What you believe America can build—or rebuild—as a collective society hinges on how you answer one fundamental question: When the U.S. government issues a treasury bond, is it “borrowing” money that must be repaid with future tax-dollars—or is it “creating” money that can be spent to accomplish big and important collective goals?
Getting the right answer to this question could be existentially important. As I’m writing, for example, Hurricane Florence is unleashing historical damage to the U.S. Atlantic coast and inland areas. Over the next weeks and months, the inevitable debate will unfold over how much America can afford to “pay” to make the lives of tens of thousands of families and thousands of local communities whole and functional again. This time, perhaps, the debate will go even further: it might begin to earnestly ask the bigger questions about the future of our coastal cities and infrastructures in an unfolding era of climate change. These bigger questions will not involve billion-dollar budgets, but trillions of dollars of federal expenditures.
NEP’s Bill Black analyzes the significance of Rep. Chris Collins arrest for insider trading along with his son and son’s fiance’s father on 13 counts of wire fraud, securities fraud, and making false statements to the FBI. Collins was first Congressman to endorse Trump and is one of his closest confidants.
Posted onJuly 23, 2018|Comments Off on European Union Fines Google $5.1 Billion, While Trump ‘Protects Monopolists’
The EU’s Google fine should have been imposed a long time ago, but it comes better late than never. Meanwhile, the Trump administration continues to side with monopolies, leading to worse outcomes for US consumers, says NEP’s Bill Black. You can view with transcript here.
President Trump’s belief that the European Union’s trade policies are more unfair towards the United States than just about any other trading partner is woefully misinformed and the result of his reliance “nutcase” trade advisor Peter Navarro, says NEP’s Bill Black. You can view with transcript here.
Even though Goldman Sachs and Morgan Stanley failed the so-called ‘stress test,’ to determine whether these banks can weather a financial crisis, the Fed allowed them to pay billions in dividends and stock buybacks to investors. Former financial regulator and NEP’s own Bill Black explains the consequences. You can view with transcript here.
A major Supreme Court ruling, Ohio vs American Express, was completely ignored by most media outlets, even though it will have potentially devastating repercussions for consumers in the so-called ‘platform economy’: Uber, Lyft, AirBnB, Facebook, etc. NEP’s Bill Black explains the consequences. You can view with transcript here.
There is a common misconception that the cryptocurrency Bitcoin is safe and secure and will protect those who trade in it from fraud. However, NEP’s Bill Black explains, Bitcoin is just as susceptible to fraud as any other type of transaction and complacency makes the likelihood of fraud only greater. You can view with transcript here.
Posted onJune 13, 2018|Comments Off on Defiant Trump Ignites Trade War with Canada and G-7 Allies
Citing national security issues to get around WTO rules, Trump ordered tariffs of 25 percent on steel and 10 percent on aluminum imports from Canada and EU countries. NEP’s William Black and Gerald Epstein discusses the implications of these tariffs on the different economies. You can view transcript here.
The history of medieval coinage is full of dramas. Debasements, changes in official value, chronic lack of coins, use of foreign coins in domestic transactions, free minting, coins with a floating denomination, clipping, metalism vs. nominalism, among others, make for a colorful and fascinating monetary history. Recent developments in metal markets have recreated one of the conditions that led to a disappearance of the coinage in the Middle Ages. The post explains the monetary relevance of the recent developments in metal markets, and compares and contrasts their consequences with what happened in the Middle Age.