulating, his concern for the heat of the pot might bring him to actually heat up the food on a flame, in the event that it already cooled off.On Erev Shabbat, the laws of Hatmana are more lenient. It is permitted to insulate with a material that does not generate heat, Davar SheAino Mosif Hevel. However, it is prohibited to insulate with Davar SheMosif Hevel, a heat-generating material.One might ask, what could possibly be wrong with insulating before the start of Shabbat? The answer is that the Hachamim were concerned that one might insulate using Remetz, hot ashes and come to stoke the embers to rekindle the fire. SUMMARY1. On Shabbat it is prohibited to insulate a pot with any material.2. On Erev Shabbat it is permitted to insulate a pot only with a material that does not generate heat.

A new MP3 sermon from Capital Community Church is now available on SermonAudio with the following details: Title: Parenting in the Fear of the Lord: General Principles Speaker: Grant Castleberry Broadcaster: Capital Community Church Event: Sunday - PM Date: 10/10/2022 Bible: Psalm 127 Length: 68 min.

A new MP3 sermon from Capital Community Church is now available on SermonAudio with the following details: Title: Parenting in the Fear of the Lord: General Principles Speaker: Grant Castleberry Broadcaster: Capital Community Church Event: Sunday - PM Date: 10/10/2022 Bible: Psalm 127 Length: 68 min.

The General Principles of the Noahide Laws - Rabbi David Weissman http://netivonline.org   and https://noahidecourse.org 

Live from the Sister of Mary in Ann Arbor for the Father Gariel Richard teacher retreatPlease use the following link if you would like to financially support Church of the Holy Family: https://pushpay.com/g/hfgrandblanc?sr...

)  General Principles of Exercise for Preventing Alzheimer's   Exercise! It's such a common word. And it's common for people to talk about “exercise” for preventing diseases. But what most people fail to specify is the kind of exercise that suffices to prevent specific diseases. In this podcast tutorial, I'll discuss the general principles of exercise for preventing Alzheimer's. You'll learn some very surprising facts.

Dr. David Minkoff is a pioneer in natural medicine with an active practice in Clearwater, Florida. In this interview, we dive deep into some of his best strategies to optimize your health and resolve common health challenges that conventional medicine is incapable of resolving.

This podcast was produced by the Emory Nursing Wound Ostomy Continence Nursing Education Center.

Whether you call them rules of thumb or general principles is irrelevant. Homebuyers, homeowners, mortgage loan originators and Realtors must tune into this episode. Save it. Share it. Love it! D.O. and JC lay out the basic roadmap for being financially responsible. They teach you how to quickly figure out closing costs on a home, help you determine your monthly payment, educate on how much home one should purchase, as well as the max monthly payment based on household income. They even go as far as why you should be leery of individuals with ‘Have a Blessed Day' in their email signature or drives a Hummer…   Visit www.TLOPonline.com for more content!

Adventures of a Pus Whisperer

This podcast was produced by the Emory Nursing Wound Ostomy Continence Nursing Education Center.

This podcast was produced by the Emory Nursing Wound Ostomy Continence Nursing Education Center.

This podcast was produced by the Emory Nursing Wound Ostomy Continence Nursing Education Center.

This podcast was produced by the Emory Nursing Wound Ostomy Continence Nursing Education Center.