Jamie Galbraith has written an excellent letter to the four former Chairs of the Council of Economic Advisers under Clinton and Obama regarding their letter to Professor Gerald Friedman and Senator Bernie Sanders. The full text is below.
The New York Times has taken notice of Bank Whistleblowers United (BWU). You can read it here.
Bill appeared on CCTV America discussing the American economy with Rachelle Akuffo. You can view it here.
Randy Wray and Bill Black appear on “Clearing the Fog.” You can listen to the podcast here. Bill, of the newly formed Bank Whistleblowers United, speaks about the plan they have outlined to instill the rule of law on Wall Street and end fraud with the hope of mitigating the effects of the next financial crisis. Randy, an expert in financial instability and macroeconomics, speaks about alternatives to the current financial system that would bring greater stability.
Bill Black reviews the highlights and holes of the film The Big Short in 2 parts on The Real News. You can view part 1 here and part 2 is here. Both have transcripts.
“Any request for loan level tapes is TOTALLY UNREASONABLE!!! Most investors don’t have it and can’t provide it. [W]e MUST produce a credit estimate. It is your responsibility to provide those credit estimates and your responsibility to devise some method for doing so.” [S&P 2001] [emphasis in original]
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).
NEP’s Bill Black and Roosevelt Institute Fellow Mike Konczal take on the policies of the two contenders for the Democratic nomination in this appearance of The Real News. Getting the message out about Bank Whistleblowers United! You can view here (includes transcript).
Below are links to a couple of reviews of Randy Wray’s latest book – Why Minsky Matters: An introduction to the work of a maverick economist.
What Would Minsky Do Now? A review by Laurence B. Siegel at ValueWalk
A review by William J. Bernstein for CFA Pubs.
By Thornton (Tip) Parker
Most MMT advocates probably took months to get comfortable with it. But like a personal computer, one need not understand its innards to use its power. The great power of MMT is its lesson that the federal government can create new dollars by running deficits to do things that should be done. But the lesson is counterintuitive and will be rejected by voters unless it can be explained convincingly in a few minutes. This paper offers five nuggets for explaining it quickly. NEP readers are asked to suggest ways to make the explanation simpler and better.
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Most Americans believe the federal government is like a family or business that must live within its income. On the surface, that makes sense and the reasons why it is wrong are complex. Here are five nuggets, or simple ways to explain why it is wrong to voters who will never be economists. They show why federal deficits are necessary. They can be adapted and used as appropriate. Continue reading