Bill Black amplifies on Randy Wray's "cime pays." Bill posts regularly at NEP and "around" the net, and he is often interviewed, too. His output is prolific, to say the least, and he has popularly documented the Grand Fiasco better than anyone, reducing complex operations to simple descriptions and explanations. I don't usually link to his posts, since they appear at NEP, which I assume everyone interested in MMT checks regularly. However, since HSBC is such a huge deal, I am calling special attention to it. This is "Too Big to Fail" become "To Big to Jail."
New Economic Perspectives
Why did Obama and Cameron save a Criminal Enterprise like HSBC?
William K. Black | Associate Professor of Law and Economics, UMKC