Thursday, April 19, 2012
Warren Mosler on Martin Wolf on McCulley-Pozsar
Martin Wolf comments on a paper by Paul McCulley and Zoltan Pozsar, and Warren intersperses comments on Wolf. Warren distinguishes between fixed rate and floating rate regimes to make his points, as well as fiscal policy and exchange rate.
Read it at The Center of the Universe
Fiscal and monetary policy in a liquidity trap
by Warren Mosler
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6 comments:
That's a keeper.
Yes, I think so too. Warren's probably at his best when he does dialog.
Funny how Mosler flits in and out of things. One minute he's there, next minute - gone. Off for a week fishing on his boat, trying to forget about his millions. And then you have Bill Mitchell, hammering away day in day out on his blog, putting the world to rights.
Randy Wray skulking around in Kansas city, planning his next trip to Venezuela or Siberia or something to preach the Gospel of JG, muttering stuff about Minsky and about how Godley just didn't understand. Scott Fullwiler up to his neck marking papers at some random community college, on the ins and outs of accountancy. Marshall Auerback prancing around Wall Street with his golden locks and pasty, sometimes tanned complexion. Mike Norman planning his next video tirade against Peter Schiff whilst hand-painting his new video backdrop. Jamie Galbraith down in Austin, Texas, musing on his father's legacy and wondering whether to pop down to Mexico for a wild weekend on the sly. Asking himself whether he is an MMTer or not.
Pavlina Tcherneva in Moscow or something with her philosopher boyfriend who tells her off all the time for selling out to 'the spectacle'.
Stephanie Kelton at home with the baby, plotting her next assault on global neoliberalcapitalfascism, to take place this time in Athens. William Black obsessing over corporate accounts looking for that next white collar criminal and wondering why his blog design is so lame. Crappy Fishes? Really? And Michael Hudson, in a cave in Egypt, deciphering scrolls which clearly demonstrate that a local sect back in the year dot actually used credit cards in their day to day transactions with the king. Have I left anyone out?
Love 'em all.
Oh yeah,
Tom Hickey, remorselessly bringing the Left Wing View to the internet, struggling to cope with a brain the size of the universe.
Dan Kervick, rampaging around the web, assuring everyone that 'only NFAs are really money'.
Cullen Roche, ranting and raving, as is his wont, whilst providing highly insightful analyses of the financial markets.
A panda bear that goes by the name of Beowulf (and sometimes Carlos), counterfeiting jumbo platinum coins in his basement inbetween court hearings.
Joe Firestone (how the hell does someone get a name like that?) trying to figure out whether JG+MMT-(MMT+JG)/MMT+OBAMA-MMR=MMT.
Sankowski, deconstructing economics, making the case for inflation (someone's got to do it).
Ramanan - bane of Randy Wray - discovering a minor detail in the NIPA accounts which might just contradict something Randy said in a blog five years ago. Bringing the Godley. Getting called a 'flacker' by Randy in return for all his hard work.
... And on it goes.
Roll on MMT
@ Anon
"Tempest in a tea pot" until it isn't. MMT is a long way from where it was a year ago wrt the mainstream, and the MMT-MMR kerfuffle is about par for the course in a discipline. Keep's people on their toes. I know I've sharpened up some of by language since it started.
I would at at this point, "shows promise." It seems likely that Martin Wolf will engage seriously, which no mainstream economist has done yet.
So we'll keep on truckin'.
Anon, well done. First good internet laugh I've had in a while. So thanks for the good-natured fun.
I'll add heteconomist, who is on the verge of solving the global economic equation with a paperclip and half a glass of water. And something about Marx. He'll forget his password though, can't be bothered to reset it, and we'll never hear from him again.
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