Sunday, October 16, 2011

Randy Wray mentioned at Washington's Blog

Economics Professor and monetary expert Randall Wray told me thatwe should end the regional Federal Reserve banks, as they have such terrible conflicts of interest, strip out all regulatory power from the Fed (since it doesn’t believe ine regulation, anyway), and implement monetary policy with a very small staff. He is not opposed to moving operations over to Treasury and/or the FDIC.

I've commented numerous times on MMT at Washington's Blog in the past to no avail, so I gave up.

The typical fare there about monetary economics is from neoliberal or Austrian economists and Steven Keen, all about how the national debt is bankrupting the country. But apparently the editor has finally gotten around to Randy, although the general thrust of the blog is still that the big problem in the US is the Fed and the national debt. Hopefully, the editors of the blog will pay some attention to the MMT message and stop spreading nonsense about monetary economics.


Matt Franko said...

Wash. Blog also gets posts a lot at zerohedge... waste of time right Tom, these are just some other morons who already stubbornly and vainly think they "know it all" and have nothing else to learn.

Consider how large an imbecile thought it is to think the US govt is "out of money"... how can they become bigger morons in this regard? I dont think it is possible.

What they will do is instead of listening to Prof Wray, they will cherry pick his statements for information solely supportive of their already pre-conceived beliefs and ideas..... sad for them.


Hugo Heden said...

@Tom, link seems broken -- here's the correct link:

Tom Hickey said...

Fixed. Thanks again, Hugo.

Funny, it worked for me when I tested it. I wonder what's up with that.

beowulf said...

We'll see if he'll post my comment. I just reiterated the points I've made here before that a President could go to court and argue that the independent Fed infringes on his Art. II executive powers.

Or, more easily, the President could order Tsy to exercise "supervision and control" of the Fed per 12 USC 246.