NEP’s Bill Black appears on acTVism from Munich (in English) to define and talk about the role of a financial regulator. The discussion then turns to financial crisis – S&L debacle as well as the 2008 crash.
The mainstream attack on MMT is nothing less than an attempt to disguise the glaringly obvious error at the center of the mainstream view of economic thinking. Mainstream economics is a nihilistic theory devoid of moral anchor. Mainstream economics ceased to explore the operation of the real economy decades ago and has become an intellectual exercise that assumes the organization of modern society is justified simply because that is how it is. While some mainstream economists may want to tinker around the edges to make the system more fair few really want to call into question the organizing realities. The biggest reality they do not wish to face is that money is a symbolic creation rather than an actual productive resource.
The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State as a Price Setter”.
It focused on a key MMT idea—that the currency-issuing monopolist (just like any other monopolist) is a price setter. The economics that I was taught didn’t even consider the implications. So I wrote down a few equations to look at different scenarios of prices paid and real resources purchased by a currency-issuing government, given the level of aggregate tax liability and private saving desires.
Posted onMarch 20, 2019|Comments Off on Billions From Deutsche Bank Despite Trump’s Bankruptcies, Defaults, and Financial Malfeasance
The latest developments about Trump’s relationship to Deutsche Bank could be the unraveling with Deutsche Bank and Trump facing a serious legal probe on bank fraud by the House Financial Services Committee chaired by Rep. Maxine Waters. NEP’s Bill Black appears on The Real News Network to discuss. You can view here with transcript.
Posted onMarch 11, 2019|Comments Off on Clinton-Era Official Says Left Should Lead Following Center-Right Failures
On The Real News Network, NEP’s Bill Black analyzes Assistant Secretary of Treasury Brad DeLong’s statement that neo-liberals should get out of the way and let the left lead since coalition with Republicans did not work. You can view here with transcript.
Lawrence Summers, according to Lawrence Summers, is a “serious economist.” He has just written an op-ed in the Washington Post in which he seriously explains why Modern Money Theory—as proposed by “fringe economists,” as he calls them—is a recipe for disaster. I am going to leave it to the “fringe economists” to rebut Mr. Summers; (I’m confident that professors Wray, Kelton, Tcherneva, Tymoigne, and Fullwiler can take care of that job quite easily). What I want to consider is something even more fundamental: How is it that someone who presents himself as a “serious economist” can get away with speaking incoherently while expecting us—the everyday citizens of America—to take what he is saying as true?
Trump’s “middle class tax cut” is a tax hike. NEP’s Bill Black says Trump could have been a popular President, if he hadn’t lied about middle class tax cuts and building infrastructure in Bill’s latest appearance on The Real News Network. You can view with transcript here.
Recent developments in the cryptocurrency world highlight the dangers of trading in this type of “coin.” But how important is cryptocurrency to the financial world and why should we care? NEP’s Bill Black appears on The Real News to discuss this. You can view with transcript here.