14th Annual AMI Monetary Reform Conference, 2018
Chicago, October 25-28, 2018
Professor Paul Davidson is widely regarded as a founder of Post-Keynesian economics in America and holds the J. Fred Holly Chair of Excellence in Political Economy Emeritus at the University of Tennessee at Knoxville. Professor Davison is highly soughtafter as a critic of mainstream economics. He originally studied natural sciences before turning his attention to economics, earning his Ph.D. from the University of Pennsylvania.
Dr. Davidson is the Founding Editor of the Journal of Post Keynesian Economics. He is the author, co-author, or editor of over 20 books and 200 journal articles. His most recent book is titled Who’s Afraid of John Maynard Keynes? Challenging Economic Governance in an Age of Growing Inequality (Palgrave, 2017). His research interests include international monetary payments and global employment policies, monetary theory, income distribution, energy economics, demand and supply for outdoor recreation, and Post Keynesian economics. Dr. Davidson is listed in Who's Who in Economics, Who's Who in The East, Who's Who in The South and Southwest, American Economists of The Late Twentieth Century, Dictionary of International Biography, Men of Achievement, and Contemporary Authors.
Professor Davidson has participated in previous AMI conferences. His paper and presentation this year is on the very topical subject of cryptocurrencies or "virtual currencies": Understanding the role of money and money contracts in a market economy. - Bitcoin is not money. Professor Davidson writes that "to develop a “serious monetary theory” one must provide the properties necessary to understand the special role of money and money contracts in explaining the operation of a market Economy" and that "It also explains why so called “virtual currencies” such as Bitcoin is NOT money."
Dr. Kaoru Yamaguchi has continued to refine his highly advanced modelling system to project how HR 2990 will achieve monetary reform. He concluded it will pay off the US national debt as it comes due; provide the funding for infrastructure, which solves the unemployment problem and does this without inflation!
Former Professor Yamaguchi used to head the System Dynamics Group of the Doshisha Business School at Doshisha University in Kyoto Japan. He presented his macroeconomic model on the to a plenary session of the System Dynamics International Conference in Seoul (2010), being attended by more than 300 researchers. It was so well received that on July 26th, the same International Conference asked him to speak on this matter again, at their meeting in Washington, DC.
Dr. Yamaguchi is currently directing the Public Money Initiative movement in Japan, and preparing for a Crypto-token experiment called EPM (Electronic Public Money)-token to create 100% money electronically using blockchain technology. A PDF of Dr. Yamaguchi’s paper for this year’s AMI conference is accessible here (and the slides of the presentation are available here).
Dr. Yamaguchi will appear at our conference via Skype from Paris, with full facility for extended questions and answers. His webpage is available for viewing where you can read about his talk and books here.
Professor Nicolaus Tideman received his Ph.D. in Economics from the University of Chicago (where he studied under Milton Friedman among others), taught at Harvard (1968-73) and served as Senior Staff Economist at the President’s Council of Economic Advisers (1970-71) before moving to Virginia Tech in 1973. He has been Professor of Economics there since 1985. While his research has focused primarily on urban economics, public finance, voting rules and social justice, in 1975 he collaborated with Nobel Laureate James Buchanan in writing on “Gold, Money and the Law.”
Professor Tideman has participated in all of the AMI conferences. His topic this year is Points of agreement and disagreement with the AMI program. Professor Tideman characterizes the AMI program as ending the lending of deposits (agreed) providing a smooth transition to an alternative to bank lending for creating money (nice work!) and creating money by having the government spend it into circulation (problematic — there is a better alternative).
Professor Steve Keen will present his latest reseach findings. Top Australian monetary economist Steve Keen who won the inaugural (Paul) Revere Award for giving an early warning (2005) of the present debt-deflation collapse. He has built a growing reputation as a rare deep thinker on how monetary systems really work, not just how the central banks say they work. Thus his blog has over 50,000 followers. Keen is a must-see analyst for theorists and investors involved in markets of all types, including the bond markets. Keen is Professor of Economics at Kingston University in London, UK. In December 2005, drawing on his 1995 theoretical paper, and convinced that a financial crisis was fast approaching, Keen went high-profile public with his analysis and predictions. He registered the webpage www.debtdeflation.com dedicated to analyzing the “global debt bubble”, which soon attracted a large international audience.
