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Tag Archives: Debt

Where has all the money gone?

The collapse of Terra in May sent shock waves round the crypto world, triggering domino-like collapses of crypto companies. One of those companies was the investment fund Three Arrows Capital. At the time, everyone thought 3AC was a conservatively-managed investment company that was simply the unfortunate victim of an unforeseen event. If anyone was to blame for 3AC's collapse, it was Do Kwon.  How wrong they were. Since 3AC was ordered into liquidation by a British Virgin Islands court,...

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Are Concerns over Growing Federal Government Debt Misplaced?

L. Randall Wray | November 10, 2021 If the global financial crisis (GFC) of the mid-to-late 2000s and the COVID crisis of the past couple of years have taught us anything, it is that Uncle Sam cannot run out of money. During the GFC, the Federal Reserve lent and spent over $29 trillion to bail out the world’s financial system,[1] and then trillions more in various rounds of “unconventional” monetary policy known as quantitative easing.[2] During the COVID crisis, the...

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The 2021 federal budget

I’ve written a ‘top 10’ overview of the recent federal budget. The link to the post is available here: https://nickfalvo.ca/ten-things-to-know-about-canadas-2021-federal-budget/ Nick Falvo is a Calgary-based research consultant with a PhD in Public Policy. He has academic affiliation at both Carleton University and Case Western Reserve University, and is Section Editor of the Canadian Review of Social Policy/Revue canadienne de politique sociale. You can check out his...

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Removing The Debt Barrier To Economic Growth

Michael Hudson and Paul Craig Roberts Cross posted from Paul’s site. Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press. We have explained that the indebtedness of the population means there is little discretionary income with which to drive...

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The IMF as Deficit Owl? What’s Wrong with This Argument?

It seems the IMF aviary has turned on the hawks and embraced the deficit owls. Has the IMF joined the policy shift to MMT? Yes, in part, but it appears to be a viral form of MMT: according to Vitor Gaspar, the IMF’s head of fiscal policy, “Nations’ first priority should be vaccination, while the reduction of public debt is now far down the list of urgent actions… the main role of fiscal policy in the immediate future should be to be stimulative, to help restore economic growth, reduce...

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The IMF as Deficit Owl? What’s Wrong with This Argument?

It seems the IMF aviary has turned on the hawks and embraced the deficit owls. Has the IMF joined the policy shift to MMT? Yes, in part, but it appears to be a viral form of MMT: according to Vitor Gaspar, the IMF’s head of fiscal policy, “Nations’ first priority should be vaccination, while the reduction of public debt is now far down the list of urgent actions… the main role of fiscal policy in the immediate future should be to be stimulative, to help restore economic growth, reduce...

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Bitcoin fixes Microstrategy (or does it?)

Do you have a poorly-performing company that you don't know what to do with? Bitcoin fixes this! At least, that's what Michael Saylor seems to think. Since August 2020, Microstrategy, the company of which he is simultaneously CEO, chairman and principal investor, has invested heavily in Bitcoin. And Saylor has joined the select group of billionaires fronting the campaign to promote Bitcoin's widespread adoption (and talk up its price). Microstrategy has been bumping along the bottom for...

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2020 “Globie”: The Carry Trade

by Joseph Joyce 2020 “Globie”: The Carry Trade It is time to announce the recipient of this year’s “Globie”, i.e., the Globalization Book of the Year. The award gives me a chance to draw attention to a book that is particularly insightful about some aspect of globalization. This year’s winner is The Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis by Tim Lee, Jamie...

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Debt, Land and Money, From Polanyi to the New Economic Archaeology

Inspiration for The Great Transformation in the postwar monetary breakdown Karl Polanyi’s formative years in the aftermath of World War I were a period of monetary turmoil. The United States became a creditor nation for the first time, and demanded payment of the war debts that Keynes warned were unpayable without wrecking Europe’s financial systems. (Hudson, Super Imperialism, 1972, summarizes this era.) France and Britain subjected Germany to unsustainably high...

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Vale David Graeber

I’ve known David Graeber for over 15 years. After I published my third Harvard colloquium on Debt and Economic Renewal in the Ancient Near East, he contacted me to discuss the views of Karl Polanyi, as my group was in many ways the successor group to Polanyi’s at Columbia University (where the colloquium was held). We talked sporadically, and he mentioned he was going to write on the history of debt as an anthropologist. My own view was that people would not be...

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