Insanity
INSANITY The whole crazy system needs to be reconstructed. Recently, across the nation, there have been reports that people are blowing-up the sky with fireworks in anticipation of the 4th of July holiday. It’s become a real problem in some
Point of View
The Moral Responsibility to Speak of Peace
The Nation is entering a dangerous period. On the Left, there is growing militancy with perhaps a small armed faction; on the Right, there has been a decades long development of well armed militias which historically had been mostly anti-government,
The Trillion Dollar Coin: Debt Reduction
Federal Government spending during the current health crisis has alarmed many analysts and the broader public. While the U.S. as a sovereign power with its own free floating currency has unlimited capacity to spend, there are, of course, practical limitations
Shh: Let’s Not Talk About That
A deeply understood, but not enough talked-about aspect of Federal borrowing, is that the Federal government need not pay interest on its debt. Current law requires the Treasury Department to auction debt in the public market. The Federal Reserve (FED),
Modern Monetary Theory and Increased Federal Spending
Modern Monetary Theory puts forth the idea that the Federal Government can engage in highly expansionary fiscal policy without inflationary consequences so long as the additional money is directed in an appropriate manner, there are no significant supply constraints, and
Continue reading…Modern Monetary Theory and Increased Federal Spending
Federal Spending and Inflation
At some point during this health crisis the financial class will likely begin its campaign against further Federal fiscal expansion, at least that portion directed towards the working class. They will wrap this argument in the language that heavy federal
It’s Just Accounting
The Federal Reserve (FED) is funding various loan facilities for corporate and other business enterprises which are struggling in the midst of the Coronavirus. The Treasury Department will backstop these loans with $454 billion, certainly more to come, if needed,
Partial Nationalization of Private Sector Firms: Why Not?
Trump, in reference to strong suggestions that he invoke the Defense Production Act in order to requisition the production of medical masks, respirators, and other medical equipment for the COVID-19, stated that he didn’t want to go down that path
Continue reading…Partial Nationalization of Private Sector Firms: Why Not?
“Funding” the Federal Response to COVID-19 is not the Issue: Inflation is the Issue
In response to COVID-19, The Federal Reserve (FED) has quickly flooded the capital markets with $1.5 trillion in short term funding; it has committed to an additional $700 billion in purchases of longer dated securities. This latter action is open
Continue reading…“Funding” the Federal Response to COVID-19 is not the Issue: Inflation is the Issue
Consumer Bailout of the U.S. Oil Industry
The U.S. oil industry is lobbying the Trump Administration to pressure the Saudis to cut oil production in order to raise the price of oil. That’s right, raise the price of oil. In case you have not been following events