By William K. Black
June 26, 2017 Bloomington, MN
There are many people culpable for the mass loss of life in the Grenfell fire in London. At this time, we know enough about the fire and its causes to be able to discuss these matters with sufficient confidence to draw preliminary conclusions. As always, we should also keep in mind that we do not have all the facts so some of our conclusions must be tentative.
Posted in William K. Black
By Bank Whistleblowers United
June 25, 2017
Bank Whistleblowers United (BWU) makes its non-coveted Lemon award to the United Kingdom (UK) for actions harming whistleblowers and the world. BWU’s three principals are highly experienced financial experts with combined practical and academic experience of over 120 years. We are each unemployable in finance because we warned internally at are places of work and then externally about grave misconduct by the most senior financial and regulatory leaders that would (and did) produce terrible losses.
NEP’s Bill Black appears on The Real News Network and says don’t expect much – sadly, the British Serious ‘Farce’ Office that brought about the charges may not have the wits to carry out the prosecution. You can view with transcript here.
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NEP’s Bill Black appears on the Real News Network and explains that the Republicans’ effort to eliminate Dodd-Frank Act financial regulations serves the interests of the big financial institutions and has nothing to do with rules’ complexity or impact on the economy. You can view here with a transcript.
By William K. Black
June 6, 2017 Bloomington, MN
Rupert Murdoch controls the Wall Street Journal and Fox News. Even before he acquired the WSJ its editorial board was known for its members’ ultra-right wing fervor. The acquisition intensified that fervor. The editorial board’s fervor has infected the WSJ’s news pages. That is the context essential to understanding the significance of its June 6, 2017 editorial eviscerating President Donald Trump. They entitled their editorial “The Buck Stops Everywhere Else.” Here is the most damning paragraph. .
If this pattern continues, Mr. Trump may find himself running an Administration with no one but his family and the Breitbart staff. People of talent and integrity won’t work for a boss who undermines them in public without thinking about the consequences. And whatever happened to the buck stops here?
In addition to the obvious slam, consider several aspects of the content, tone, and timing of the editorial. They published it on the anniversary of D-Day, a day of courage and personal responsibility. Dwight D. Eisenhower, the Allied commander of the invasion and future president of the United States, took a large gamble on the weather clearing enough to allow the invasion to occur. The editorial, appropriately, given tight word count limits, did not explain what so many adult Americans recall – the last sentence of Eisenhower’s statement to the public in the event the invasion failed. He personally drafted the statement.
Posted in William K. Black
Due to the size of this post, it has been split into 2. You can find part A here.
Monetary instruments
Monetary instruments are the last type of marketable promissory notes. Post 15 and Post 16 are devoted to their analysis. One of the main characteristics of monetary instruments is that their term to maturity is instantaneous, that is, they can be returned to the issuer at the will of the bearer. In terms of cash, that is physical monetary instruments, the Financial Accounts of the United States make a difference between currency, Treasury currency, and coins. Coins are not included in the Accounts, currency refers to cash issued by the Federal Reserve (Federal Reserve notes), and Treasury currency refers to cash issued by the US Treasury (the Treasury no longer issues any currency but some of it still circulates). Unless stated otherwise, the term “currency” will be used to include paper-made monetary instruments issued by both the Federal Reserve and the Treasury. In 2015, the outstanding dollar amount of currency was $1.5 trillion and Figure 18.20 shows that 95 percent of it was held by the domestic non-federal sectors and the rest of the world. In 2015, about 40 percent of the US-dollar-denominated currency outstanding was held by the rest of the world, and about 55 percent was held by the domestic private sector. The ownership structure of Treasury currency outside the Federal Reserve is not provided by the Financial Accounts, but most of it must be held by the domestic private sector. The Federal Reserve is a significant holder of Treasury currency although the significance of its holding has shrink over time. In 1945, Federal Reserve’s holding of Treasury currency represented about 10 percent of outstanding currency, but, by 2015, it represented less than 5 percent of outstanding currency.
Due to the size of this post, it was split in two. You can find Part B here.
The M&B series is back! The goal is to finish the first complete draft of the book by the time I need to teach my Money and Banking course. Over the coming months, the following topics will be covered.
With these new sections and the seventeen other chapters of the book (which I have already rewritten in part to take into account feedbacks from my students), one should have a solid alternative preliminary text (let me know if I should cover more topics). The incomplete draft was well received by my students and has been downloaded over 8000 times as of May 2017.
NEP’s Bill Black talks to The Real News Network and explains the history and dynamics of FBI investigations, which show that they are not as unstoppable or unimpeachable as they are being made out to be. You can view with transcript here.
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Conference site: mmtconference.org
With Support From
Journal of Post Keynesian Economics
Featured Speakers Include
Warren Mosler, Robert Skidelsky, Jamie Galbraith, Jan Kregel, and Randall Wray
Modern Monetary Theory has transformed the economics discipline. Its influence extends beyond economics, reaching deep into the fields of law, history, finance, banking, public policy, and philosophy. Join the world’s leading MMT practitioners, and explore the cutting edge of modern economic thinking.
Call for Papers. Submissions are welcome on any aspect of Modern Monetary Theory, such as: fiscal policy, economic development, employment policy, framing and marketing of MMT, taxation, inflation and reforming the financial system. Please send your individual abstract (200 words max) or panel submission with a short description before June 15 to [email protected].
We look forward to seeing you there!
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Posted in MMT, Modern Monetary Theory
NEP’s Bill Black appears on The Real News Network discussing Trump’s appointment of Craig S. Phillips, who contributed to the 2008 financial crisis at Morgan Stanley, to take care of FannieMae and FreddieMac. You can view with a transcript here.
Posted in William K. Black
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