Author Archives: Devin Smith

MINDS Conference in Sao Paulo, Brazil

Rio de Janeiro- RJ. On July 24, the Multidisciplinary Institute for Development and Strategies (MINDS) will gather top policymakers, economists, and analysts at the FORD-MINDS Conference on Banking, Financial Instability, and Financial Governance in Brazil to discuss the structure of Brazil’s financial system to ensure stability for a growing and equitable economy. The conference, is being organized by MINDS with support from the Ford Foundation, and will take place on Friday, July 24, at the Fundação Getulio Vargas (FGV/EESP), Rua Itapeva 474, in São Paulo. Conference details are below.

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David Leonhardt Strikes Again

By June Carbone
Robina Chair of Law, Science and Technology
University of Minnesota Law School

David Leonhardt strikes again. As he now seems to do with some regularity, he takes a complex body of work and reduces it to a soundbite, eliminating the complexity and uncertainty that underlies the research.   His soundbite this time links two parent families to upward mobility, and notes that two different dynamics produce two parent families: high income and religion. He then replicates maps that purport to show these linkages.

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FUNDAMENTALS: Monetary Policy, Interet-Rate Targeting and the Corridor

The latest in a series of class project videos from Eric Tymoigne’s upper division Modern Money Theory class at Lewis and Clark College. Over the next several days, we will be posting  select videos created by his most recent class. Eric has created a YouTube channel to be the home of MMT videos created by L&C students. You can check it out here.

FUNDAMENTALS: Monetary Instruments, Principles and Logic of Acceptance

The latest in a series of class project videos from Eric Tymoigne’s upper division Modern Money Theory class at Lewis and Clark College. Over the next several days, we will be posting  select videos created by his most recent class. Eric has created a YouTube channel to be the home of MMT videos created by L&C students. You can check it out here.

Fundamentals: Automatic Stabilizers and “Clinton’s Surplus”

The latest in a series of class project videos from Eric Tymoigne’s upper division Modern Money Theory class at Lewis and Clark College. Over the next several days, we will be posting  select videos created by his most recent class. Eric has created a YouTube channel to be the home of MMT videos created by L&C students. You can check it out here.

US Treasuries auction: method and implications

The latest in a series of class project videos from Eric Tymoigne’s upper division Modern Money Theory class at Lewis and Clark College. Over the next several days, we will be posting  select videos created by his most recent class. Eric has created a YouTube channel to be the home of MMT videos created by L&C students. You can check it out here.

America Is a Horror Show

This is from earlier this year. If you have not yet viewed this episode, it is worth taking the time to do so. (Description provided by Bill Moyers’ site).

David Simon, journalist and creator of the TV series The Wire and Treme, talks with Bill about the crisis of capitalism in America. After President Barack Obama’s annual State of the Union address, it’s a reality check from someone who artfully uses television drama to report on the state of America from an entirely different perspective — the bottom up.

“The horror show is we are going to be slaves to profit. Some of us are going to be higher on the pyramid and we’ll count ourselves lucky and many many more will be marginalized and destroyed,” Simon tells Moyers. He blames a “purchased” Congress for failing America’s citizens, leading many of them to give up on politics altogether.

Watch the episode here.

NEP’s Randy Wray’s interview in el Diario

For our Spanish speaking friends… Randy has an interview in the Spanish publication el Diario where he is talking about employment guarantee programs. You can view it here.

 

Herr Schauble’s Foibles: The eurozone Rebalancing Conundrum

By Rob Parenteau

That Germany has pursued something of a neo-mercantilist growth strategy is no great secret. Even newly minted econoblogger Ben Bernanke (apparently, Fed Chair pensions are not what they used to be) has duly noted Germany’s ascension to the throne of the Chief Instigator of Global Imbalances (CIGI) in his post dated April 3, 2015 (see here). At 7% of GDP, Germany’s trade surplus has clearly unseated China’s prior well-vaunted position as CIGI. Clearly, Frankfurt, not Shanghai, has become the new capital city of Global Saving Glutistan, in the nation of West Secular Stagnationa.

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Draghi’s Doom Loop(s): More than just the euthanasia of the rentiers

By Rob Parenteau

The recently adopted QE approach by the ECB, in concert with the negative deposit policy rate (NDPR) introduced last summer, has set off a number of nested disequilibrium dynamics that may unwittingly introduce a material increase in systemic risk for the eurozone, and perhaps beyond. Lord Keynes anticipated what he termed ”euthanasia of the rentiers”, as he expected active monetary policy would be successful in reducing long-term interest rates, and the share of the population living off of bond coupons would eventually just wither away. By way of contrast, if the following assessment is correct, Draghi may have signed a mutually assisted suicide pact with finanzkapital in the eurozone.

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