Rev. Delman Coates is a graduate of Morehouse College (B.A. in Religion, 1995), Harvard Divinity School (Master of Divinity, 1998), and Columbia University (Master of Philosophy in Religion, 2002; Ph.D. in New Testament & Early Christianity, 2006). Coates has served as the Senior Pastor of Mt. Ennon Baptist Church in Clinton, MD since 2004. During this time, the congregation has grown to almost 9,000 members. Pastor Coates is founder and president of the Black Church Center for Justice & Equality (BCC), and a board member of the Parents Television Council and the National Action Network. He is also a member of the Society of Biblical Literature, the Morehouse College Board of Preachers, and the NAACP. Rev. Coates has appeared on and been profiled in national media such as MSNBC, CNN, Fox News, Essence Magazine, NPR, VH1, The New York Times, and The Washington Post, and was featured in the documentary The New Black. Rev. Coates’ understanding and commitment to getting monetary reform, as the key stepping stone to achieving economic and social justice in America, could well become a pivotal factor in attaining true monetary reform for the nation! Once we get it here, it will spread across the globe very, very quickly.
Rev. Coates will be giving a presentation entitled “Moral Man, Immoral Money: The Moral Imperative of Monetary Reform.” Rev. Coates advises us that the word “Man” is in italics for a reason.
Mark Pash, CFP, has been promoting monetary reform to our leaders and the general public for over 25 years. Mark will discuss “Creating a 21st Century Win-Win Economy: Preparation for the Robotic Age” and why monetary reform is crucial for the 21st Century, including his 28 reasons for monetary reform and the 14 ways of overcoming its major objection (excess inflation). Mark has long been active in politics serving on a Presidential and Congressional Campaign Advisory Economic Committees besides running for a Congressional seat in 1996.
Mark will be launching his new book “Creating a 21st Century Win-Win Economy ” at this year’s AMI conference (copies of the book will be provided to conference participants). As part of the launch, he will discuss the many different ways that new money can be distributed and how it will create a 21st Century Win-Win Economy, even for the bankers.
Mark is a Certified Financial Planner from the College of Financial Planning with a Bachelors and Masters in Business Administration from UCLA and USC, respectively. He has served and founded a number of financial organizations and industry associations. His extensive background brings a grounded understanding of the practical and theoretical in the field of macroeconomics. He has written many articles besides his book “Economic Theory of Relatively” and the website of his non-profit think tank, Center for Progressive Economics (CPE) at www.cpe.us.com.
Joe Bongiovanni is a second-generation monetary reformer, studying money systems for over 40 years, being the co-founder and co-Director, with J. Peter Young, of the Kettle Pond Institute for Debt-free Money. Joe is an important monetary blogger and though always polite, his posts are blocked from some websites such as Naked Capitalist, and some MMT (Modern Monetary Theory) sites because they cannot answer his points.
Joe will present on Hyman Minsky and the 100 Percent Money Solution, a discussion on Hyman Minsky’s Working Paper No. 127 for the Levy Economics Institute; Financial Instability and the Decline(?) of Banking: Public Policy Considerations. Joe warns that this is not a session for economists! A PDF of Joe’s highlighted version of Minsky’s paper under discussion at this year’s AMI conference is accessible here.
Joe will also be discussing why monetary reform fits with progressive goals with Mark Young (who will be discussing why monetary reform fits conservative goals).
John Howell (Ph.D., UCLA); teaching and research in physiology for 42 years (Ohio University); recipient of numerous grants and awards; including the directorship of the Institute for Musculoskeletal Research, and chairing various committees. He currently serves as a teaching assistant in the Department of Classics and World Religions. He is co-founder and co-ordinator of Democracy Over Corporations in Athens, Ohio, and has attended AMI Monetary Reform Conferences since 2012, and is now giving presentations on monetary reform at local and regional gatherings. John gives one of the clearest, most inspiring talks on the problem of “fractional reserve banking” and using debt in place of money, and has established himself as a premier monetary reform presenter.
Sue Peters has degrees in History and Education and is an information technologist specializing in finance. Having spent 35 years on Wall Street, the last 15 at a multinational bank, she has an insiders knowledge of the relationship between Wall Street and money. She gave a public in-depth class on the book, The Lost Science of Money, by Stephen Zarlenga; the extensive class materials can be viewed from the HISTORY tab on the website, GreensForMonetaryReform.org. She is a member of The American Monetary Institute, Green Party Manhattan Local, National Organization for Raw Materials (NORM), the website GreensForMonetaryReform.org and the NYC Labor Chorus.
Sue will speak on how she built a local monetary reform group in New York City, developed a monetary reform education course, took monetary reform to local and national conferences, built a monetary reform group within a national political party, and reached out to national groups to engage with them about monetary reform. Sue is a role model for people getting involved in their local area, and, among members of the groups they belong to, promoting monetary reform. AMI wants others to emulate what Sue is doing.
Dan Sullivan is the president of the Council of Georgist Organizations and the director of Saving Communities. He has been instrumental in winning shifts from property taxes and wage taxes to land value tax in some of the Pennsylvania cities that levy that tax. His leadership is primarily responsible for three quarters of a billion dollars in tax shifts.
