EconoMonitor

Great Leap Forward

  • EURO CRISIS IS SPREADING FROM PERIPHERY TO CENTER: The System Designed to Fail WILL Fail

    As I predicted last week, the run out of Euro government debt would spread from the periphery to the supposedly fiscally sound countries of the center and north. Today it happened. The inevitable was inevitable. The problem was never one of profligate Mediterraneans with lax fiscal policy. No Euro nation should ever have run chronic […]

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  • Time to Downsize the Fed

    Nice video on the Fed: http://dailybail.com/home/the-fed-under-fire-the-federal-reserve-is-the-black-hole-in.html If anything, the video understates the problem. The Fed’s bail-out of Wall Street Fraudsters actually sums to $29 Trillion. Yes, that is Trillion with a capital T. I will soon post research to support that number.

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  • Paul Krugman Does Modern Money Theory: Today’s Links

    NYTimes columnist Paul Krugman came across Modern Money Theory several years ago and periodically opines that we have something or other wrong. (See my response to one of his columns here: http://www.huffingtonpost.com/l-randall-wray/paul-krugman-modern-money-theory_b_926757.html) And other times he adopts MMT without acknowledging the source. Yesterday, for example. For some time he’s been wondering why Japan–with a government […]

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  • Is This the End of the Faith-Based European Monetary Union?

    For more than a decade, I’ve been arguing that the EMU was designed to fail. It was based on the pious hope that markets would not notice that member states had abandoned their currencies when they adopted the euro, thereby surrendering fiscal and monetary policy to the center. The problem was that while the center […]

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  • Imbalances? What Imbalances? A Dissenting View

    L. Randall Wray, University of Missouri, Kansas City, USA Plenary Talk, 15th Conference of the Research Network Macroeconomics and Macroeconomic Policies, Berlin Germany, 28 October 2011 It is commonplace to link Neoclassical economics to 18th or 19th century physics with its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an […]

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  • Money and the Public Purpose: The Modern Money Theory Approach

    (Keynote Presentation For Conference: The Capitalist Mode of Power: Past, Present, Future, York University, Toronto, October 2011.) by L. Randall Wray Back in 1997 I was finishing up my book titled Understanding Modern Money and I sent the manuscript to Robert Heilbroner to see if he’d write a blurb for the jacket. He called me […]

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  • Recommendations for Weekend Reading

    I came across two excellent pieces. One is a very good summary of Modern Money Theory by a financial markets guy. I do not know him, but he has a very good understanding. The other is related to my previous post on blood-sucking vampire squids of Wall Street. I know you’re all wondering just which […]

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  • There Will Be Blood: The Vampire Squid of Wall Street Is Hemorrhaging

    Government Sachs posted its second quarterly loss since it went public in 1999. No doubt that has sent Washington scrambling to try to plug the leak. (Wouldn’t it be fun to listen in on Timothy Geithner’s incoming phone calls from 200 West Street, NYC, today?) Lloyd “doing God’s work” Blankfein blamed the “uncertain macroeconomic and […]

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  • Upcoming Event: The Second Annual Forum on Capital as Power

    The Second Annual Forum on Capital as Power THE CAPITALIST MODE OF POWER: PAST, PRESENT, FUTURE October 20–21, 2011, Senate Chamber, Ross Building (Room N940), York University, Toronto Click here for poster: CasP2011_poster

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  • MMT at OWS

    Good fun was had by all. Best sign at OWS, by MMT-er Ryan. Nice hat, too!

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