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The Endogenous Money Approach
The Endogenous Money Approach By L. Randall Wray [via CFEPS] In Neoclassical theory, money is really added as an after thought to a model that is based on a barter paradigm. In the long run, at least,...
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‘Monetization’ of Budget Deficits
‘Monetization’ of Budget Deficits By L. Randall Wray [via CFEPS] It is commonly believed that government faces a budget constraint according to which its spending must be “financed” by taxes, borrowing...
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Money as a Public Monopoly
Money as a Public Monopoly By L. Randall WrayWhat I want to do in this blog is to argue that the reason both theory and policy get money “wrong” is because economists and policymakers fail to recognize...
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Should America Kowtow to China?
Should America Kowtow to China? By Marshall Auerback First Published on New Deal 2.0. Do the Chinese really fund our deficit? Or is this more Neo-classical money mythology? Another Presidential junket...
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Memo to Congress: Don’t Increase the Government’s Debt Limit!
Memo to Congress: Don’t Increase the Government’s Debt Limit! By L. Randall Wray In a piece written for CNN, Senator Evan Bayh rails against the growing federal government budget deficit. He warns that...
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A Plea to the President: Tear Up That Speech
A Plea to the President: Tear Up That Speech By Stephanie Kelton My colleague and fellow blogger, Randy Wray, has just argued that President Obama should scrap the speech he’s planning to deliver...
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“Fed Chairman Ruml got it right in 1946”
“Fed Chairman Ruml got it right in 1946” Hat tip Warren Mosler’s blog (http://www.moslereconomics.com/) On his recent piece “Taxes For Revenue Are Obsolete ” that appeared on the Huffington Post he...
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While Labor Unions celebrate Anti-Austerity Day in Europe, European...
While Labor Unions celebrate Anti-Austerity Day in Europe, European Neoliberals raise the ante: Governments must Lower Wages or Suffer Financial Blackmail By Michael Hudson Most of the press has...
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The Perfect Fiscal Storm: Causes, Consequences, Solutions
The Perfect Fiscal Storm: Causes, Consequences, Solutions By L. Randall Wray Approximately a decade ago I wrote a paper with a similar title, announcing that forces were aligned to produce the perfect...
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Time to panic? You Betcha.
Time to panic? You Betcha. By Stephanie Kelton Earlier this week, President Obama talked about the weakening state of the economy, telling us that he’s not worried about a double-dip recession and that...
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