Tuesday , November 19 2019
Home / New Economic Perspectives

New Economic Perspectives

Wray Appearing Before Congress

L. Randall Wray will be providing testimony for Congress on November 20 at 10 am. The topic is the government debt and deficits. His full statement will be available at 10:30AM at the Levy Institute. His goal is to explain a) why we needn’t fear sovereign government deficits and debt; b) why in some important sense, deficits and rising debt are “normal”; c) the deficit is in any case largely outside the control of Congress; d) deficits and rising debt ratios will not lead to government...

Read More »

The People’s Money (Part 3)

An Explanation of the Federal Reserve Money system and what it means for the potential accomplishments of American Democracy By J.D. ALT The big surprise of our tour of the Federal Reserve system (please see PARTS 1 & 2) is that the FED (America’s central bank)—as it is presently authorized to operate—can create “money,” as necessary, to support not only the undertakings of private enterprise, but the undertakings of public enterprise as well. Please recall that public enterprise...

Read More »

The People’s Money (Part 2)

An Explanation of the Federal Reserve Money system and what it means for the potential accomplishments of American Democracy By J.D. ALT Let’s begin by restating what I think was the main insight of PART 1: The overarching purpose of the Federal Reserve Act was to enable “money” to be created, as necessary, to support the scale of commerce that American Enterprise decides to undertake and accomplish. If the labor, materials, energy, technology, and ingenuity exist to do something—and it...

Read More »

MMT: REPORT FROM THE FRONT (PART 3)

By L. RANDALL WRAY In this part, I’ll resume with comments on the critical contributions to the special issue of rwer. We finished Part 2 with a discussion of the shocking lack of citations to MMT literature in the critiques—especially the dearth of citations to the more academic contributions (as opposed to the summaries of MMT written for undergrads and the general public). Let me return to the oversight of contributions made by scholars such as Fullwiler and Tymoigne—who have mostly...

Read More »

The People’s Money (Part 1)

An Explanation of the Federal Reserve Money system and what it means for the potential accomplishments of American Democracy By J.D. ALT “Reserves”—that esoteric term in money-talk that postures to explain everything but explains nothing at all—have been much in the news of late. The Wall Street Journal even tried, recently, to explain what they are! They didn’t do such a great job. That’s unfortunate because, properly explained and understood, Reserves hold a big key to the political...

Read More »

MMT: REPORT FROM THE FRONT (PART2)

By L. Randall Wray PART 2 In Part 1 I discussed the third annual MMT conference that was recently held at Stony Brook, and you can find the program as well as videos of the conference here: (https://www.mmtconference.org/). In this Part 2 I discuss a special issue of real-world economics review devoted to MMT (http://www.paecon.net/PAEReview/issue89/whole89.pdf). As usual, my report stretched out to become too long for just 2 blogs so there will be a Part 3, coming later this week. And...

Read More »

The Kurds, The Most Frequently Betrayed Group, Experience Trump’s Betrayal

William K. BlackOctober 9, 2019     Kansas City, MO The most betrayed people in the world are likely the Kurds.  They have the misfortune to live in a particularly violent region dispersed among five nation states – Iraq, Iran, Turkey, Syria, and Armenia.  They are a large ethnic group (the fourth largest in their region).  They are overwhelmingly Sunni.  Kurds have tried to be a nation, and the West betrayed them.  Kurds have tried to develop ‘home rule’ within the nation states they...

Read More »

Eric Holder is the Official Missing from Discussions of the Bidens’ Ukrainian Efforts

By William K. BlackOctober 7, 2019     Kansas City, MO Michelle Goldberg published an excellent column on September 30, 2019 “Trump’s Claims About Biden Aren’t ‘Unsupported.’  They’re Lies.”  It accurately describes Trump’s lies and his unlawful and unethical acts of trying to use the power of our government to induce Ukrainian and Chinese officials to smear his political opponents.  The House should cite those Trump lies as part of the basis for impeaching him. Rule No. 1:  No Freebies...

Read More »