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New Economic Perspectives

Fed Lets Goldman Sachs and Morgan Stanley Off Hook, Investors Profit Billions

Even though Goldman Sachs and Morgan Stanley failed the so-called ‘stress test,’ to determine whether these banks can weather a financial crisis, the Fed allowed them to pay billions in dividends and stock buybacks to investors. Former financial regulator and NEP’s own Bill Black explains the consequences. You can view with transcript here. [embedded content] [Translate]

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Most Ignored and Most Far-Reaching Supreme Court Ruling Yet: Anti-Trust Law Hollowed Out

A major Supreme Court ruling, Ohio vs American Express, was completely ignored by most media outlets, even though it will have potentially devastating repercussions for consumers in the so-called ‘platform economy’: Uber, Lyft, AirBnB, Facebook, etc. NEP’s Bill Black explains the consequences. You can view with transcript here. [embedded content] [Translate]

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Bitcoin Does Not Protect Against Fraud

There is a common misconception that the cryptocurrency Bitcoin is safe and secure and will protect those who trade in it from fraud. However, NEP’s Bill Black explains, Bitcoin is just as susceptible to fraud as any other type of transaction and complacency makes the likelihood of fraud only greater. You can view with transcript here. [embedded content] [Translate]

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Kill the Hastert Rule: A Pedophile’s Indefensible Rule Harms America

By William K. Black June 20, 2018     Kansas City, MO The House Speaker is the answer to the trick question:  “Who is the second most powerful elected official in the United States.”  The importance of the Speaker is obvious to anyone with even a modestly sophisticated understanding of U.S. politics and government. One of the reasons for this astonishing level of sycophancy of Republican House candidates that run for office by presenting themselves as moderate conservatives is the...

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Bithumb: Hackers ‘rob crypto-exchange of $32m’

This article from the BBC. NEP’s Bill Black has warned about these issues… A leading crypto-coin exchange has halted trade after declaring that hackers had stolen some of the digital currencies it stored. Seoul-based Bithumb said that 35bn won (£24m; $31.6m) worth of cyber-cash had been “seized” overnight, adding that it would fully compensate affected customers. The values of Bitcoin, Ethereum and Ripple all fell on the news. It is the second time in less than a year that Bithumb has...

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Bitcoin Frauds Keep Growing

By William K. Black June 18, 2018     Kansas City, MO One of the prime myths that white-collar criminologists have to refute repeatedly is that blockchain makes fraud impossible.  Blockchain, in some settings, is a costly means of making some frauds much more difficult.  Blockchain is useless against the most important frauds.  The primitive worship of blockchain as a supposed garlic capable of warding off evil breeds complacency, and complacency produces increased fraud and greatly...

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The Five Stages of Money (and why we’re stuck at stage 4)

By J.D. ALT Like everything else, money has evolved. It began in a primitive form and morphed into something more sophisticated, more successful. Then, probing and testing for an even better form, it morphed again. A simplified history of money’s evolution can be outlined in five stages: STAGE 1: Money is a tangible thing of value—e.g. a gold coin. At some point in the pre-history of humankind, the “invention” of money solved a time-gap problem in cooperative trade: I’ll give you my...

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Democrats Should Reject Bernanke’s ‘Wily E. Coyote’ Criticism of Trump’s Deficits

By William K. Black June 11, 2018     Kansas City, MO Ben Bernanke recently gave a speech predicting that President Trump’s deficits will cause the economy to “go off a cliff in 2010.”  Many Democratic Party politicians, of course, will rush to embrace the criticism and prove that they are the true party of fiscal responsibility.  They can then get back to pushing for increased taxation and cuts to the safety net “to save it” from collapse – and feeling virtuous.  These Democrats will...

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Last Exit to the Road Less Traveled

By J.D. ALT We now stand where two roads diverge. But unlike the roads in Robert Frost’s familiar poem, they are not equally fair. The road we have long been traveling is deceptively easy, a smooth superhighway on which we progress with great speed, but at its end lies disaster. The other fork of the road—the one less traveled by—offers our last, our only chance to reach a destination that assures the preservation of the earth. Rachael Carson, Silent Spring  What’s important to keep in...

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