Treasury Archive

MMT proposals for the 99%

1. A full FICA suspension to end that highly regressive, punishing tax and restore sales, output, and jobs. 2. $150 billion in federal revenue sharing for the state goverments on a per capita basis to sustain essential services. 3. An $8/hr federally funded transition job for anyone willing and able to work ...Read More

Treasury to Accommodate Fed on ‘Twist’

Interesting story, in that I’ve heard indirectly that my book, The 7 Deadly Innocent Frauds of Economic Policy, has been making the rounds at the Treasury as well as the Fed and other agencies, and, most interesting, staffers who say they’ve read it asked that their names not be revealed. Treasury to ...Read More

DeMint and Erickson to Boehner : HOLD THE LINE

Says it all: Boehner-Reid Debt Plan By Sen. Jim DeMint July 26 — I have troubling news. I’m very careful about criticizing my party’s leaders, but what is happening in Washington right now cannot be ignored. House Speaker John Boehner (R-OH) has abandoned the Cut-Cap-Balance Act and is now pushing a new ...Read More

Insurance Cost Against US Default Hits Record

Somewhat misleading headline. It reflects the odds of being able to deliver a specific treasury bond to the insurer at par. Insurance cost?against US default hits record By Michael Mackenzie and Nicole Bullock May 25 (FT) —Insurance Cost Against US Default Hits Record Published: Wednesday, 27 Jul 2011 | 10:14 PM ETText ...Read More

Treasury default requires reprogramming

In case anyone thinks spending is operationally revenue constrained. Unless they reprogram the computers, the Treasury will routinely make all payments on a timely basis. And those payments create ‘real dollars’ in private bank accounts that can be spent regardless of tax revenues, and without borrowing from the likes of China. And ...Read More

Comments on Chairman Bernanke’s testimony

>    >   (email exchange) >    >   On Thu, Jul 14, 2011 at 9:55 AM, wrote: >    >   I see Bernanke is speaking your language now… >    Yes, a bit, but but as corrected below: “DUFFY: We had talked about the QE2 with Dr. Paul. When — when you buy assets, where does that money come ...Read More

Geithner- We’re going to try to get the biggest deal possible

Bill’s blog, below, as always, is well worth a read. And note today’s news, where, of all things, the Democrats are trying to position themselves as larger deficit cutters than the Republicans: “We’re going to try to get the biggest deal possible, a deal that’s best for the economy, not just in ...Read More

Major Banks Likely to Get Reprieve on New Capital Rules

The real problem is if you understand what a bank is, you wouldn’t be trying to use capital ratios to protect taxpayer money. First, notice that the many of the same people clamoring for higher capital ratios have also supported ‘nationalization’ of banks, which means there is no private capital. So it ...Read More

Obama Warns Against `Panic’ As Economy Has Ups and Downs

OBAMA WARNS AGAINST `PANIC’ AS ECONOMY HAS UPS AND DOWNS From Marshall Auerback: Amazing that Obama is telling people not to panic over the economy. Means to me he is panicking. Then again, he should be. He’s basically negotiating terms of surrender on Republican terms. And we have the spectacle of his ...Read More

Valance Chart Review

Have we hit a soft spot? ...Read More