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12 minutes ago
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The End of an Era: The Reagan-Thatcher Years, Goodbye and Good Riddance
With the recent death of Margaret Thatcher, the Iron Lady, it is time for a quick retrospective. Here’s the conventional narrative. The Keynesians took over policy-making in the UK and the US in the 1960s. They coddled Big Labor, allowing unions to ramp up wages. They coddled the poor with generous welfare. They coddled Big [...]
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Hyman Minsky’s New Book on Ending Poverty: Jobs, Not Welfare
OK, after my last post, we need an optimistic note. As you know, MMTers have adopted the “employer of last resort” or “job guarantee” approach to ending unemployment. Many of us got this policy from the late Hyman Minsky, who is well-known for his “financial instability hypothesis”. However, in the 1960s and 1970s he wrote [...]
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News from the Front: Wall Street Takes Your Homes, Your Deposits, and Your Social Security (Updated)
Here are a few recent tidbits from the press, just in case you were feeling a bit overly optimistic. 1. MERS Helps Wall Street Steal Your Home Over the past couple of years, I’ve tried to explain how the financial sector created MERS to destroy property records so that it would be easier to steal [...]
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Why We’re Screwed, Two: The Love Of Money
Some of you might enjoy this radio interview, a take-off from my GLF blog titled “Why We’re Screwed”. See here for my original post: http://www.economonitor.com/lrwray/2012/07/23/why-were-screwed/ Patience, it gets better mid-way through. Took me a while to get used to the format–several interviewers all at once–but it works well. Short take: you should be mad as hell, [...]
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What Went Wrong in Cyprus: an MMT Perspective (updated)
Some readers have encouraged me to provide an MMT perspective on Cyprus. First a caveat: I have no special expertise on that country. However, as all of you know, MMTers have been warning about the fate of Euroland for almost two decades. As you watch one after another of those dominoes fall, you cannot help [...]
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When Banksters Don’t Like the Law, Their Hired Hands in the Legislature Change It
In an excellent piece, Lawyer Roy Oppenheim warns that the Florida Legislature is moving to legalize bank theft of homes. See his piece here. As I’ve been writing for years, foreclosure is theft in most cases. You see, in their hurry to package mortgages into securities, the banksters virtually never followed the law. I won’t [...]
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Brad DeLong to Paul Krugman: Yes Deficits DO Matter in MMT
Finally, a prominent “mainstreamer” Keynesian gets MMT. Over the past couple of years, Paul Krugman has got close, but he keeps claiming that MMT believes “deficits don’t matter”. He refuses to cite any MMTer who has ever said such a silly thing. One doubts he’s actually read any serious piece by any proponent of MMT. [...]
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Eric Holder Makes it Official: Crime Is The Economic Model
It’s official. The nation’s top cop, Attorney General Eric Holder, has clearly articulated the administration’s policy on crime at the biggest banks: it will not be prosecuted. Indeed, as we’ve long expected, the criminals in top management will not be investigated, they will not be indicted, they will not be prosecuted, and they will [...]
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$100 Million Awaits First Deficit Hysterian to Prove Uncle Sam Can Run Out Of Money
Here’s a flashback to a press release from Warren Mosler’s Senate campaign in 2010. He bet that none of our deficit hysterians in Washington would be able to prove that Uncle Sam can run out of money. The money still sits on the table. Presumably Pete Peterson and his hired hysterians all know that they [...]
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MMT: Wray on the Thom Hartmann Program
Thom Hartmann continues his efforts to better understand Mondern Money Theory (MMT) by talking with Dr. L. Randall Wray, Professor, Economics, University of Missouri-Kansas City & Senior Scholar, Levy Economics Institute / Author, Modern Money Theory. Video Here. Or watch below: Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Videos available [...]
