To my mind, issuing consols as JP Koning suggests is the simple solution and to be preferred over the coin, which has no precedent and appears gimmicky. In addition, he points out that consols fir with existing Fed policy and operations whereas the coin does not.However, my preferred solution would be for the president to order the treasury secretary to ignore the debt ceiling as contradicting previous legislation without repealing it. Then there is also the Fourteenth Amendment. Short and...

This is a huge deal not because of avoiding sanctions but because of its impact on world trade, the global economy, the Global South and East, and the shifting world order in the direction of multipolarism. It is also a signal that India is taking its place on the world stage as a principal player. This is a huge deal for the world system and it represents a concrete reconfiguration of this system taking place at present. The Global North and West will likely work at disrupting this...

So the IMF has come late to the transitory inflation party. What was obvious months ago is now at the forefront of IMF forecasts. Better late than never I suppose. It is becoming clear that most indicators are still not predicting a major demand-side collapse in most nations. Growth has moderated slightly and the forward indicators are looking up. At the same time, the inflation data around the world is suggesting the price pressures have peaked and lower inflation rates are expected. Real...

Andrés Manuel López Obrador se reunió con el Dirigente de la izquierda de Grecia, Yanis Varoufakis, a quien señaló que tiene una visión social y coinciden en temas de interés. De Pisa y Corre con Pamela Cerdeira y Poncho Vera de lunes a viernes a las 8:00 am por Imagen Televisión. Visita también nuestra página www.imagentv.com O en las redes De Pisa y Corre Facebook: http://bit.ly/DePisaYCorreFB Twitter:...

Pasinetti, Garegnani and the president of Italy in 2010Last week, in my senior seminar on the history of economic thought, I made the kids read a paper by Pasinetti on "Progress in Economic Science", which was published in a book edited by Boehm, Gehrke, Kurz and Sturn. It's a short defense of pluralism in economics on the basis of the co-existence of Kuhnian paradigms, with a relatively optimistic view of the possibility of progress, in a discipline in which, as he noted, the object of...

The Prince of Providence was Vincent “Buddy” Cianci. Cianci grew up in Rhode Island. His father was a physician (a proctologist), so he grew up in privilege. He went to the right schools, although being of Italian descent, he came in for some ridicule in this ethnically Balkanized community. He got a law degree from Marquette University.When Cianci decided to run for mayor of Providence, he styled himself as the anti-corruption candidate, taking on...

I have been inspired by Pasinetti's clear expositions. A lot of my work is an attempt to build on his theory of structural economic dynamics. Some highlights of Pasinetti's career as an economist: A derivation, in Pasinetti (1962), of the Cambridge equation, r = g/sc. Along a steady-state growth path, the rate of profit must be equal to the quotient of the rate of growth and the savings rate out of profits. This is an extension of Keynes' theory that investment creates the needed savings...

Mixed Bag Today. Police Actions are making the news. Not just on the street. Major story is police beating a man to death. It was very discouraging to read this. Cop City being built and one protestor dead. Oklahoma prison murdering imprisoned prisoners. Talked with a Police Captain the other day. He was insisting he be called captain. Should I have angered him and insist I be called Sergeant USMC. I had a Communications platoon reporting to me....

California holds out as Arizona, other states submit Colorado River plan, ktar.com, KTAR FLAGSTAFF, Ariz. (AP) — Six Western states that rely on water from the Colorado River have agreed on a model to dramatically cut water use in the basin, months after the federal government called for action and an initial deadline passed. With the largest allocation of water from the river, California is the lone holdout. Officials said the state would...

House price indexes for November: up like a rocket, down like a feather  – by New Deal democrat As I’ve repeated many times in the past 10 years, in housing prices follow sales with a lag. Housing permits peaked at the beginning of 2022, and starts followed several months later.  This morning the FHFA and Case Shiller house price indexes for November showed continued declines from their seasonally adjusted June 2022 peak, and also continued...