Four Deformations of the Apocalypse By David Stockman July 31 (NYT) — If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The … Continue reading
We still contend that the world’s economic analysts do not understand the problem with the EMU mechanism, namely that there is no central fiscal authority that is allowed to credit accounts in an unlimited fashion. If you have doubts, please … Continue reading
[Skip to the end] The economics profession is a disgrace. None of them seem to fathom monetary operations. Fiscal expansions in submerging markets By Willem Buiter This morality tale has important consequences for a government’s ability to conduct effective countercyclical … Continue reading
[Skip to the end] Yes, in case you thought the former Chairman understood monetary operations and reserve accounting > > (email exchange) > > On Fri, Oct 9, 2009 at 3:15 PM, Roger wrote: > > You can’t make up stuff like … Continue reading
[Skip to the end] I like this line from Bill Black: “These Democrats want to maintain America’s pre-eminence in global financial capitalism at any cost.” Yes, they think it important for some measurement of ‘power’ that has nothing to do … Continue reading
[Skip to the end] This gets worse by the day, from a variety of angles. That’s what happens with an administration that doesn’t understand their own monetary system. The US government doesn’t have any use for private or state funds. … Continue reading
[Skip to the end] Mosler Health Care Proposal Government funding for a full time, $8 per hour job that includes full federal health care coverage for the worker and dependents. This immediately triggers market forces that will result in all … Continue reading
[Skip to the end] Isn’t this sweet??? Clinton, in Japan, talks of ‘harmony’ in US policy by Arshad Mohammed Feb 17 (Reuters) — U.S. Secretary of State Hillary Clinton spoke on Tuesday of promoting “balance and harmony” in U.S. foreign … Continue reading
[Skip to the end] 1. The size of the TALF from $200bn to $1 trillion is a very big deal. It requires no Congressional approaval and the Fed seems ready to start buying assets this week or next. Not only … Continue reading
[Skip to the end] (email exchange) Thanks, this is yet another example of the WSJ publishing and thereby promoting authors with no understanding of monetary operations, which means the WSJ editors don’t have any either. Feel free to send this … Continue reading