Author Archives: Devin Smith

MMT and Bernie Sanders

L. Randall Wray

Yesterday Senator Bernie Sanders gave an important speech in which he invoked President Roosevelt’s “second bill of rights” in defense of his platform. As Bernie rightly pointed out, all of Roosevelt’s New Deal social programs to which we have become accustomed, were tagged as “socialism”—just as pundits are branding Bernie’s proposals as dangerous socialist ideas. You can see Bernie’s prepared remarks here.

Just before Bernie’s speech, I was asked to do an interview with Alex Jensen, on TBS eFM’s “This Morning” English radio program in Seoul, Korea. I was sent a list of questions and jotted down very brief responses. Unfortunately, in our radio interview we were only able to get through a few of these. You can listen to the interview (uses iTunes) here. My interview is #8, Name: 1119 Issue Today with Professor L.R. Wray

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The Global Haves And Have-Nots In The 21st Century

NEP’s Marshall Auerback interviews Branko Milanovic, Visiting Presidential Professor, The Graduate Center, City University of New York. This is almost certainly the highest level of relative, and certainly absolute, global inequality at any point in human history. Is there anything we can do to reverse or mitigate this trend? See the interview here.


Neil Delamere Talks Economics with Bill Black


NEP’s Bill Black talks economics and the Irish economy with Neil Delamere on Neil’s Sunday Best program. You can listen here.

Scott Fullwiler’s Central Banking Operations Now in Italian

Our friends over at RETE in Italy have done it again! They have translated and posted Scott Fullwiler’s works on central banking operations into Italian. For our Italian speaking friends, you can now check out Scott’s translated posts here.

Can the Bank of England’s New ‘Ring-fencing’ Rules Work?

NEP’s Bill Black and Wharton professor of legal studies and business ethics Peter Conti-Brown discuss the Bank of England’s move to re-regulate the banking industry in Britain and protect depositors and taxpayers. You can view the article and listen to the podcast here.

Latest Book Honoring Professor Fred Lee

fleeAdvancing the Frontiers of Heterodox Economics: Essays in Honor of Frederic S. Lee

Edited by Tae-Hee Jo and Zdravka Todorova
Series in the Routledge Advances in Heterodox Economics ISBN: 978-0-415-73031-0 (hardback), 358 pages, $160. August 2015, Routledge. (20% Discount code: FLR40)

For more information visit:

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UMKC professor among handful of economist to predict Eurozone fiscal downturn

Video and article over at Kansas City’s KSHB highlighting NEP’s Randy Wray’s analysis of the problems with the European Monetary Union and his predictions that it would lead to the European crisis. You can view the video and read the article here.

If the Justice Dept Wants to Punish Corporate Crooks, Here’s How

NEP’s Bill Black appears with Richard “RJ” Eskow on the Zero Hour discussing the DOJ’s change in stance regarding prosecuting elite white collar criminals. You can view the video below.

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Endogenous financial fragility in Brazil: Does Brazil’s National Development Bank reduce external fragility?

By Felipe Rezende


The creation of new sources of financing and funding are at the center of discussions to promote real capital development in Brazil. It has been suggested that access to capital markets and long-term investors are a possible solution to the dilemma faced by Brazil’s increasing financing requirements (such as infrastructure investment and mortgage lending needs) and the limited access to long-term funding in the country. Policy initiatives were implemented aimed at the development of long-term financing to lengthen the maturity of fixed income instruments (Rezende 2015a). Though average maturity has lengthened over the past 10 years and credit has soared, banks’ credit portfolios still concentrate on short maturities (with the exception of the state-owned banks including Caixa Economica Federal [CEF] and the Brazilian Development Bank [BNDES]).

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Reactions to S&P Downgrade: S&P analyst confirms there is no solvency issue

By Felipe Rezende

In previous posts (see here and here), I discussed Standard & Poor’s (S&P) downgrade of Brazil’s long-term foreign currency sovereign credit rating to junk status, that is, to ‘BB+’ from ‘BBB-‘ and its decision to downgrade Brazil’s local currency debt to a single notch above “junk” status.

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