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Devin Smith

Devin Smith



Articles by Devin Smith

Trump’s CFPB Pick Will Likely Spell Bad News for Consumers

3 days ago

The good news is that President Trump has been slow to nominate heads for regulatory agencies, says NEP’s Bill Black in his appearance on The Real News Network. The bad news is that Trump will pick someone eventually to replace Richard Cordray. You can view here with transcript.
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Fragmented Health System Paves Way for CVS-Aetna Merger

17 days ago

In what is being called the biggest merger in the history of the health insurance industry, CVS is making a $66 billion bid to buy Aetna. NEP’s Bill Black discusses the merger’s potential consequences with The Real News Network. You can view here with transcript.
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Pollution Kills 9 Million People a Year

24 days ago

Pollution causes far more deaths than tobacco, infectious disease or war, and causes 4.6 trillion dollars of economic damage per year, according to a major new study published in the British medical journal The Lancet. You can view here with a transcript.
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Wall Street Wins as Senate Blocks Consumer Protection Rule

24 days ago

The Senate voted 51-50 to repeal a rule that would have made it easier for consumers to sue the financial institutions that defraud them. The move is “outrageous,” NEP’s Bill Black on The Real News Network. “It should be a national scandal, and require resignations in disgrace.” It can be viewed with a transcript here.
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Trump’s Would-Be Drug Czar Helped the Drug Profiteers

October 23, 2017

Rep. Tom Marino has withdrawn his nomination as President Trump’s new drug czar after revelations he pushed through a measure that worsened the U.S. opioid epidemic. NEP’s Bill Black says Marino and other lawmakers have been bought off by pharmaceutical companies he says have acted as “illicit, criminal, drug dealers” on The Real News Network. You can view with transcript here.
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The Poorest Tax Payers to Pay the Most Under Trump Plan

October 3, 2017

NEP’s Bill Black appears on The Real News Network and says that both Republicans and Democrats are financially illiterate when they speak about the deficit, and Trump’s economic experts are ‘completely disconnected from the real world.’ You can view here with a transcript.
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Hy Minsky, Low Finance: Modern Money, Civil Rights, and Consumer Debt

September 29, 2017

By Raúl Carrillo
I delivered the remarks published below at the First International Conference on MMT on September 22nd, 2017. The panel, entitled “Modern Money, Courts, and Civil Rights — Against Legal Predation”, explored the interplay between the cycle of crisis, austerity, and privatization, and the concomitant loss of rights for the public. I was joined by two esteemed law professors and friends of MMT: Angela P. Harris, formerly of UC Davis School of Law, and Martha McCluskey, of the University at Buffalo School of Law. The panel was moderated by Danny Sufranski, MMN Harvard Chapter President.
These remarks were delivered solely in my capacity as a director of the Modern Money Network and do not reflect the views of any past or present employers.
Good morning, everyone. My name

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Massachusetts First to Sue Equifax Over Massive Hack

September 24, 2017

NEP’s Bill Black was on The Real News Network and discussing that several government agencies and at least 34 state attorneys general have opened investigations into the Equifax data-breach scandal–which is ‘the gift that keeps on giving.’ You can view with transcript here.
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Equifax Data Breach is a 10 out of 10 Scandal

September 13, 2017

NEP’s Bill Black appears on The Real News Network and discussing the hacking of consumer credit reporting giant Equifax, and the company’s ‘cynical’ handling of it, is a far-reaching disaster that borders on criminal. You can view here with a transcript.
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Low Rate of Unionization in US Consequence of Deregulation

September 13, 2017

NEP’s Bill Black appears on The Real News Network and points out that former Treasury Secretary Lawrence Summers’ recent plea for greater unionization contradicts his actions as a member of the Clinton and Obama administrations, when he promoted financial deregulation, increasing the power of capital. You can view with transcript here.
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Democrats Should Not Rely on Glenn Simpson and His Hit Piece about Trump and Putin

