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New Economic Perspectives

‘Two Million Felonies’: Will The Wells Fargo Scandal Finally Change Wall Street?

Nothing clarifies the mind of a bank board member than the loss of lucrative business deals. Wells Fargo’s CEO says he will pay a penalty for presiding over his bank’s fraud wave. Could stricter sanctions follow, perhaps even a criminal investigation? We spoke with William K. Black Jr., economist and white-collar criminologist, about the implications of the Wells Fargo case and the laws that might have been broken. Rest of the post is at Huffington Post. Read it here. Share this:

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‘Control Fraud’ – Corrupt Bankers Do It, Congress Ignores It

The bipartisan shellacking Senators gave John Stumpf, the Wells Fargo CEO, last week made for great television, but did nothing about the real scandal: Our government continues to look the other way as many top bankers thumb their noses at fraud laws. There is a term for the criminality that infects our biggest banks and damages the economy, and there is a solution to this problem. But there is also an obstacle. Read more of David Cray Johnston’s post: ‘Control Fraud’ – Corrupt Bankers Do...

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CROWDSOURCING the COLLECTIVE “WE”

By J.D. ALT Let’s jump ahead to the day (surely it will come, right?) when we realize a general consensus has actually been established that, yes, it IS possible to sustainably pay for collective goods and services by the direct issuing of sovereign fiat dollars―that our federal government doesn’t have to collect taxes in order to have dollars to spend, that it doesn’t have to issue Treasury bonds to get the dollars it needs but imagines it doesn’t have. Now that we’re here in this future...

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WHY ARE WE GATHERED HERE? Remarks Made at the 13th International Post Keynesian Conference

L. Randall Wray The following text reproduces my notes for my talk on the final night of the conference; I think there is a video of the entire panel that will be posted up on the conference site later This conference is dedicated to the memory of Landon Rowland, a local Renaissance man. You have heard both Robert Skidelsky and Chancellor Leo Morton speak of his accomplishments. Over the years, Landon regularly invited Bill Black and me to lunch to discuss our view of the state of the...

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Minsky Meets Brazil Part IV

By Felipe Rezende Part IV This last part of the series (see Part I, II, and III here, here and here) will focus on the Brazilian response to the crisis. What Should Brazil do? The Brazilian current crisis fit with Minsky’s theory of instability (see here, here and here). The traditional response to a Minsky crisis involves government deficits to allow the non-government sector to net save. That is, if the private sector desire to net save increases, then fiscal deficits increase to allow it...

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The Charade

By J.D. ALT My last essay, “A Perfect Example,” elicited six thoughtful and compelling questions from a reader with the moniker “MadcapMongoose.” They deserve an equally thoughtful response, which I’ve been trying to formulate, off and on, these past many weeks. Each formulation I come up with, however, seems to be missing a larger and deeper issue that I keep getting glimpses of. So, with apologizes to Mongoose, instead of answering him (or her) directly, I’m going to try to mine the topic...

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Living in the Web of Soft Climate Denial

Michael Hoexter, Ph.D. Contents Conventional “Hard” Climate Denial A Web of Soft Climate Denial The Foundations of Soft Climate Denial in Economics Settling on Neoliberal, “Market-Based” Carbon Gradualism Soft Climate Denial, Fossil Fuels, and the Hedonic Self 1. Conventional “Hard” Climate Denial The Rio Olympics opening ceremony highlighted global warming as a major theme of international concern even on an occasion of diversion from the cares of the world.  That most Brazilians...

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