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“[T]he basic principle of M.M.T. is seductively simple: governments don’t have to budget like households, worrying about debt, because, unlike households, they can simply print their own money. So M.M.T. proposes that the constraint on government spending shouldn’t be debt but inflation: How much new money can you pump into ...Read More
Warren Buffett Hates It. AOC Is for It. A Beginner’s Guide to Modern Monetary Theory. - great MMT overview
Jehu on MMT, privatisation and state fascism. 'Capitalists need someplace to park their excess capital and the state provides this service by running deficits. The state then pays interest on the debt, which adds to the profits of the capitalists — a return they could not get if they held their excess capital in a dead hoard ...Read More
“To put it bluntly: QTM is obviously wrong. Doubling the amount of gold in a country will have no effect on the price of cheese if you give all the gold to rich people and they just bury it in their yards, or use it to make gold-plated submarines (this ...Read More
Former boss of the Bank of England gives his thoughts on the global economy. Its not pretty. "The world is sleepwalking towards a fresh economic and financial crisis that will have devastating consequences for the democratic market system, according to the former Bank of England governor Mervyn King. ...Read More
"Westerners tend to identify China’s coming political crisis with developments such as the brave, educated, and often English-speaking protests in Hong Kong. Although they undoubtably pose an annoyance to Xi Jinping’s regime, the real existential challenge to the regime derives not from China’s middle orders but from the very classes ...Read More
"The Yale philosopher Thomas Pogge argues that when it comes to global poverty, the morally relevant metric of progress is neither absolute numbers nor proportions nor even the trajectory of poor people’s incomes, but rather the extent of poverty compared to our capacity to end it. By this yardstick, he ...Read More
Bernie Madoff whistleblower Harry Markopolos joins "Squawk on the Street" to discuss his fraud allegations against General Electric, and why he believes the company is headed for bankruptcy
The duel is one of the most fascinating, and significant events, in corporate America. The investigator alleges that what appears to be a highly qualified team doesn't comprehend its own accounting, and fails to recognize that it's virtually insolvent––and may even be cooking the books––while GE claims that its attacker ...Read More
The new economists’ enormously ambitious project means transforming the relationship between capitalism and the state; between workers and employers; between the local and global economy; and between those with economic assets and those without. (...) The result, the new economists claim, will be an economy that suits society, rather than ...Read More
"Over the past two decades, economists have tried to structure their work, as much as possible, to resemble scientific experiments. This “credibility revolution” is an attempt to explicitly link causes to effects, and sweep aside the old criticism that correlation is not the same as causation. One of the advantages ...Read More
How to Break the Economy in the United States Normally a person would be in favor of either an easy monetary policy to stimulate the economy or a hard monetary policy to exert discipline on the government. Either way, one would not expect her to hold both views at the same time. Yet Ms. Shelton does exactly that.