August 30, 2017

By William K. Black
August 27, 2017     Kansas City, MO
Like you, I learned recently that Glenn Simpson had given ten hours of testimony before a closed session of the Senate Judiciary Committee and produced tens of thousands of pages of documents to the committee.  Simpson founded a company (Fusion GPS) that hired a former British intelligence officer, Christopher Steele to conduct an investigation of Donald Trump’s ties with Russia.  Newsweek reports:
Following Simpson’s testimony behind closed doors, his attorney, Josh Levy, told reporters that his firm is “proud of the work” that Steele produced and Simpson oversaw, and that he “stands by it.”
Fusion GPS bills itself as a place to buy “opposition research.”  In plain English, that means if you pay it lots of money it will produce

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German Documentary About a Trump Real Estate Project

August 30, 2017

NEP’s Bill Black is interviewed by German news firm ZDF for a documentary regarding a Trump real estate project. Bill appears around the 40 minute mark discussing potential violations of law including conspiracy. You can view here (site is in German).

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A Memo From MMT’s Legal Department

July 15, 2017

Orthodox economists are often inclined to think of law as an external force that ‘intervenes’ to regulate otherwise naturally occurring economic phenomena. In contrast, Modern Monetary Theory and its antecedent intellectual traditions have long recognized that law in fact constitutes and shapes modern economies and the monetary regimes that underpin them. For example, Knapp argued explicitly that money was a “creature of law.” Similarly, Keynes, in A Treatise on Money, stated:
“The State…comes in first of all as the authority of law which enforces the payment of the thing which corresponds to the name or description in the contracts. But it comes in doubly when, in addition, it claims the right to determine and declare what thing corresponds to the name, and to vary its declaration

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Monetary Sovereigns, Monetary Subjects: Modern Money & The Criminal Legal System

July 12, 2017

By Raúl Carrillo
I delivered the talk published below as part of a panel at Yale’s annual Rebellious Lawyering Conference, on February 17th, 2017. The panel, entitled “Financing Criminal Justice”, co-hosted by The Modern Money Network, focused on the connections between fiscal austerity and the horrors of the U.S. criminal legal system. I was joined on the panel by Thomas Harvey, Co-Founder and Executive Director of ArchCityDefenders, Judge Jaribu Hill, Director of the Mississippi Workers’ Center for Human Rights, and Mitali Nagrecha, Director of Harvard Law School’s National Criminal Justice Debt Initiative.
Together, we discussed how financially-strapped local government entities, charged with public safety, perpetuate social violence, especially upon low-income communities of

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London Grenfell Inferno: Who’s to Blame?

July 2, 2017

The Grenfell Tower Block fire in London is a predictable consequence of policies that can be traced to Margaret Thatcher, Tony Blair and Gordon Brown, as well as those of David Cameron and Theresa May, says NEP’s Bill Black on The Real News Network. You can view here with transcript.
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The Living New Deal

May 10, 2017

Announcing the New Map of New Deal New YorkTwo years in the making, The Living New Deal’s newest publication, a “Map and Guide to New Deal New York,” highlights nearly 1,000 public works throughout the five boroughs and describes 50 of the city’s notable New Deal buildings, parks, murals, and other sites and artworks. The 18 x 27 inch, multi-color map folds to pocket size, while three inset maps offer walking tours of the New Deal in Central Park, and Midtown and Downtown Manhattan. Beginning this week, The Living New Deal will host events in Manhattan to celebrate the map—and New Deal New York at large. You can purchase the map, and a poster of it, here.
Culture and Space: A Case Study of the New Deal at UNCMore than any other era in US history, the New Deal supported the

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Why did Preet Bharara Refuse to Drain the Wall Street Swamp?

March 27, 2017

[unable to retrieve full-text content]Why did Preet Bharara Refuse to Drain the Wall Street Swamp?
William K. Black (A co-founder of Bank Whistleblowers United) March 20, 2017 The New York Times’ editorial board published an editorial on March 12, 2017, praising Preet Bharara as the “Prosecutor Who Knew How to Drain a Swamp.”  I agree … Continue reading →
Why did Preet Bharara Refuse to Drain the Wall Street Swamp?

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MMT And Debunking AMI: Postive Money

February 5, 2017

Steve Grumbine talks with NEP’s L. Randall Wray for Real Progressives LIVE. Topics include MMT and Debunking AMI: Positive Money and other important and relevant economic issues that affect the progressive agenda.
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