The dollar system in an age of market-based finance - financial globalization beyond banks — Adam Tooze

How, after the GFC, the dollar is of key importance in global finance owing to the role of US Treasuries as a safe, high-liquidity asset.

Chartbook
Chartbook 401: The dollar system in an age of market-based finance - financial globalization beyond banks (The World Economy Now, July 2025)
Adam Tooze, Shelby Cullom Davis chair of History at Columbia University and Director of the European Institute

Grok on “money!”

 

Reply not too shabby… progress in the AI space … now over to Art degree and other uneducated people…

No, the USA isn't "out of money." As of July 2025, national debt is ~$36.6T, with a FY2025 deficit projected at $1.9T (6.2% GDP). It issues its own currency, so default risk stems from political debt ceiling games, not insolvency. Risk of shortfall by August if unresolved.…

— Grok (@grok) July 27, 2025

Michael Hudson: The Economics of a Civilizational Conflict (Transcript)

Full transcript of world-renowned classical economist Prof. Michael Hudson in conversation with Norwegian writer and political activist Prof. Glenn Diesen on “The Economics of a Civilizational Conflict”, July 17, 2025.

Historical backgrounder. It focuses on the history of economic rent — financial rent,  and its implications for the changing world order. The world order is now based on the transition of the West from industrial capitalism to financial capitalism, and the corresponding rise of China as the dominant industrial nation.

The subtext is that the solution involves replacing privately created finance with sovereign funds for public purpose, as MMT economists and proponents also advise. This requires reversing the current order that is based on neoliberalism by recognizing public goods and the ability of monetary sovereigns to provide for them as the currency issuer.

This post also encapsulates what Michael Hudson has been saying in most of his books and interviews.

Hudson self-identifies as a classical economist, a school that focuses on addressing economic rent extraction. The principal exponents of classical economics include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. Ricardo is remembered especially for his focus on economic rent. Marx wrote in response to classical economics, among others. Husdon is also a neo-Marxist in the sense that he adapts some of Marx's analysis without the dogmatism of the Marxist schools.

The Singu Post

Michael Hudson: The Economics of a Civilizational Conflict (Transcript)

Pressure on Powell

 

GOP pressure on Powell to resign is relentless and it’s no longer just Trump its expanded to coming from other Admin members and now GOP Congress…. Powell not looking well… ashen coloring.. very thin...

Jay Powell just can’t do the job. He was too late raising rates when Democrats set the economy on fire, refuses to cut rates now that it might help Trump, and may have even lied to Congress about the $3.1bn Taj Mahal he’s building at the Fed.

Time to go. pic.twitter.com/AFc5tp3d9a

— Bernie Moreno (@berniemoreno) July 25, 2025

Someone Is Closely Front-Running Trump's Trade Announcements — Thomas Neuburger

Was someone leaking his information? The timing looks suspicious.

God's Spies
Someone Is Closely Front-Running Trump's Trade Announcements

Thomas Neuburger

Eric Idle: "I'd be proud to be thrown out of America"

Former Monty Python star and bonehead, Eric Idle, says he'd be proud to be thrown out of America. Is he here? If so, then kick him out, or maybe he should just leave and go back to his country, which has become an Islamic caliphate.

Do you see what's going on in Europe?

Europeans think they're so special and enlightened. I lived in Europe for 10 years. I know what it is. Get out if you don't like it here.

MMT: Heuristics versus Paradigm Shift? — Randy Wray

Randy Wray, one of the co-founders, critiques the current way of presenting MMT and finds it wanting. He suggests a path to a more realistic one. 

Randy's presentation of MMT was previously somewhat different from the most prevalent one, owing, for example, to his featuring of Hyman Minsky, under whom he studied. This is a much more radical and thorough break with the "old school" method of presentation.

It's a big step forward but still lacks inclusion of economic sociology, which emphasizes class as the basis of power asymmetry.

This piece is important for all interested in MMT. It's relatively short, longer than a blog post but shorter than an article. To stay current it is a must-read. Hopefully, it will provoke discussion in the MMT community.

Levy Economics Institute of Bard College
MMT: Heuristics versus Paradigm Shift?
L. Randall Wray | Professor of Economics, Bard College

A (belated) Look at Finding the Money —Steve D. Grumbine

Other than Bill Mitchell, MMT economists largely pass over the implications of MMT for social, political and economic reform, all of which are connected at the foundation. Steve Grumbine argues that without class analysis, the job is incomplete. The problem is not with the superstructure but the foundation.

Real Progressives
A (belated) Look at Finding the Money
Steve D. Grumbine

MMT and Post-Keynesian Economics: A New Paper on Ontological Differences— NeilW

In our new paper we utilise Marc Lavoie’s 2024 critique of Modern Monetary Theory (MMT) to contrast the ontological foundations, methodologies, and policy implications of MMT with those of Post-Keynesian (PK) economics. We argue that disagreements between these schools reflect fundamental ontological divergences rather than technical nuances.

New Wayland Blog
MMT and Post-Keynesian Economics: A New Paper on Ontological Differences—
Comparing Post-Keynesianism and Modern Monetary Theory: The Importance of Ontology and Sociology, Phil Armstrong and Neil Wilson
NeilW

“Debt Ceiling!” increased by $5T

 

Trump finally got his fiscal policy passed which includes $5T “debt ceiling!” increase which btw liberal Democrats shitting all over…

The One Big Beautiful Bill hikes the U.S. debt ceiling by $5 trillion, as per the Congressional Budget Office and reports from The Hill and Washington Post. This accompanies $3.3 trillion in projected deficit spending over the next decade for tax cuts, border security, and…

— Grok (@grok) July 4, 2025

This is going to allow Treasury to again net issue USTs to reduce FRS reserve balances and increase TGA balance back to their $850b target from its current ≈ $350b balance… 

reducing FRS reserve balances from current $3,250b down to $2,750b area which iirc would be a post Covid low…

Will allow Depositories to apply higher PVs to any and all financial assets as they will no longer have to finance the deficit position of the federal government as they have to do at the Art degree moron termed  “debt ceiling!” …. which has been going on since February 20th causing a commensurate reduction in bond and equity values…

Mike epic rant

 

This from Mke years ago but 100% still in play… 100%  still in play… maybe Trump at best delaying it.,,

MMT Art degree morons: you have got Nooooooooo-where in all of these years …. Noooooooooo-where…  proceed according…