The entire system is screwed up and designed to destabilize or transfer wealth to the top!

Mainstream economics — a vending machine view The theory is a vending machine: you feed it input in certain prescribed forms for the desired output; it gurgitates for a while; then it drops out the sought-for representation, plonk, on the tray, fully formed, as Athena from the brain of Zeus. This image of the relation of theory to the models we use to represent the world is hard to fit with what we know of how science works. When applying deductivist...

Don’t let me be misunderstood .[embedded content]

The U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corp banded together to create the Bank Term Funding Program (BTFP — the bureaucrats are going for the laughs with the acronyms at this point), which gives 1-year financing to eligible banks against Treasury/mortgage-backed security collateral at par. They also announced that uninsured depositors at two failed banks (the known failure Silicon Valley Bank, as well as the newly-shuttered Signature bank) will be made whole.At the...

 Monetarists….  ???????Jerome Powell testified in front of the banking committee this week.COMMITTEE: “Do you see any systemic risk in the banking system because of the rapid rise of interest rates?”POWELL: “No”?— Genevieve Roch-Decter, CFA (@GRDecter) March 12, 2023

Pretty good breakdown: If youre a big firm you’re going to have to get all your USD to a 100% govt money market fund and establish your own credit union staffed by your own people for the firm to use for payroll and current accounts payable/receivable... US banking system completely unusable with these Art degree monetarist morons trying to operate it…

I do not understand what the hell is going on regarding Silicon Valley Bank. I read something in the New York Times that seems to suggest to the no doubt completely confused me that somehow money will change hands as if uninsured deposits were insured. I have some simple questions. What happened ? What is happening now ? Why ? I guess the two key questions are 1) why are extraordinary measures being taken by the Federal Government to help...

Part Two explores where Medicare should be going forward as determined by doctors Richard Gilfillan and Donald M. Berwick. It is an endorsement of the ACO model with changes to it creating greater efficiency. I am not so sure Kip Sullivan would endorse this approach as opposed to Single Payer. Ultimately Single Payer is less costly when we consider the elimination of much of the administration effort. There is another post I will be putting up when I...

Podcasts New Economics Podcast: The right to roam Ayeisha Thomas-Smith is joined by Nadia Shaikh and Frances Northrop By Ayeisha Thomas-Smith 13 March 2023 On a sunny day in January, a ghostly figure covered in green ribbons appeared on a moor in...