Anthony J. Pennings, PhD

WRITINGS ON DIGITAL STRATEGIES, ICT ECONOMICS, AND GLOBAL COMMUNICATIONS

Weak Domestic Dollar, Strong Global Dollar

Currently the dollar is weak domestically and strong globally. In this post, I examine the dynamics of the US dollar and why it operates differently within the domestic US and globally.

MMT in a Post-Covid-19 Environment

We hear the term “printing money” a lot, usually by gold or bitcoin enthusiasts who believe in establishing strict financial constraints. By establishing “hard money” and limiting the quantity of money in an economy, they hope to see their assets rise in value while keeping prices down. Certainly, governments do print some of their money for public use, but the preponderance of funds are entries in digital ledger accounts.

The Great Monetary Surge of 2020 and the Return of Inflation

We had an amazing shot of money into the economy during 2020. It continued into 2021 but nowhere near the amounts of 2020. It helped forestall an economic collapse but became part of the complex equation increasing prices.

Building Dystopian Economies in Facebook’s Metaverse

Strangely relevant to the new emergence of virtual environments like Facebook’s Metaverse, the talk was held in downtown New York City at the Woolworth Building, known as the “Cathedral of Commerce” when it was built in 1913. The location was strangely appropriate given the topic, a wrap-up of a year-long project at New York University on Second Life. The project involved an animation class taught by Mechthild Schmidt-Feist, and my class, the Political Economy of Digital Media. I still have the tee-shirt my students gave me that says “Got Linden?” a reference to Second Life’s currency, the Linden.

Diamonds are a World’s Best Friend? Carbon Capture and Cryptocurrency Blockchains

Instead of mining gold or even Bitcoin, why not move to a diamond standard? Why not use diamonds from carbon recaptured from the atmosphere? Instead of “conflict diamonds,” why not have “climate diamonds?” Can diamonds replace gold and back other currencies?

Modern Monetary “Practice” and the Fear of Inflation in a Low-Supply Economy

So the economy looks to be at risk in late 2021. Will the practical application of MMT provide operational guidance for a new era of prosperity? Can infrastructure and climate change solutions provide sufficient returns on these investments? The big question is whether government spending for such programs can avoid significant inflationary pressures?

COVID-19 and US Economic Policy Responses

In this post, I look at how the Federal Reserve and Congress addressed the economic ramifications of the emerging pandemic in 2020.

The Two Santa Claus Theory of Economic Growth and the Prospects of Modern Monetary Theory (MMT)

Intentional deficit spending is not strictly a Democratic agenda. Republicans pushed related ideas with the Two Santa Claus Theory: deficit spending and tax cuts for the rich. Written in March 1976, by Wall Street Journal editorial writer, Jude Wanniski stressed that for economy to be healthy, US politics should have a division of labor between Democrats and Republicans.

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  • About Me

    Professor at State University of New York (SUNY) Korea since 2016. Moved to Austin, Texas in August 2012 to join the Digital Media Management program at St. Edwards University. Spent the previous decade on the faculty at New York University teaching and researching information systems, digital economics, and strategic communications.

    You can reach me at:

    apennings70@gmail.com
    anthony.pennings@sunykorea.ac.kr

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    The opinions expressed here do not necessarily reflect the views of my employers, past or present.