“The Semmelweis reflex or “Semmelweis effect” is a metaphor for the reflex-like rejection of new knowledge because it contradicts entrenched norms, beliefs or paradigms. It refers to Ignaz Semmelweis, who discovered that childbed fever mortality rates could be reduced ten-fold if doctors would wash their hands (we would now say disinfect) with a chlorine solution. His hand-washing suggestions were rejected by his contemporaries.” Wikipedia
I hope you’ll find this blog a helpful alternative to popular faith, which so often is at odds with evidence.
This blog proposes new thinking about an old subject. We all have been exposed to classic beliefs about federal debt and deficits, inflation, recession, money, gold, etc.
But those who teach these beliefs have led us to nine recessions in just 50 years, and now they tell us recessions are an unavoidable and inevitable part of the business cycle.
Thoughtful people ask, “Why?”
To know what I believe, go to “To understand economics . . . “.
Rodger Malcolm Mitchell
13 thoughts on “About this blog”
Hi Rodger, while I don’t always agree with all deductions, your blog always makes a good read which is why I’ve put you on my blog roll.
I like to take this time to thank you for all of the time and effort you put into your blog and I find it really educational. There are alot of sites and blogs out there writing on economics and books abound. Most of them have two pursposes. They tell you how to make a great deal of money—-in the stock market.,in real estate, in gold: or they tout some kind of economic salvation–less government or more government, less regulation or more regulation, less capitalism, more capitalism.
There is one overwhelming problem with these books. They don’t work. The books about money do not make you money—if they did, the U.S. would be crawling with millionaires. The books about economic salvation do not set your mind at ease. They just make you feel good for awhile.
If today’s Americans would get off of their IPods,Cell phone texting and learn more about “Monetary Sovereignty and knew their history about the constitution better. They would realize how wise the Founding Fathers were about -National Banking.
This year at Christmas–giving to some close friends–two books.
Both of these books are readable and uncomplicated–there is no escuse
for not understanding the ideal of both these books
Again thanks for great blog site and educational!!!!
Thanks LW. Nice.
Here’s something for you to chew on:
The report they reference is here:
Click to access 50106656.pdf
Do they differentiate between Monetarily Sovereign and monetarily non-sovereign nations?
Didn’t read the whole thing, but a quick skim – no, of course not.
Here’s a generally positive article. Salon’s no main stream media, but it is a highly trafficked website.
Yes, it’s a great article. Marshall Auerback is one of a handful of economists on earth who understands Monetary Sovereignty.
Rodger Malcolm Mitchell
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Dear Mr. Mitchell,
I have not found an email address and you have been responsive to blog comments before so I hope you see this one.
Have you seen “The Secret of Oz”. It strikes me as very consistent with your views and delivers the history of gold standard and debt-based currency in a very entertaining fashion.
I’d be curious whether you’d seen it and which parts strike you as INcorrect, if any.
Haven’t seen it, but I saw his description, which included this line: “today, in our crazy money system, the government has to borrow our money into existence and then pay interest on it.”
Then again, he says this, ““But why can’t we just do it again? Why can’t we just issue our own money, debt free? That, my friends, is the answer.”
Please forgive me that I struggle with grasping this.
I would like to construct an outline of our macroeconomic cycle.
I hope to adjust the following sequence with corrections or adjustments I am certain it needs and you may be willing to provide. (You’ve been incredibly generous of your time already)
I’ll take this very slowly so as to get it right from the ground up.
I started with four statements but I realized, it would be best if I assure I’m right at the get-go.
Then I realized I was not getting basic enough.
So if this takes a while, I hope you’ll hang in there.
Congress decides to buy a thing or hire people to perform a service.
Congress appropriates money to that end in the process of budgeting.
This budgeting goes to the Treasury producing what amounts to payment instructions.
While this seems straightforward, too often I’ve been surprised at the nuances I miss about macroeconomic processes.
Can you please suggest more precise language for these three steps, correct my incorrect assumptions, and point out important steps I should be including.
I truly think such a thorough review of federal spending processes would be helpful. Maybe to many, surely for me.
Thanks so much,
https://twitter.com/fiat_money/status/1539619318811484162 You agree RMM?