FDL Book Salon: Bill Black’s Introduction

FDL Book Salon Welcomes L. Randall Wray, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems Saturday, January 5, 2013 1:55 pm Pacific time Welcome L. Randall Wray (Modern Money and Public Purpose) (EconoMonitor.com) and Host William K. Black, UMKC Economics, Law  (New Economic Perspectives) Modern Money Theory: A Primer on Macroeconomics for […]

Why a Greek Lifeline Is the Lesser Evil

Despite recent elusive gains, the Eurozone is teetering closer to the periphery cliff. The impending Greek default is forcing Germany, France, Brussels, ECB and IMF to unite – for the sake of Spain and Italy. Since the late summer, the uneasy tension in European markets seems to have subsided. Unfortunately, timeouts are brief and sweet. […]

Europe’s Periphery Cliff: Postcard from the Eurozone

Despite some recent gains, the Eurozone continues to teeter closer to the periphery cliff. During the past half a decade, the international community has consistently and systematically over-estimated the strengths of the global economy and under-estimated its vulnerabilities. In the early days of the global crisis, the sheer idea that global growth should plunge below […]

The Roots of the Euro Crisis Lie at the Doorsteps of the ECB

This column argues that deficiencies in the Eurosystem[1] monetary policy contributed to the “euro crisis”, which is, in reality, an intra-Eurozone balance of payments and external debt crisis.  It claims that the Eurosystem’s monetary policy instruments and procedures allowed intra-Eurozone external imbalances to accumulate since the start of the third phase of the EMU[2] in […]

Market Drivers in the Week Ahead

The US dollar began Asia on a firm note, but quickly succumbed to selling pressure.  The euro initially fell to almost $1.28, its lowest level since Sept 11, but rebounded smartly in late Asia and through the European morning. The other major and emerging market currencies have generally followed suit.  That said, the short-term momentum […]

The Political Redefinition of Europe

Opening remarks at the Swedish Financial Markets Committee’s (FMK) Conference on “The European Parliament and the Financial Markets,” Stockholm, June 8, 2012 For the past few years, headlines in Europe have been dominated by the financial and economic developments of the crisis, first in the banking system and then in sovereign debt markets. Throughout this period […]