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New Economic Perspectives

An MMT View of the Twin Deficits Debate

Invited Presentation by L. Randall Wray at the UBS European Conference, London, Tuesday 13 November 2018 Q: These questions about deficits are usually cast as problems to be solved. You come from a different way of framing the issue, often referred to as MMT, which—at the risk of oversimplifying—says that we worry far too much about debt issuance. Can you help us understand where fears may be misplaced? Wray: First let me say that I think the twin deficits argument is based on flawed...

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FUTURE DOLLARS

By J.D. ALT In recent essays I’ve made reference to a new framing of what is actually happening when the U.S. treasury issues a bond. It seems to me, this new framing goes to the heart of MMT and might well hold the key to a practical implementation of MMT principles in real world applications. The framing is this: A U.S. treasury bond is a certificate of issuance of future dollars. I will expand on this in a moment, but first it is important to say what this framing says a treasury bond...

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CHANGE THE SUBJECT

By J.D. ALT So, I will now, once again, court blushing naivete…. In the middle of a contemplative walk—during which, I confess, I was imagining with enthusiasm how the Democrats might extract revenge should they win the House of Representatives in the mid-term elections (hearings and subpoenas relating to the FBI “investigation” of Brett Kavanaugh, subpoenas for Donald Trump’s tax returns, drawing up articles of impeachment, etc.)—I was suddenly struck by the realization of what a...

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MODERN MONEY THEORY: How I came to MMT and what I include in MMT

My remarks for the 2018 MMT Conference September 28-30, NYC L. RANDALL WRAY I was asked to give a short presentation at the MMT conference. What follows is the text version of my remarks, some of which I had to skip over in the interests of time. Many readers might want to skip to the bullet points near the end, which summarize what I include in MMT. I’d also like to quickly respond to some comments that were made at the very last session of the conference—having to do with...

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Paying for Hurricanes

By J.D. ALT What you believe America can build—or rebuild—as a collective society hinges on how you answer one fundamental question: When the U.S. government issues a treasury bond, is it “borrowing” money that must be repaid with future tax-dollars—or is it “creating” money that can be spent to accomplish big and important collective goals? Getting the right answer to this question could be existentially important. As I’m writing, for example, Hurricane Florence is unleashing...

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Miscalculating Medicare-for-all

By J.D. ALT A report from the Mercatus Center at George Mason University calculating the “cost” of Medicare-for-all has received much attention recently—first, because Bernie Sanders claimed the report concluded that Medicare-for-all would save the American people $2 trillion over a 10-year period. That claim was still warm when the report’s author, Charles Blahous, told the Washington Post that Bernie’s interpretation of the report’s conclusions were blatantly false. In fact, Blahous...

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Alexandria on the Daily Show: the Moral Economy and Modern Money

Michael Hoexter, Ph.D. [embedded content] The hopes of many progressives in the United States are being hitched to a new generation of left-wing Democratic politicians emerging to challenge both corporate Democrats and the Trump-loving radical-right Republican Party.  This movement has grown out of a group of organizations and institutions originating in, or energized by, the Bernie Sanders campaign of 2015-2016.  Among the most prominent of this new generation and perhaps its first...

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How big does the fire need to be?

By J.D. ALT I have written about this before, but it bears repeating now—and perhaps it bears repeating every week until somebody with more leverage than me picks the message up and carries it a step further: America (and the rest of the world, for that matter) has the resources needed to limit and mitigate the enormous damage and dislocations that climate-change is now beginning to impose. The “resources” I’m referring to are not dollars. They are materiel, labor, and human ingenuity....

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Trump Ally Rep. Chris Collins Arrested for Insider Trading – Is the Swamp Drained Now?

NEP’s Bill Black analyzes the significance of Rep. Chris Collins arrest for insider trading along with his son and son’s fiance’s father on 13 counts of wire fraud, securities fraud, and making false statements to the FBI. Collins was first Congressman to endorse Trump and is one of his closest confidants. [embedded content] [Translate]

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