Bonnie Faulkner of Pacifica Radio’s Guns and Butter show broadcast the presentation by Stephanie Kelton and Michael Hudson on “There IS An Alternative To European Austerity: Modern Money Theory” . presented at the Italian MMT Summit last month. You can listen to the recording here, or read key parts of the transcript below.
Read more...Corporations are not working for the 99 percent. But this wasn’t always the case. In a special five-part series, William Lazonick, professor at UMass, president of the Academic-Industry Research Network, and a leading expert on the business corporation, along with journalist Ken Jacobson and AlterNet’s Lynn Parramore, will examine the foundations, history and purpose of the corporation to answer this vital question: How can the public take control of the business corporation and make it work for the real economy?
Read more...By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.
The pain in Spain continues with the government releasing the country’s latest budget which has been described by some Spanish economists as ‘the most severe since Franco’
Read more...“Passion” became fashionable in business at around the time other forms of emotional overshoot were hot, like “delighting customers.” While there may have been earlier efforts by Tom Peters and other corporate quacks gurus to infuse staid, supposedly rational business behavior with more pizzaz, the passion fashion seemed to take hold in the dot-com era. And that in a perverse way makes perfect sense.
By Scott Fullwiler, Associate Professor of Economics and James A. Leach Chair in Banking and Monetary Economics at Wartburg College. Cross posted from New Economic Perspectives
The debate between Paul Krugman and my friend Steve Keen regarding how banks work (see here, here, here, and here) has caused me to revisit an old quote. Back in the 1990s I would use Krugman’s book, Peddling Prosperity (1995), in my intermediate macroeconomics courses since it provides a good overview of what were then contemporary debates in macroeconomic theory as well as Krugman’s criticisms of various popular views on macroeconomic policy issues from that era. One passage near the very end of the book has always remained in the back of my mind; in it, Krugman critiques a popular view that was and still is highly influential regarding productivity and trade policy. He writes:
So, if you hear someone say something along the lines of ‘America needs higher productivity so that it can compete in today’s global economy,’ never mind who he is or how plausible he sounds. He might as well be wearing a flashing neon sign that reads: ‘I DON’T KNOW WHAT I’M TALKING ABOUT.’ (p. 280; emphasis in original)
In his latest post in this debate (which Keen replied to here), Krugman demonstrates that he has a very good grasp of banking as it is presented in a traditional money and banking textbook. Unfortunately for him, though, there’s virtually nothing in that description of banking that is actually correct. Instead of a persuasive defense of his own views on banking, his post is in essence his own flashing neon sign where he provides undisputable evidence that “I don’t know what I’m talking about.”
Read more...As we pointed out, the representative from the Upper East Side, Carolyn Maloney, in being maneuvered into position in an effort to displace Maxine Waters, who would otherwise become either the ranking member or the chair of the House Financial Services Committee, depending on which party wins this fall. The idea of Waters, who is acutely skeptical of bankers and not afraid of making a ruckus, having even more influence on a key committee is something financiers are keen to stop. (Full disclosure: I’m a Waters fan simply by virtue of her remark: “The Tea Party can go to hell. I intend to help them get there.”)
Read more...Yves here. I have some quibbles with Apgar’s argument, since he avoids the obvious, but unpalatable-to-Obama solution of a public health care system. That’s why defense and homeland security don’t have free rider problems: they are tax funded. But he also raises the issue that a ruling that strikes down Obamacare could do collateral damage.
Read more...Ironically, the Roberts Court could actually be the instrument that leads us toward something approaching a rational, affordable healthcare provision.
Read more...It’s too bad that religious fundamentalism has grown so strong in the US that atheists feel the need to rally. To put none too fine a point on it, atheists are not well liked in America. The assumption seems to be that they are immoral and will corrupt the nation’s youth. From the Washington Post:
Read more...By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.
So it appears, at least in the short term, that the ECB’s LTRO effect is starting to wear off as markets finally catch up on the story of the underlying economy’s of periphery Europe:
Read more...By Michael Olenick, creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha). You can follow him on Twitter at @michael_olenick or read his blog, Seeing Through Data
While researching a HUD database for clues on Thomas Lawler, the frequently-cited foreclosure and heavy-metal loving “housing economist” often cited by the business media, and a favorite of Calculated Risk, I came across background information that raises more questions than it answers.
Starting in 1998 Thomas Lawler held the job of SVP Portfolio Management, SVP Financial Strategy, and SVP of Risk Strategy at Fannie Mae until he unceremoniously left in January, 2006, following an $8 billion financial fraud that occurred under his watch.
Read more...
