Video instructions and help with filling out and completing Who Form 5495 Guaranteeing

Instructions and Help about Who Form 5495 Guaranteeing

Good afternoon thank you for joining us for the panel on the monetary case for a job guarantee sorry is that better there we go okay good afternoon thanks for joining us for the panel on the monetary case for the job guarantee when we organized this panel we knew would be highly relevant for the conference but I think that some of the comments that we've heard over the last day have really highlighted the importance of labor issues for the democratization of money and I think that this panel can address some of the recurring themes that we've heard we have four great panelists we have Pavlina trinova from Bard College Rowan gray from Cornell where he's an SGD student he's the founder and president of the modern money Network Phil Harvey from Rutgers Law School and Derek Hamilton who will be joining Ohio State at the start of the year the Kirwan Institute for the Study of race and ethnicity after a long absence the job guarantee and the human right to work have sort of returned to public debate and our panelists have been working on this issue for years and they're a big part of the reason why that's happened there's a lot more I could say about all of them but I'd like to get started so just for format each panelist will speak for about 15 minutes and then we'll open it up to audience questions so with that we can get started thank you very much thanks to Chris for the invitation and to Danny Forgan izing this panel we are talking about the monetary case for job guarantee so my remarks will be somewhat different from what you've you may have heard in the past the main point that I'd like to make well I should first say for people who are new to the job guarantee that the job guarantee is simply a program that is a public option for work that is guaranteed by the federal government to all those who needed at decent paid decent conditions and so the monetary case for the job guarantee I would like to make is that to be able to democratize money we have to democratize work that there is an inherent relationship between the two in the modern monetary system in fact I'd like to argue that the monetary systems original sin is that it creates unemployment and that money is a public institution that is launched into existence by creating unemployment and in this story as I will say the data as I will tell it the tacit axis will play a crucial role but I'd like to highlight up front is that taxes are never really a financing operation for the government they're always a resource transfer operation even throughout historical time they exist to provision the government in real goods and services they are a tool of redistribution so okay so what I would like to say is that the task before us is to fix this initial flaw in the monetary system the job guarantee is one way to fixing this this flaw and also it has the potential to bring other democratizing tendencies in the labor market and other areas of social life so my remarks are from a modern money perspective from a chart Allah spective and we see money as a creature of the state in the following sense yes money is a debt social credit debt relationship it's actually a power credit read dead relationship between creditors and debtors but the state enters when the state codifies these debts and when I say codifies I mean that the state essentially determines how debts will be denominated between parties how they will be what will be delivered for repayment how debts will be reinforced and on top of that that the state imposes its own debts obligatory debts on the population in the form of taxes fees and fines and also declares how they will be paid and how they will be settled and in this process the state establishes the standard unit of account the of course historically contingent so what is the purpose of of the tax system the purpose of the tax system is to induce someone to work in and and provide goods and services in labor in lieu of taxes so the paper actually goes through some historical examples by looking at some of the history of time I'm not gonna go through these examples but I will just say the following even if you look at the Mesopotamian palaces the Mesopotamian palaces did not need clay tablets to spend when you look at medieval England the Kings did not need wooden tally sticks in order to spend the Pharaohs of Egypt did not need Devens in order to finance themselves and in fact they couldn't possibly tax dead ones from the population because those were virtual those were an abstract unit of account that will settle the tax obligation but each of these central public institutions needed real resources labor to contain the Nile liver River floods grain to feed the palace and the army workers for the construction of quarries canals and roads and the tax was the tool of compelling the citizenry to transfer some of these resources to the public domain so this resource transfer is there to provision the authority itself in part to also provision the community as a whole to allow the the central authority to redistribute some of this surplus to its subjects some in some cases for the purposes of more equitable redistribution for some in some cases for the enrichment of a small class of people so what I'd like to highlight here is that well number one there is an important relationship between taxes and unemployment that I'll explore in a moment in the modern context but in even through time satisfying the tax table key obligation