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Devin Smith

Devin Smith



Articles by Devin Smith

Massachusetts First to Sue Equifax Over Massive Hack

2 days ago

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

14 days ago

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

14 days ago

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

28 days ago

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

28 days ago

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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Whistleblowers Can Pose Real Challenge to Trump

January 23, 2017

NEP’s Bill Black and Norman Soloman join TRNN’s live inauguration coverage to discuss the criminogenic environment that will thrive under the Trump administration as well as its unprecedented conflicts of interest.
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Wray on Minsky on “Hopping Mad”

November 1, 2016

On Monday, 31 October 2016, Dr. L. Randall Wray was on the radio program and podcast, Hopping Mad with Will McLeod & Arliss Bunny. The focus of the interview was Wray’s newest book, Why Minsky Matters:  An Introduction to the Work of a Maverick Economist. The interview was more than an hour long so Wray was able to give lengthy answers without being pressured for time.
Dr. Wray’s book, Why Minsky Matters can be found on the Princeton University Press website and on Amazon where it is is available as both a hardcopy and download.
The interview can be found on the homepage of Hopping Mad and it is also available on Stitcher, iTunes, GooglePlay, myTuner, TuneIn and Overcast. (Search on “Hopping Mad.”) Hopping Mad airs on Mondays at 8AM (Eastern) on Netroots Radio. Hopping Mad covers politics and economics every week. Will McLeod handles the political side and I (almost always) cover economics and financial news. I am in the MMT fold so an explanation of MMT topics is a frequent aspect of the program.
We, at Hopping Mad, are always in search of interesting folks to interview so if you have a pressing MMT-related topic you would like to come onto the program and discuss, please feel free to email us at [email protected]. We would love to hear from you. Truly.

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Paid Leave and Daycare: Luxuries of the Wealthy

October 31, 2016

Originally published in The Minskys by Lara Merling
The U.S. trails the rest of the world in benefits available to families. Currently, the only industrialized country that does not guarantee paid maternity leave for new mothers is the United States. While other countries offer generous paid parental leave and some form of childcare subsidies, the U.S. does not. This lack of policies to support working families widens economic inequality and limits opportunities of children not born in wealthy households.

Deficit hawks often use their concern for future generations as a basis to argue in favor of cutting entitlement programs such as Social Security. Instead of talking about cutting entitlements, the story should be about expanding them with programs that will actually help children, such as providing paid family leave for parents and addressing the rising costs of childcare. If our children are so important to deficit hawks, then why do they oppose policies that would actually have a positive impact on their future?
Various studies have pointed out the positive impact of paid parental leave on both the child and family’s health. Some of the known benefits are lower child mortality, lower rates of post-natal depression in mothers, and a greater likelihood that mothers will return to work.

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Bank of England: Taking the Banks’ Fraud Proceeds Slows Growth

October 21, 2016

By William K. BlackOctober 20, 2016     Kansas City, MO
Elite bankers and the pathetic economists who serve as apologists for their frauds specialize in proving our family saying that it is impossible to compete with unintentional self-parody.  The subtitle of the WSJ article providing the latest proof is “Fines on banks translate into $5 trillion of ‘reduced lending capacity,’ bank says.”  The “bank” referred to is the Bank of England, which is supposed to be the UK’s primary bank regulator.  To be kind, the “study” by BOE is so embarrassing that a better descriptor of the BOE would be “fraud enabler.”
“The roughly $275 billion in legal costs for global banks since 2008 translates into more than $5 trillion of reduced lending capacity to the real economy,” Minouche Shafik, a deputy governor of the Bank of England, told a New York conference of regulators and bankers Thursday.

BOE’s methodology and “logic” (which it did not make public) are easy to guess.  It is not sufficient that elite banksters are able to become wealthy from leading the worlds’ most destructive financial frauds with impunity from prosecution, civil suits, and enforcement actions.  It is vital that the banks no longer be fined for conducting these massive frauds.

