Search Results for: inflation

MODERN MONEY THEORY AND COMMODITY MONEY COINS: RESPONSES TO BLOG #12

By L. Randall Wray Thanks for all the responses—this might have been a record number for the MMP. Coins are fascinating. I have to admit that even though my approach downplays the role of coins in monetary systems, I always … Continue reading

Jackson Hole will be a Black Hole for Those Hoping for QE3

By Marshall Auerback and Rob Parenteau Those leading the charge for “fiscal consolidation” now seem positively shocked by the violent gyrations in the stock market, as expectations rapidly seem to be shifting toward an “L” shaped recovery or worse – … Continue reading

Michael Hudson on the State and Local Budget Crisis

By Michael Hudson   The State and Local Budget Crisis   The cost of the 2011 cutbacks in federal spending will fall most directly on consumers and retirees by scaling back Social Security, Medicare, Medicaid and social spending programs. The … Continue reading

MMP BLOG #12: COMMODITY MONEY COINS? METALISM VS. NOMINALISM, PART ONE

By L. Randall Wray Last week I asserted that coins have never been a form of commodity money; rather they have always been the IOUs of the issuer. Essentially, a gold coin is just the state’s IOU that happens to … Continue reading

NPR’s Robert Siegel Interviews William K. Black on the Investigation of S&P

Listen to William Black explain how investigations into the recent financial crisis differ from inquiries into previous disasters. Also, you’ll find Professor Black’s review of Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance below the … Continue reading

ARE WE APPROACHING THE ENDGAME FOR THE EURO?

By Marshall Auerback Forget about the S&P downgrade, which has had ZERO impact on the global equity markets. The downgrade was supposed to mean that it would be more likely that the US government would not be able to pay … Continue reading

MMP BLOG #11: MODERN MONEY THEORY AND ALTERNATIVE EXCHANGE RATE REGIMES

L. RANDALL WRAY Floating vs fixed exchange rate regimes. The previous blogs were quite general and apply to all countries that use a domestic currency. It does not matter whether these currencies are pegged to a foreign currency or to … Continue reading

Anti “MMT Types” Memes Migrate to Stage II

By William K. Black One of the famous statements attributed to Mahatma Gandhi is that opposition to new, powerful ideas goes through three stages.  First, they ignore you.  Then they attack you.  Then you win.  Modern Monetary Theory (MMT) has … Continue reading

The European Central Bank Rises above the Law and its Principles

By William K. Black The European Central Bank (ECB), at the insistence of Germany’s government, was created with a single mission – price stability. Its mono-mission represented an explicit rejection of the U.S. Federal Reserve’s dual mission of price stability … Continue reading

More Bad Beer From S&Ps David Beers

By Marshall Auerback Like the horrible aftertaste that comes from throwing up the contents of one’s stomach after a night of binge drinking, the ratings agencies have reared their ugly heads again. David Beers, head of S&P’s government debt rating … Continue reading