Monthly Archives: December 2015


By L. Randall Wray

My previous blog sparked a lot of discussion, especially over at Naked Capitalism. I do pity Yves Smith! There’s enough nonsense in the commentary to populate a large nation.

As I have argued, it is very hard to figure out what the debt-free money folks want as they are confused on the accounting, vague on the terminology, and rarely provide details on their proposal. However, a reader has directed me to a fine published article that has mostly got the accounting right, lays out a detailed proposal, and contrasts the proposal against alternatives.

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By L. Randall Wray

Some time ago, I labeled the “debt-free money” campaign a non sequitur in search of a policy. (See here.) However, this non sequitur refuses to die. I went on to joke that if they want a debt-free money, they ought to propose that government issue bananas as currency.

I frequently am asked to do interviews and I almost always accept them. However, when I was asked last week to participate in a radio show devoted to debt-free money, I struggled mightily to get out of it. As you’ll see, the program’s producer took my idea of banana republics and ran with it. I thought readers might get a kick out of this exchange (the producer’s emails are in italics, my responses are in bold). After the exchange, I’ll summarize my objections to the notion of debt-free money.

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An Excerpt from Real Fiscal Responsibility, Vol I: the Progressive Give-up Formula

Below is an excerpt from my most recent e-book: Real Fiscal Responsibility, Vol. I: The Progressive Give-up Formula. The book is volume I of II critiquing austerity politics at the Federal level in the United States. It exposes its fallacies, its closed-mindedness and futility, and especially its reliance on wrong-headed conceptions of fiscal sustainability and fiscal responsibility. Continue reading

Randy Wray Discusses his book, Why Minsky Matters, on the Radio

NEP’s Randy Wray will be interviewed tonight on Bob Brinker’s nationally syndicated ABC talk radio show Money Talk, Sunday December 6th at 6:15pm ET for around 30 minutes. Wray will discuss his new book Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press.

The show airs live on 200 ABC affiliates including all major markets. Former guests include Alan Greenspan, Sheila Bair, Alan Blinder, Paul O’Neill, William Isaac, Peter Thiel, Joseph Stiglitz, David Wessel, Gretchen Morgenson, Andrew Ross Sorkin, Nassim Nicholas Taleb, Barton Biggs, Niall Ferguson, David Cay Johnston, Neil Irwin, John Bogle and John Zogby, just to name a few.

Here is the list of stations that carry the show.

COP21 and Beyond: Outlines of an Actually-Effective International Climate Policy Architecture

By Michael Hoexter

In this series, I attempt to outline key issues facing policymakers as they meet in Paris at the UN’s Conference of the Parties-21 starting on November 30th and possibly culminating in a global climate treaty by the end of the conference on December 11th, called a “deadline” by the organizers. COP21 is being viewed as a last chance for humanity to seriously address climate change in concert and therefore face humanity’s most serious and ominous existential crisis. Human survival as a species may very well be at stake.

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Review: Another “Minsky moment” may be on the way

Edward Chancellor over at Reuters has published a review of Randy Wray’s new book on Minsky, “Why Minsky Matters: An Introduction to the Work of a Maverick Economist”. You can read the review here.