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JD Alt Interviewed on “The Millennials’ Money”

October 18, 2016

Monday, 17 October, on the weekly progressive radio program Hopping Mad with Will McLeod and Arliss Bunny, JD Alt was interviewed about his book The Millennials’ Money. The broadcast version of the interview, which aired on Netroots Radio at 8AM Eastern on Monday, 17 October, was twenty-two minutes long. The podcast version of the interview is about twice that. The podcast is available on iTunes, Stitcher, Google Play and on the Hopping Mad website.
JD’s book was previewed here, on NEP, in sections as he was going through the writing process and many NEP contributors participated in comment threads which influenced aspects of the book. If you have not read it in its entirety, The Millennials’ Money is quite worthwhile in that it not only brings JD’s excellent diagrams, from his best-selling ebook Diagrams & Dollars, to a hardcopy format covering the basics of MMT but then goes beyond that with some genuinely interesting thinking on how the millennial (fourth turning) generation can best use MMT to solve some of the immense challenges they face.
As one of the hosts I may have a silly name (it’s one of those accidental internet names…long story) but I’m very serious about MMT. I cover economics and financial news on the show every week and do as much MMT education as I can along the way. For instance, just recently I completed a series on how banks create money.

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Two Loaves

October 7, 2016

By J.D. ALT
Recently, I’ve been trying to zero in on a peculiar set of ingredients that seem to be baked into our economic pie―and which are depriving that pie of a sustenance we, as a collective society, need it to provide. The peculiar ingredients have to do with our monetary system. Specifically, the fact that we―whether intentionally or by happenstance―have put in place and operate a money system that seamlessly creates dollars, as necessary, for profit-making enterprise, but specifically does NOT create dollars for not-for-profit ventures.
To illustrate, let’s imagine that I use a dollar that I already have to pay for a bag of flour. Using my labor and artisan skill, I turn the bag of flour into a loaf of bread. I then sell the loaf of bread for three dollars. It’s possible the person who buys the loaf of bread will pay for it with three dollars he already has. It’s also possible, however, that he already possesses only one dollar, and has to borrow the other two from a bank. The bank, as we now know, doesn’t make this loan by removing two dollars from its deposits, but rather by depositing two new “bank” dollars (think of them as placeholders for real dollars) in the borrowers account.
The borrower of the two dollars writes me a check for the loaf of bread. I deposit the check in my bank account, adding three dollars to it.

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A Pocket Handbook of Soft Climate Denial

October 6, 2016

Michael Hoexter, Ph.D.
In a recent piece, I introduced the concept of “soft climate denial”.  In soft climate denial, people acknowledge that climate change is real and threatening and may even be panicked about it.  However, in this cultural-political constellation with attendant states of mind, the solutions for climate change that are embraced are in no way commensurate to the acknowledged threats to human existence posed by anthropogenic global warming.   Consequently, soft climate denial leads often to hand-wringing or other ineffectual actions but no decisive steps taken towards meeting the challenge of human-caused and human-accelerated global warming.
I contrasted soft climate denial with conventional “hard” climate denial, which is, now well recognized as a phenomenon: the social, political and psychological process of denying that climate change is even a serious problem and/or that human beings have any role in what is supposedly some harmless natural variation in temperature.  In this terminology, “hard” climate denial is the conventional climate denial that is associated with think tanks like the Competitive Enterprise Institute and the Heartland Institute or the work of the fossil fuel lobby and the Koch Brothers to delay climate action of any meaningful kind.

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Fiscal Feminism: Pavlina R. Tcherneva

October 6, 2016

NEP’s Pavlina Tcherneva appears on the Laura Flanders Show. Pavlina says the current practice of gender-blind and race-blind fiscal policy lacks visions and helps no one. Congress, according to Pavlina is focusing on the wrong things. A self ascribed feminist economist, Pavlina says feminist fiscal policy is real, not simply ideological, and should be a central part of the American economy. We’ll encourage growth, she says, by creating employment — not the opposite. And employment begins with targeting women and racial minorities as the benefactors of policy.
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