EconoMonitor

Great Leap Forward

  • A Modern Money View: Podcast with Tom O’Brien

    I had forgotten about this podcast. Pretty high-quality recording and excellent questions from Tom. Goes into history, theory and nature of money: http://fromalpha2omega.podomatic.com/entry/2012-08-05T08_51_21-07_00 We discuss many of the topics related to MMT including the supposed independence of the Fed, the design failures of the Euro, and why the US will not recover. And for something […]

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  • LET THE TAPER GAMES BEGIN

    OK it had to happen. Over the past 5 years the Fed has lent and spent Quadrillions trying to prop up Wall Street’s crooked banks. At first it was eye-popping. But beyond some point, no one cares anymore. “Oh yes, the Fed has bought all the financial assets on Earth, Mars, and Jupiter. Now it’s […]

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  • The Global Financial Crisis: No Lessons Learned

    As a reminder, my blog addresses economic issues from the perspective of what is commonly called “modern money theory”. (As the great philosopher Yogi Berra said, “you can look it up”—or Google it.) However, the subjects tackled go far beyond the topic of monetary theory, hence, I also draw on other traditions including Keynesian theory, […]

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  • MMT: Often imitated, never duplicated*

    *From a Tweet by Stephanie Kelton. Today’s topic almost qualifies for the “you just can’t make this up” category. But first we need a bit of context. Some years back a guy named Cullen Roche came across our writings. (Disclosure: I still have no idea who he is but he apparently has had a blog […]

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  • Wray on the Crisis, the Bail-out, China, and the Job Guarantee

    Here is a list of 3 recent activities, two of which have videos for your viewing pleasure. 1. November 25 2013, House of Commons, UK Here is a link to a number of videos of presentations we recently made at a SPRU-FORD-INET-MINDS Workshop , 25-26 November 2013. The workshop kicked off with a policy dialogue in […]

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  • WHEN ROBOTS MAKE DRONES: THE BRAVE NEW WORLD OF SECULAR STAGNATION

    Amazon’s Jeff Bezos is all over the news with his statement that drones will sooner or later be delivering packages to your home. Predictably, this has generated two types of buzz: what about the inevitable mishaps, and what about the poor displaced UPS workers. For me, the first is a wee bit scary. Of course, […]

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  • Bow down to the Bubble: Larry Summerian Endorses Bubbleonian Madness and Paul Krugman Embraces the Hansenian Stagnation Thesis*

    Larry Summers has made a big splash by (finally) recognizing that the US has had a series of financial bubbles. (See here http://equitablegrowth.org/2013/11/16/759/this-mornings-must-watch-larry-summers-on-the-danger-of-a-japan-like-generation-of-secular-stagnation-here-in-the-north-atlantic.)  Duh! Who wudduv thought? The Reagan years were just a bubble, driven by thrift excesses. The Clinton years were just a bubble, driven by dot-com excesses. And the most recent real estate […]

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  • What Do Banks Do? What Should They Do?

    Some time back there was a bit of a kerfluffle when Paul Krugman argued that one shouldn’t bother with Minsky if one wants to understand banking. He went on to present the typical, and fatally flawed, textbook view. See here: http://www.economonitor.com/lrwray/2012/04/02/krugman-versus-minsky-who-should-you-bank-on-when-it-comes-to-banking/, and here: http://www.economonitor.com/lrwray/2013/08/28/krugman-rediscovers-the-wheel-commercial-banks-as-creators-of-money/, for my responses. A new issue of Accounting, Economics and Law […]

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  • Mazzucato: The Entrepreneurial State

    I’ve been meaning to write a blog on a book by my friend, Mariana Mazzucato, titled The Entrepreneurial State. It is essential reading for anyone who wants to understand the role played by government in encouraging innovation. For so many years we’ve been sold the notion that our nation’s Undertakers (also called Entrepreneurs or Capitalists) […]

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  • Monetary and Fiscal Operations in China, An MMT Perspective

    Here’s a piece I wrote with Yolanda Fernandez for the Asian Development Bank: Monetary and Fiscal Operations in the People’s Republic of China: An Alternative View of the Options Available http://www.adb.org/publications/monetary-and-fiscal-operations-peoples-republic-china-alternative-view-options-available. You’ve no doubt read various analyses predicting the impending collapse of the Chinese financial sector, and arguments that China cannot continue to grow at […]

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