Hiatus (personal)

By Stephanie Kelton

I’m in Washington, D.C. this morning, kicking off the new year in a new job. There are some rules about blogging (and so forth) and, while it is permitted, I think it’s best for me to hand over the reins to my friend and colleague, William K. Black so that I can give my full attention to the tasks ahead.  I appreciate Bill’s willingness to take over as Editor-in-Chief of NEP.

Some of you have wondered whether I’ve left UMKC.  I haven’t.  I’ve simply taken a leave of absence in order to accept a position as Chief Economist on the Senate Budget Committee (minority side).  I’ll be working closely with Senate budget staff, under the direction of ranking member Sen. Sanders (I-VT). And, of course, I’ll be reading NEP.




24 Responses to Hiatus (personal)

  1. Dr. Kelton,

    Congratulations again on your appointment.

    IMHO, your decision w/r/t this and all things is wise and prudent.

    OT, since you’ll be working closely with a lot of folks who claim to “accept Jesus Christ as their personal Lord and Savior,” I thought they might be interested in these scriptural passages.

    Matthew 19:21
    Jesus said to him, “If you would be perfect, go, sell what you possess and give to the poor, and you will have treasure in heaven; and come, follow me.”
    Proverbs 19:17 ESV
    Whoever is generous to the poor lends to the Lord, and he will repay him for his deed.


    “The Bible contains more than 300 verses on the poor, social justice, and God’s deep concern for both. This page contains a wide sample of them, and some reflections. It’s aimed at anyone who takes the Bible seriously. ”

    • Don’t forget God’s perfect economic plan. He called for the year of the Jubilee when all debts were to be abolished, land returned to the original families etc. etc. If you call for the same things in secular terms, you’ll be called a commie or a socialist by many people who claim to believe the Bible. Therefore, put it in Biblical terms. God recognized that all economic systems would eventally go the way of the Monopoly Game–a few at the top would end up with everything unless some method were put in place to redistribute the wealth. Hence, the year of the jublilee. The Constitution allowed a slight form of it in the bankruptcy laws. When Hillary Clinton sided with Republicans and changed the bankruptcy laws to exclude student loans, she helped open the way for predatory lending against the young people–a lifetime of indentured servitude to the banksters–another hideous institution supposedly forbidden by the Constitution.

  2. Dr. Stephanie, there is a lot of “teaching” that is needed up there too. Good luck!

  3. We’ll miss your wisdom and wit, Stephanie. But it will be great to have an MMT viewpoint in the Senate arena. Keep showing that sectoral balance chart!

    For the NEP editors: It would be helpful to have commentary about the nature of other non-US, non-UK, non-euro nations’ economic situations. We know the US and UK are currency sovereign and have policy space and resources, and that the Euro nations aren’t and resources vary. But how about Russia, Norway, etc who have oil export dependency? Trying to understand how and when currency sovereignty is sufficient and when it’s just nice to have. How would Greece or the other victims of the Euro fair out of the Euro? When is currency sovereignty insufficient? When does size become critical?

    Thanks for your collective wisdom.

    • I read somewhere that one of the strongest indicators of relative interest rates is the relative size/liquidity of a currency issuer’s “bond” market. That is, smaller, less active, bond markets display higher interest rates.

  4. Congratulations prof Stephanie Kelton. Many of us, even away from US, hope you can shine in this position and bring at least some sanity to public policy debate.

  5. Congratulations Stephanie. MMT finally has a voice in Washington even if it is a minority of the minority. It’s a voice and Senator Sanders is a great voice.

  6. Stavros Karageorgis

    Once again, congrats, Prof. Kelton.

    And, great choice on naming a ‘viceroy’. NEP can do a LOT worse than to have Bill Black as Editor-in-Chief; puts the ‘ace’ (sound) in ‘pugnacious’! 🙂

  7. Congratulations! This is superb news, we gotta be the Ron Paul’s of the left and be the ones to get the discussion out there. Sanders is a growing name too, I knew of him as a Poli Sci nerd but seems to be getting more national appeal, especially on Social Media.

    There was a time some of the ideas the right are pitching were “unthinkable” and “political suicide” so I see no reason the JG and other Post-Keynesian ideas have to be that way forever.
    Keep up the good fight!

    Blog is in brilliant hands with Black

  8. financial matters


  9. Good Night and Good Luck Professor Kelton.

  10. justin synnestvedt

    Good Luck, Prof. Kelton.
    Thanks for your long career and increasing influence for good in education, real economics, fiscal policies, and public awareness
    Happy 2015 to your colleagues in this work.
    Yours truly,
    Justin Synnestvedt

  11. Arturo Huerta

    Dr. Stephanie, Congratulations.

  12. Congratulations Stephanie,

    Washington desperately needs you! Now if only they would actually listen.

  13. More than a generation ago in Australia, we had a leader of a smallish party whose stated aim was to “Keep the bastards honest.”
    Anyone attempting that task now would be starting from behind scratch. So, Congratulations and more strength to your sword!

  14. John Tillson

    As a former member of the SBC staff I can assure you that the position of staff economist is an important one. I look forward to seeing the impact of MMT on the committee deliberations and on Bernie’s efforts to teach his fellow senators and even the administration of the benefits of MMT. I presume you will not be surprised at the depth of economic ignorance among staff and Members. I recommend you carry around copies of Alt’s Diagrams and Dollars book and of Mosler’s 7 Deadly Frauds and pass them out liberally. Every time I think of my time on the Committee staff I am saddened to think about how little we understood of what we were doing.

  15. Congrats.

    Planting the MMT seed where it will flourish is a critical role. Even in hostile environments seeds find nourishment, grow, disseminate and become integral to even foreign environments. You, the planter and we field workers must and will secure, for the 99%, the bountiful harvest offered by our nation’s being monetarily sovereign.

    The very best wishes for a successful two years.


  16. I forgot to add welcome to Washington, D. C. I’m just over the line in VA.

  17. And, Stephanie, when the neo-con and neo-liberal economists start their screed about who’s going to pay for Senator Sanders’ proposals take them to wood shed with this;
    Show Me How:
    the government runs out of its own currency.
    the government needs to tax to spend.
    the government needs to borrow to spend.
    spending during a recession, to achieve full employment, leads to hyperinflation.
    deficit spending during a recession is a “bad.”
    a balanced budget or budget surplus adds net financial assets to the non-public sector.
    suspending FICA threatens SS.
    suspending FICA does not boost aggregate demand.

    It would be useful to have cards printed with these “Show Me’s” just to create a little confusion among the “knee jerk” set on Capitol Hill.

  18. Congratulations!! It is really great to see MMT step into the world. Maybe, just maybe you can bring some sanity to the congress. Good luck.

  19. Congratulations Professor !

    Setting political reality aside, anything that can be done to educate the deep state has to be an advantage to mankind.

    Best of luck.

  20. Sean Fernyhough

    Work hard to make a difference – please.