Today I was planning on a post about Quantitative Easing (QE), because it seemed to me that it would never work. However, today, Randy Wray beat me to it with another great post, this time at ND20, reviewing the whole situation in detail, placing it in political context, and explaining why it’s very unlikely that […]
October 27th, 2010 · Comments Off on Why Quantitative Easing Won’t Work
October 27th, 2010 · Comments Off on The Mortgage Foreclosure Mess – Just Another Financial Crisis
[Author’s note: This has been re-posted by Joe Firestone (a.k.a. letsgetitdone) on behalf of author Warren Mosler with his express permission. Warren Mosler is currently the Independent Party candidate for the US Senate in CT] By Warren Mosler The latest mortgage foreclosure mess is just another financial crisis. It’s not a real economic crisis- no […]
October 27th, 2010 · Comments Off on The Budget Deficit and the Versailles Rag
On Friday, the Government reported its 2010 Fiscal Year results. Here are some fragments from a “news” article in WaPo by Vincent Del Giudice. The U.S. government posted its second straight annual budget deficit in excess of $1 trillion as lingering unemployment constrained tax revenue. The shortfall totaled $1.294 trillion in the fiscal year ended […]
October 14th, 2010 · Comments Off on TARP: Wasting A Crisis
Last Sunday, my son asked me what I thought about the WaPo article “Treasury Secretary Timothy Geithner tackles five myths about TARP.” Here’s my reply. There’s a lot of truth to the specifics, but his overall evaluation is way off because he looks at it by cherry-picking specific points, and also restricting his evaluation to […]
October 6th, 2010 · Comments Off on It’s About Bailing Out Working People, Stupid
Nobel prize winner Joe Stieglitz recently called for a second stimulus to reduce unemployment and get the economy working well again. But the Administration seems uninterested in pushing the idea or making it an issue in the election, because it has been unsuccessful in setting the necessary frame for persuading the public that its first […]
September 17th, 2010 · Comments Off on Et Tu Bernie?
Bernie Sanders appeared on Dylan Ratigan’s show yesterday talking about Elizabeth Warren’s appointment. Towards the end of his interview, he said a few words about his opposition to extending the Bush Tax cuts to the wealthiest Americans. His proposal was to end the tax breaks the high income people, take the $700 Billion freed up, […]
August 14th, 2010 · Comments Off on Kotlikoff’s Folly and the IMF’s Too
Laurence Kotlikoff has been making waves by using “inter-generational accounting” and CBO and IMF data, to compute a fiscal gap of $202 Trillion in present value. He concludes that this gap shows that the US is “bankrupt” as of now. Evidently, publications like Bloomberg take this sort of thing seriously since they publish it. But […]
July 31st, 2010 · Comments Off on Bob Herbert: Maybe Next Time You’ll Know What To Do About It
Bob Herbert, in his column on June 7th said: There is no plan that I can see to get us out of this fix. Drastic cuts in government spending would only compound the crisis. State and local governments, for example, are shedding workers as we speak. And by July 26th he still hadn’t come up […]
July 21st, 2010 · Comments Off on We Need YOU!
By Warren Mosler MISSION: To deploy an army of MMT proponents to respond to deficit terrorism on the web. Go to offending articles. Neutralize flaws. Report back to home base. MERIT AWARDS: An MMT heart (?) will be awarded for each successful strike.
July 17th, 2010 · 1 Comment
These days the chattering classes often converse about how the Democrats can get their base charged up and working for the fall elections. For example, Greg Sargent at the Plum Line blog says: ”As you know, over the weekend Robert Gibbs dropped a political bomb, saying that Republicans just may take back the House. His […]