Monthly Archives: October 2012

Sectoral Balances within the Domestic Non-Government

Posted on October 31, 2012 by Devin Smith | 32 comments

By Paul Meli

There are many important laws that determine the behavior of various systems within the Universe but as far as economics is concerned, none is more important than the concept of a closed system.

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32 Comments

Posted in Guest Blogger

Tagged closed systems, sectoral balances

Why are there no famous financial whistleblowers in this crisis?

Posted on October 31, 2012 by Devin Smith | 6 comments

By William K. Black

This column discusses one of the more subtle issues raised by the Department of Justice’s (DOJ’s) civil fraud action against Bank of America (B of A). The issue was so subtle that of the three articles about the lawsuit that I choose to review the night after the suit was filed, only the NYT article mentioned one of the most important aspects of the suit – the key role that the whistleblower played in making the action possible. The AP and the WSJ articles ignored the fact.

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6 Comments

Posted in William K. Black

Tagged BofA, Financial crisis, fraud, whistleblowers

A Counter Narrative to Peterson’s

Posted on October 30, 2012 by Devin Smith | 67 comments

By Joe Firestone

Stephanie Kelton writes:

The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. How many Americans believe this garbage? My guess? Most of them.

Pete Peterson has won and the American people have lost. There is no effective counter narrative, not even from the left. Nearly all “progressives” have accepted the fundamental premise that the federal government is like a great big household. That it faces the same kinds of constraints that you and I face. That it should spend only what it takes in and that deficits are morally and/or fiscally irresponsible. President Obama told the nation, “We’re out of money.” . . .

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67 Comments

Posted in Joe Firestone

Tagged debt-subject-to-the-limit, debt-to-GDP ratio, deficit, Fiscal Responsibility, Fiscal Sustainability, inflation, MMT, Modern Monetary Theory, national debt, Peterson Foundation, Stephanie Kelton, warren mosler

How “Brazen” does a Bankster’s Fraud have to be before he’s Prosecuted?

Posted on October 30, 2012 by Devin Smith | 5 comments

By William K. Black

I’ll get the obvious out of the way first and then turn in future columns to the aspects of the Department of Justice’s (DOJ) civil suit against Bank of America (B of A)/Countrywide that are vital to understand but are more subtle. The obvious issue arises from the facts that the DOJ alleges that its investigation has found. The complaint and the DOJ press release state that elite financial criminals committed tens of thousands of “brazen” frauds targeting U.S. government funds. Continue reading →

5 Comments

Posted in William K. Black

Tagged banksters, BofA, fraud, prosecutions

CNBC’s Quick uses Clinton to aim at Krugman, but shoots herself in the foot

Posted on October 29, 2012 by Devin Smith | 26 comments

By William K. Black
(Crossposted at Benzinga.com)

Becky Quick is a television co-host of a business entertainment program on CNBC. She has written a column stating that Paul Krugman’s “claim that there is no fiscal crisis isn’t just laughable, it’s downright dangerous.” She argues that the “only problem” with Krugman’s conclusion was: “It is hard to find anyone who actually agrees with him.” She is furious that Krugman concluded that the Bowles-Simpson austerity plan is “a really bad plan.”

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26 Comments

Posted in William K. Black

Tagged austerity, deficit doves, deficit hawks, paul krugman

Stephanie Kelton Appears on Le Show with Harry Shearer

Posted on October 27, 2012 by Devin Smith | 46 comments

Stephanie appeared on Le Show with Harry Shearer on Sunday, October 28, 2012. The archive is available through Harry’s website which you can reach by clicking the image or here.

46 Comments

Posted in Stephanie Kelton

Tagged appearance, Harry Shearer, Le Show

Pete Peterson Has Won

Posted on October 26, 2012 by Stephanie Kelton | 186 comments

By Stephanie Kelton

The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. How many Americans believe this garbage? My guess? Most of them.

Continue reading →

186 Comments

Posted in Stephanie Kelton

Tagged budget deficits, deficits

The NEW USA…. A Thought Experiment

Posted on October 25, 2012 by Devin Smith | 15 comments

By J.D. Alt

Since there seems to be general agreement that our current economic system is fatally bankrupt, it might be interesting to try a simple thought experiment to see if we can forge a more perfect union. Let’s quickly visualize a new nation from scratch—and set it up properly, so we don’t find ourselves, ever again, facing a “fiscal cliff.”

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15 Comments

Posted in J. D. Alt

Tagged monetary system

William Black Provides Details of the Government’s Civil Lawsuit Against Bank of America

Posted on October 25, 2012 by Devin Smith | 2 comments

On 10/24/12, William Black appeared on WBAI’s Pacifica Radio with Linda Perry discussing the Government’s billion dollar civil lawsuit against Bank of America / Countrywide. You can listen to the program here.