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New Economic Perspectives

Money and Banking – Part 19 (C): Financial institutions: An overview

Part A  |  Part B | Part C Farmer Mac, Fannie Mae, Freddie Mac, and Sallie Mae This section closes the presentation of government-sponsored enterprise with a quick look at other GSEs. They work in a similar fashion to the FCS, by issuing securities and using the proceeds to buy or to back illiquid financial instruments held by financial institutions. The goal is once again to lower the level and volatility of interest rates on specific financial instruments and to encourage credit for...

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Dear Professors Uribe-Teran and Vega-Garcia…

More than fifty economists signed onto an open letter, written by professors Ha-Joon Chang of the University of Cambridge and James K. Galbraith of the University of Texas at Austin, ahead of this year’s presidential elections in Ecuador. The letter noted: Over the past ten years, Ecuador has achieved major economic and social advances. We are concerned that many of these important gains in poverty reduction, wage growth, reduced inequality, and greater social inclusion could be eroded...

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Jamie Dimon: You Make Us Embarrassed to be Americans

By William K. Black July 24, 2017     Kansas City, MO Jamie Dimon talked about his personal pain recently using the exact phrase that many of us have used to explain his personal anguish that “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.”  The Wall Street Journal’s “Market Watch” described Dimon’s fervor. “J.P. Morgan Chase & Co.’s outspoken CEO on Friday broke into an...

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A Memo From MMT’s Legal Department

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...

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Monetary Sovereigns, Monetary Subjects: Modern Money & The Criminal Legal System

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...

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The CFPB Arbitration Rule is Pro (Honest) Businesses

By William K. BlackJuly 11, 2017     Bloomington, MN Politico has just published a column with a title and analytics that drive white-collar criminologists nuts:  “In a major setback for businesses, CFPB opens door to consumer class actions.”  Logically, the title should have read: “In an important step forward for consumers, investors, and honest bankers and lenders, CFPB begins to restore the rule of law to banking.” The CFPB is the acronym for the Consumer Financial Protection...

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Wall Street: It’s “Icky and Un-American” to ‘Short’ Frauds

By William K. BlackJune 27, 2017     Bloomington, MN The president of the New York Stock Exchange (NYSE) launched a coordinated attack on “shorts” that mirrored his rival’s (Nasdaq) attack.  The NYSE assault, however, used bizarre rhetoric. “It feels kind of icky and un-American, betting against a company,” NYSE Group President Tom Farley told lawmakers in Washington Tuesday. The heads of the NYSE and Nasdaq have appropriated the word “transparency” to support the effort to reduce the...

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