New Economic Perspectives

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...

Regulatory agencies taking on Savings & Loan fraud may not be everyone’s idea of a swashbuckling tale, but for the nerdy types at Macro N Cheese it’s pure gold. NEP’s Bill Black appears on their latest podcast. You can listen here.

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...

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...

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...

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...

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...

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...

By L. Randall Wray PART 1 As many readers know, the third annual MMT conference was recently held at Stonybrook, and you can find the program as well as videos of the conference at the link: (https://www.mmtconference.org/). In addition, real-world economics review has just issued a new volume devoted to MMT (http://www.paecon.net/PAEReview/issue89/whole89.pdf). I’ll briefly address both, in two parts. I’ll talk about the conference in this one, and about the RWER papers in the second...

By William K. BlackSeptember 23, 2019      Kansas City, MO Muslims and Jews in America and Israel share some common experiences.  In Israel and the territories Israel occupies, they are the targets of murderous hate from each other.  They have competing, horrid stories of mistreatment by other ethnic and religious communities and each other that go back over a thousand years. In the United States, the relationship between Muslims and Jews is vastly better, but mixed.  The American hate...