Tuesday , April 24 2018
Home / Devin Smith
Devin Smith

Devin Smith



Articles by Devin Smith

US Penny, US Nickel and Sterling Silver Penny: Similarities and Differences

March 3, 2018

By Eric Tymoigne
The history of medieval coinage is full of dramas. Debasements, changes in official value, chronic lack of coins, use of foreign coins in domestic transactions, free minting, coins with a floating denomination, clipping, metalism vs. nominalism, among others, make for a colorful and fascinating monetary history. Recent developments in metal markets have recreated one of the conditions that led to a disappearance of the coinage in the Middle Ages. The post explains the monetary relevance of the recent developments in metal markets, and compares and contrasts their consequences with what happened in the Middle Age.
After presenting the current state of the U.S. penny and U.S. nickel, the post presents some of the central aspects of medieval coinage before showing how

Read More »

A Comfortable Betrayal

March 1, 2018

By J.D. ALT
This essay was first posted at https://www.realprogressivesusa.com/
It would be a shocking scandal if it came to light that the professions of medical science had, for decades, known about an easy to treat, underlying cause of cancer—but conspired to obfuscate and suppress the information to protect their participation in a medical industry raking in hundreds of billions a year to treat the disease. Professional standings, tenures, licenses would be in tatters. Lawsuits would abound. Outrage would march on every city hospital and medical college in the nation—would it not?
Such a betrayal, of course, is not humanly possible. Right? Yet is it not the case that the professions of economics, journalism and politics are guilty of something very like this kind of betrayal?

Read More »

Once a Poster Child for Austerity, Latvia Becomes a Hotbed of Corruption

February 22, 2018

Austerity didn’t produce recovery in Latvia, it produced the semblance of recovery, says NEP’s Bill Black on The Real News. It also led to rampant criminal activity in the banking sector, such as money laundering, taking bribes, and violating sanctions against North Korea. You can view here with a transcript.
[embedded content]

Read More »

A Booming Stock Market Does Not Mean a Strong US Economy

February 2, 2018

During his State of the Union speech, Trump touted the recent stock market boom as proof of how well the U.S. is doing. However, as NEP’s Bill Black explains, the boom has nothing to do with new investment. You can view with a transcript here.[embedded content]

Read More »

IRS Private Debt-Collection Program is ‘Indefensible’

January 23, 2018

Using private debt-collection firms to collect debt from low-income Americans is not only morally reprehensible, but it’s also terrible business, says NEP’s Bill Black in his latest appearance on The Real News Network. You can view here with transcript.
[embedded content]

[Translate]

Read More »

Warren Buffett Wins $1 Million Bet That Hedge Funds Are a Rip-Off

January 10, 2018

Billionaire investor Warren Buffett bet that hedge funds were a bad investment. Ten years later, Buffett’s wager proved that hedge funds earn only one third of what a stock index investment does. NEP’s Bill Black explains the numbers on The Real News Network. You can view here with a transcript.
[embedded content]

[Translate]

Read More »

Corporations Hoard Their Trump Tax Windfall

January 3, 2018

After President Trump signed the GOP tax plan into law, some of the bill’s corporate beneficiaries have offered workers minor bonuses. But NEP’s Bill Black says they’re keeping most of the money for themselves — and starting a new global race to the bottom for corporate taxes. You can view here with a transcript.
[embedded content]

[Translate]

Read More »

Trump, GOP Pull Off Their Tax Heist

January 3, 2018

NEP’s Bill Black appears on The Real News discussing Congressional Republicans have approved their tax bill, a massive upward transfer of wealth that fulfills a decades-long right-wing goal of permanent tax cuts for corporations. You can view here with a transcript.[embedded content]

[Translate]

Read More »

Trump’s Coup on Consumer Protection

December 4, 2017

The Consumer Financial Protection Bureau is in limbo as two people claim to be its new acting director. The outgoing head tapped Leandra English as his successor, but Donald Trump then appointed Mick Mulvaney, who has called the CFPB a “sick, sad” joke. NEP’s Bill Black appears on The Real News Network discussing the attack on CFPB. You can view here with a transcript.
[embedded content]

[Translate]

Read More »

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

November 20, 2017

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.
[embedded content]

[Translate]

Read More »

Fragmented Health System Paves Way for CVS-Aetna Merger

November 6, 2017

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.
[embedded content]

[Translate]

Read More »

Pollution Kills 9 Million People a Year

October 31, 2017

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.
[embedded content]

[Translate]

Read More »

Wall Street Wins as Senate Blocks Consumer Protection Rule

October 31, 2017

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.
[embedded content]

[Translate]

Read More »

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.
[embedded content]

[Translate]

Read More »

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.
[embedded content]

[Translate]

Read More »

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

Read More »

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.
[embedded content]

[Translate]

Read More »

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.
[embedded content]

[Translate]

Read More »

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.
[embedded content]

[Translate]

Read More »

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

Read More »

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).

[Translate]

Read More »

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

Read More »

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

Read More »

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.
[embedded content]

Read More »