Pride cometh before a fall?RT @rileybloomberg: Former NSA director Mike Hayden on US cyber spying: "We are the best in the world. Period."
20 minutes ago
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MMT, THE EURO, AND THE ROAD TO RECOVERY: Interview with L. Randall Wray
Interview conducted by CJ Polychroniou for the Greek national financial daily Express (View the original in Greek here) Q: You are one of the leading figures in Modern Money Theory (MMT). Where did the name MMT come from and on what ideas, principles, and assumptions is it based? A: We had been calling it “Chartalist” [...]
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Lord Turner Lets the Cat Out of the Bag: Print money to fund spending
Given some comments on my blogs, maybe it is time for a bit of a brush-up on how sovereign government really spends. As Chairmen Greenspan and Bernanke insisted, it is via “keystrokes”. This article caught my eye: February 6, 2013 12:03 am Print money to fund spending – Turner (http://www.ft.com/cms/s/0/1be21d54-6fb5-11e2-956b-00144feab49a.html#axzz2K8IurvWe) By Chris Giles, Economics Editor [...]
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SOCIAL SECURITY’S UNFUNDED ENTITLEMENTS: MUCH ADO ABOUT NOTHING, OR LITTLE TO DO ABOUT SOMETHING?
(See the two notes at the bottom.) Back in January 2005, when President Bush was ramping up his attack on Social Security, Peter Wehner, a White House political strategist, wrote in a memorandum to conservative groups: “We need to establish in the public mind a key fiscal fact: right now we are on an unsustainable [...]
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Intro to Modern Money Theory by Haiku Charlatan
Intro to Modern Money Theory Here’s a brilliantly funny way to teach or learn Modern Money Theory, by Haiku Charlatan. I think it is mostly correct, but was laughing too hard to be objective. Grab a beer and watch this. Intro to MMT
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Banks Don’t Commit Fraud; Banksters Commit Fraud: Response to Yglesias
The often interesting Matthew Yglesias wonders “Are Banks Too Big To Prosecute?” See here. Here’s his thesis. Sure, Megabanks committed tons of fraud. But we cannot prosecute banks for the fraud because that would bring them down. And the bigger they are, the more fraud they perpetrated, but the bigger the insolvency hole if we [...]
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Upcoming Conference at UNAM in Mexico City
For any of those who might be in Mexico City this February 18-19, take a look at this conference announcement.
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Global Financial Crisis Explained: The Theory of Social Costs
I recently came across a video of one of my talks on the Global Financial Crisis, or, Global Economic Crisis, that provides a clear antitdote to orthodox thinking. You can view it here: “The Financial Crisis Viewed from the Perspective of the Social Cost Theory”, Social Cost Workshop, Wright State University, Ohio, April 27, 2012; [...]
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MMT AND THE SUSTAINABILITY OF SOVEREIGN DEFICITS AND DEBT
This is the fourth part of the series on sovereign deficits and debt. (Last week I erred in identifying the post as the third part in the series on math sustainability—it was the third part of the whole series but only the second piece on math sustainability; in a sense, this is the third part [...]
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FED MINUTES REVEAL FOMC WAS CLUELESS AS ECONOMY CRASHED IN 2007
We finally can know what the Fed officials talked about in their FOMC meetings in 2007 as the economy crashed all around them: FT report here http://www.ft.com/intl/cms/s/0/abc16b8a-6193-11e2-9545-00144feab49a.html#axzz2IMQwl7c4; and Fed’s transcripts here http://www.federalreserve.gov/monetarypolicy/fomchistorical2007.htm After the Greenspan fiasco, when Rep. Henry Gonzalez caught him fibbing about recordings of Fed meetings (Greenspan denied that the Fed kept them, but actually did [...]
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MMT AND MATH SUSTAINABILITY OF SOVEREIGN DEFICITS (Part 3): Who Sets the Interest Rate?
This is the third part in a series that is responding to a nice post by my fellow Economonitor blogger, Ed Dolan. We’ve been discussing the sustainability of US federal budget deficits and debts. Because we agreed there is no question of “affordability” we’ve moved on to other issues surrounding sustainability. A common method is [...]
