EconoMonitor

Great Leap Forward

  • Wray on Thom Hartmann: the MERS Monster

    I’ll be on Thom Hartmann’s show tomorrow, July 18, 1 pm Eastern Time. I think we’ll talk about MERS, the recent Citi fines, lawsuits against the MBS Trustees, and much more. Info on how to listen: Live on radio stations coast to coast…live on XM/Sirius satellite radio…simulcast LIVE on Free Speech TV on Dish Network, […]

    More ›

  • EGREGIOUS FRAUDSTER: INTRODUCING BOB RUBIN’S CITICORP

    By now you’ve heard that Citigroup admits—yet again—that it engaged in fraud. Heck, it was the business model under Bob Rubin. If you want to blame three individuals for the Global Financial Crisis, only Larry Summers and Alan Greenspan deserve more credit than Rubin. Together they “softened-up” Congress so that it would free the Banksters, […]

    More ›

  • Join the Protest Against Hometheft

    It has been a while since I blogged about MERS–the banking industry’s creation to streamline the theft of homes. MERS is the “electronic registry” system that was created to subvert 500 years of Western property law. The bankers would destroy the written records of who owned what and who owed what to whom. That way […]

    More ›

  • BATTLING THE MASTER BAITERS: In the Trenches for MMT. Troll Friday.

    Well, it’s been a long time since we had a Troll Friday. Here’s one. Pheuuww that was fun! My recent blog on “Debt-Free Money” brought the commentators out of the basement, especially over at Naked Capitalism. At last count there were 438 comments on the blog at NC, of which about 400 were nonsense (at […]

    More ›

  • DEBT-FREE MONEY: A NON-SEQUITUR IN SEARCH OF A POLICY

    While we are on the topic of monetary cranks, I thought it might be useful to quickly address a cranky idea that often comes up in comments to my blogs and also during Q&A after presentations: so-called “debt-free money”. The first time I heard it, my immediate reaction was “Say what?”, and the second was […]

    More ›

  • Something is Rotten in the State of Denmark: The Rise of Monetary Cranks and Fixing What Ain’t Broke

    Horatio:  He waxes desperate with imagination. Marcellus:  Let’s follow. ‘Tis not fit thus to obey him. Horatio:  Have after. To what issue will this come? Marcellus:  Something is rotten in the state of Denmark. Horatio:  Heaven will direct it. Marcellus:  Nay, let’s follow him.  Hamlet Act 1, scene 4   Marcellus is right, the Fish […]

    More ›

  • To Consolidate or Not To Consolidate, that is the Question (or maybe it isn’t)

    This is another short post on MMT, a sort of follow-up to my post from a couple of days ago. There was an interesting response to various comments on my piece, which was posted up on Mike Norman’s website: http://mikenormaneconomics.blogspot.com/2014/06/randy-wray-modern-money-theory-basics.html. We got the typical: “oh you MMTers always want to consolidate the Fed and Treasury, […]

    More ›

  • MODERN MONEY THEORY: THE BASICS

    *I’ll return to my series on the role of taxes in MMT later this week. Meanwhile, here’s a short post on MMT. Modern Money Theory (MMT) seems to confuse two groups of otherwise sympathetic economists. First there are those like Paul Krugman who are generally of the Keynesian persuasion and who like MMT’s “deficit owl” […]

    More ›

  • TAX BADS, NOT GOODS

    This is another instalment in the series on the MMT view of taxes. I’m back from China, participating in the annual Hyman P. Minsky Summer Seminar at the Levy Economics Institute. Yesterday my colleague, Mat Forstater, gave a talk on the job guarantee and “green jobs”. Along the way he made two particularly insightful comments […]

    More ›

  • CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS

    MMT has emphasized that there is a close relation between sovereign power to issue a currency and its power to impose tax liabilities. For shorthand, we say “Taxes Drive Money”. I’ve dealt with that topic in the previous instalments of this series on MMT’s view of taxes. We’ve also demonstrated (as if it needed demonstration!) […]

    More ›