Dan’s presentation on Land and Money Monopolies examines the parallels and differences of the land question and the money question and makes the case that these two issues are the most fundamental issues before us today. Dan will also discuss The Limits of Local Currency examines the strength and weaknesses of how local currencies have been designed, shows how well designed local currencies can benefit the localities where they are issued, and shows how they fail to address the underlying problems of debt currency.
Dr. Ron Davis was trained in applied mathematics at Harvard College and Stanford University, receiving his PhD in Mathematics in 1980. He worked in industry specializing in management science, operations research, and decision analysis, and recently retired from a 30 year career as an associate professor with the California State University System. Over the last five years, he has put together a multistage monetary reform transition plan that starts with the issuance of government created money in the first stage, takes on nationalization of the Fed in the second stage, and provides for an increase in reserve requirements from virtually 0% to 33% instead of going for a 100% reserve requirement. This would lead to a hybrid money system in which about 1/3 of the money supply would be created by the government (debt free) and 2/3 of the money supply would be created by the commercial banking system through the fractional reserve system, which would continue to operate much as it does now, but with higher reserve requirements. Previews of his handouts and presentation talk may be seen at his website monetaryreform-taskforce.net
Patrick Barry is the Managing Partner of Barry Investment Advisors LLC, a private wealth management firm based in southeastern Massachusetts. He and his team help over 450 affluent and high net worth families, from diverse backgrounds, with their financial and investment planning needs. After acquiring a BS in Finance from Fairfield University, he began his career as a Financial Analyst for The Blackstone Group. In 2002 he join his father in the investment advisory business. Together, they warned clients about the ensuing debt crisis, and were able to protect their portfolios from loss in 2008. Through research, investing, and conversations with industry leaders, Pat is convinced that the AMI has uncovered the best path forward to restore U.S. economic health and sovereignty through monetary reform. Pat will convene a discussion on AMI’s way forward in Washington DC, based on his experience and observations.
AMI’s colleagues in Switzerland, MoMo (Modernising Money), will give us an update on their citizens’ initiated referendum, the Vollgeld (translation is “full money”)-Initiative to transform the Swiss money system along similar lines to what AMI proposes for the U.S. (the NEED Act). You can read more about the Vollgeld-Initiative (in English) here.
AMI’s colleagues in the Netherlands, Ons Geld (translation is “Our Money”), will give us an update on their virtual Euro proposal to deleverage the EU economy without a “credit crunch” – and thus avoiding a “balance sheet recession” – essentially along similar lines to what AMI proposes for in the U.S. (the NEED Act). Ons Geld initiated a successful citizens’ initiative supported by over 100,000 Dutch citizens, resulting in the Scientific Council for Government Policy (a Dutch Government agency) being tasked to present a report on the topic later this year. More recently, two Dutch MPs tabled questions to the Finance Minister on the potential of the “virtual euro” and a recent report adopted by the European Parliament on Fintech also encourages experiments with digital cash. You can read more about the Ons Geld proposal (in English) here.
AMI’s colleagues in the UK, Positive Money, will give us an update on their many successful activities, including:
1. What Positive Money has been doing in the UK over the past year or so; including research, local groups, networking, lobbying, media, campaigns, achievement highlights.
2. What Positive Money has been doing in collaboration with International Movement for Monetary Reform (IMMR) partners over the past year or so; including key initiatives and achievement highlights.
3. What enabled Positive Money to achieve this success.
4. How Positive Money support the establishment of monetary reform groups around the UK and around the world.
Jamie Walton worked for two years in Congressman Dennis Kucinich’s office, helping put the N.E.E.D. bill together. He will describe how its various elements work. The three elements of this single reform are: 1) Incorporation of the Federal Reserve into the U.S. Treasury. 2) Ending Fractional Reserve Banking – Changes in accounting rules so that banks no longer create any part of what we use for money. 3) New money needed in a developing society is introduced by government spending money into circulation on things like infrastructure, starting with the $3.6 trillion our engineers (ASCE) tell us is needed by 2020. Also included will be the “human infrastructure” of education and health care. Read his latest work here. Jamie is an experienced civil engineer, and a senior AMI Researcher. Jamie will discuss The NEED Act: A Strategic Way Forward.
Schedule of Events:
Thursday Sept. 14
9 AM-12PM Registration (and the prior Wed. evening from 6 PM-8PM)
1 PM to 6 PM Presentations
7 PM Conference Reception with punch and hors d’oeuvres
Friday Sept. 15
9 AM to 7 PM Presentations: break for lunch, refreshment breaks
Saturday Sept. 16
9 AM to 6 PM Presentations: break for lunch, refreshment breaks
7:30 PM Dinner party, with keynote presentation
Sunday Sept. 17
9 AM to 12 PM Presentations & discussion