George Bravo go smash stuff now.
1 minute ago
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APOLOGIES: GREAT LEAP FORWARD WILL BE BACK SOON
The GLF is on hiatus due to a family emergency. I hope to be able to post the next blog soon–perhaps next week. Meanwhile please see the videos from Eric Tymoigne’s class on Modern Money Theory over on the front page of the New Economic Perspectives, http://neweconomicperspectives.org/. These were produced by students in his Modern Money [...]
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Martin Wolf’s Liquidity Traps and Free Lunches Through Fiscal Expansion
A couple of weeks ago I wrote a critique of Chairman Bernanke’s understanding of money (here: http://www.economonitor.com/lrwray/2012/04/19/does-chairman-bernanke-know-squat-about-money/). At the end of my blog, I summarized a good column written by Martin Wolf that did get money (mostly) right: http://blogs.ft.com/martin-wolf-exchange/2012/04/17/fiscal-and-monetary-policy-in-a-liquidity-trap/#ixzz1sRMJH300. Wolf promised a Part II on the topic of appropriate monetary and fiscal policy in a [...]
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A Modest Proposal to Stop Foreclosures
Sheila Bair, former head of the FDIC is just about the only one in Washington who gets the irony of the continuing foreclosure crisis. A couple of weeks ago she published a tongue-in-cheek call for the Fed to provide a $10 million interest-free loan to every American household: http://www.washingtonpost.com/opinions/fix-income-inequality-with-10-million-loans-for-everyone/2012/04/13/gIQATUQAFT_story.html Every underwater household could pay off [...]
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Money and the Public Purpose: The Modern Money Theory Approach
Last fall I posted here my Keynote Presentation For the Conference: The Capitalist Mode of Power: Past, Present, Future, York University, Toronto, October 2011. You can view my presentation as well as the Q&A that follows on Youtube here: http://www.youtube.com/watch?v=IZdZmu8mHTw&feature=plcp
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LOUISIANA SUES BANKSTERS UNDER RICO LAWS: Will the Biggest Banks Finally Go the Way of the Gambinos?
It’s about time. One state has finally found the guts to go after the banks that created the MERS monster, invoking RICO laws. Yes, MERS was part of a vast criminal conspiracy by the biggest banks (including the GSEs) to cheat counties out of property recording fees and to speed foreclosures while destroying the Western [...]
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DOES CHAIRMAN BERNANKE KNOW SQUAT ABOUT MONEY?
I think the biggest policy failures in Washington over the past three or four decades are caused by confusion over the nature of money, and more specifically, the nature of a sovereign currency. So many of our policy makers simply do not understand that a sovereign issuer of the currency is not like a household [...]
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21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability
The annual Minsky conference, co-sponsored by the Levy Institute and the Ford Foundation, was held this week in NYC. The audio transcripts of all the presentations (including one by yours truly) are online here: http://www.levyinstitute.org/news/?event=38 Update: I will add my powerpoint so you can look at it while listening to the audio. My presentation quickly [...]
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Developing the ‘Financial Instability Hypothesis’: More on Hyman Minsky’s Approach
Since Paul Krugman kicked-off a heated discussion about Minsky’s views on banks, and because the annual “Minsky Conference” co-sponsored by the Ford Foundation and the Levy Economics Institute starts this morning, I thought it would be useful to run a couple of posts laying-out what Minsky was all about. This first piece will detail his [...]
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KRUGMAN VERSUS MINSKY: Who Should You Bank On When It Comes to Banking?
Last week I explained why Minsky matters, outlining his main contributions. See here: http://www.economonitor.com/lrwray/2012/03/27/why-minsky-matters-part-one/#idc-container This was, in part, a response to a blog by Paul Krugman that appeared to dismiss the importance of trying to find out “what Minsky really meant”. See here: http://krugman.blogs.nytimes.com/2012/03/27/minksy-and-methodology-wonkish/ But, more importantly, it was a response to his defense of [...]
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WHY MINSKY MATTERS: Part One
My friend Steve Keen recently presented a “primer” on Hyman Minsky; you can read it here: http://www.economonitor.com/blog/2012/03/a-primer-on-minsky/ In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky. In particular Krugman’s equilibrium approach and primitive dynamics was contrasted to Minsky’s rich analysis. Finally, Krugman’s model of debt deflation [...]
