Bill Black explains why one of world’s largest investment firms Goldman Sachs is questioning the “efficacy of capitalism” and why its CEO is terrified of a Sanders presidency. You can view it here on the Real News (include transcript).
Listen to Our Podcast- Randy Wray on Krugman and the Frustration of the Heterodox April 28, 2014
- Fred Lee Talks About his Contributions to Heterodox Economics April 18, 2014
- Feb. 27 Podcast with Randy Wray February 27, 2014
- Bill Black and Randy Wray October 21, 2013
- Political Theatre and the Government Shutdown October 2, 2013
- Randy Wray: The Taper, the Debt Ceiling and the Prospects for Growth September 23, 2013
- Stephanie Kelton Talks with Warren Mosler September 4, 2013
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Of course the system is rigged; government subsidies* for private credit creation favor the rich, the most so-called creditworthy, at the expense of everyone else but especially at the expense of the poor, the least so-called creditworthy.
* eg. government-provided deposit insurance for depository institutions** instead of inherently risk-free accounts for ALL (individuals, businesses, etc) at their respective central banks and interest paying sovereign debt (including interest on reserves (IOR)) to drain the ill-gotten excess reserves accumulated thereby.
** eg. commercial banks and credit unions.