MMT on RT

MMTer Marshall Auerback appears on RT's BoomBust. 

How long before MMT is accused for being Russian propaganda?

RT
Jobs and Bonds: The rise before the fall?

Trumponomics: causes and consequences – Part I – RWER issue no. 78

Auerback, Galbraith, Hudson, Kelton, Wray, Tcherneva provide an MMT-based critique of Trumponomics. 

Real-World Economics Review Blog
Trumponomics: causes and consequences – Part I – RWER issue no. 78

download whole issue

Preface          download pdf

Trumponomics: everything to fear including fear itself?          3
Jamie Morgan          download pdf                                                                           

Can Trump overcome secular stagnation?          20
James K. Galbraith            download pdf                              

Trump through a Polanyi lens: considering community well-being          28
Anne Mayhew            download pdf                                                                                    

Trump is Obama’s legacy. Will this break up the Democratic Party?          36
Michael Hudson          download pdf

Causes and consequences of President Donald Trump          44
Ann Pettifor               download pdf                                 

Explaining the rise of Donald Trump          54
Marshall Auerback          download pdf 

Class and Trumponomics          62
David F. Ruccio          download pdf 

Trump’s Growthism: its roots in neoclassical economic theory          86
Herman Daly          download pdf 

Trumponomics: causes and prospects          98
L. Randall Wray          download pdf 

The fall of the US middle class and the hair-raising ascent of Donald Trump
Steven Pressman          download pdf          112

Mourning in America: the corporate/government/media complex          125
Neva Goodwin          download pdf 

How the Donald can save America from capital despotism          132
Stephen T. Ziliak          download pdf 

Prolegomenon to a defense of the City of Gold          141
David A. Westbrook          download pdf 

Trump’s bait and switch: job creation in the midst of welfare state sabotage
Pavlina R. Tcherneva           download pdf          148

Can ‘Trumponomics’ extend the recovery?          159
Stephanie Kelton           download pdf 

Board of Editors, past contributors, submissions and etc.          173

Nick Johnson — What I am reading – Capitalism: Competition, Conflict, Crises

Anwar Shaikh on Capitalism.

The Political Economy of Development
What I am reading – Capitalism: Competition, Conflict, Crises
Nick Johnson

Brad DeLong — Must-Read: Marshall Auerback: The United Kingdom Draws the Wrong Lessons from Canada

Brad: Marshall Auerbach [2010] was, of course, 100% right. The turn to severe austerity in 2010 by the then-newly elected Conservative-Liberal Democratic government looks to have cost Britain 4% of GDP in a slowing-down of recovery. It was not quite enough to knock the UK back into recession–in large part because the government in the end did less to cut spending than its manifesto had committed it to. But it was very damaging.

WCEG — The Equitablog
Must-Read: Marshall Auerback: The United Kingdom Draws the Wrong Lessons from Canada
Brad DeLong

Marshall Auerback — The Fed Will End Its Bond Buying Program. Does It Matter?

MMT view of QE and its effectiveness.

Macrobits by Marshall Auerback
The Fed Will End Its Bond Buying Program. Does It Matter?
Marshall Auerback

Michael Stephens — “Who Is Minsky and Why Should We Care?”

Video of interview with Marshall Auerback and Ed Harrison.

Multiplier Effect
“Who Is Minsky and Why Should We Care?”
Michael Stephens

The Modern Money Network — Exploring The Law-Money Nexus The 2013-2014 "Money" Series

SCHEDULE

1. Money as a Hierarchical System
Date: Thursday, September 12th, 6.15pm
Location: Room 104, Jerome Greene Hall, Columbia Law School

Moderator: Raúl Carrillo, J.D. Candidate ('15), Columbia Law School
Speaker 1: Christine Desan, Leo Gottlieb Professor of Law, Harvard Law School
Speaker 2: L. Randall Wray, Professor of Economics, University of Missouri-Kansas City
Speaker 3: Katharina Pistor, Michael I. Sovern Professor of Law, Columbia Law School & Director, Center on Global Legal Transformation
Speaker 4: Perry Mehrling, Professor of Economics, Barnard College & Director of Education Programs, Institute for New Economic Thinking

2. Central Banking in Theory and Practice 
Date: Monday, September 23th, 6.15pm
Location: Room 103, Jerome Greene Hall, Columbia Law School

Moderator: Richard Clarida, C. Lowell Harriss Professor of Economics and International Affairs, Columbia University
Speaker 1: Lord Adair Turner, Senior Fellow, Institute for New Economic Thinking and former Director, U.K. Financial Services Authority
Speaker 2: James K. Galbraith, Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government, University of Texas at Austin
Speaker 3: Matias Vernengo, Associate Professor, Bucknell University & former Senior Research Manager, Central Bank of Argentina

3. Credit as Contract: Understanding Money Markets
Date: Monday, September 30th, 6.15pm
Location: Room 103, Jerome Greene Hall, Columbia Law School

Moderator: Jeffrey Gordon, Richard Paul Richman Professor of Law & Co-Director, Richard Paul Richman Center for Business, Law and Public Policy
Speaker 1: Joseph Sommer, Counsel, Federal Reserve Bank
Speaker 2: Zoltan Pozsar, Senior Adviser, U.S. Department of Treasury & Visiting Scholar, International Monetary Fund
Speaker 3: Marshall Auerback, Director of Institutional Partnerships, Institute for New Economic Thinking & Research Fellow, Levy Economics Institute of Bard College

4. Taking Money for Granted: Pedagogical Issues in Law and Economics
Date: Tuesday, October 8th, 6.15pm
Location: Room 104, Jerome Greene Hall, Columbia Law School

Moderator: Robert Jackson, Associate Professor of Law & Milton Handler Fellow, Columbia Law School & Co-Director, Ira M. Millstein Center
Speaker 1: Roy Kreitner, Professor of Law, Tel Aviv University
Speaker 2: Robert Hockett, Professor of Law, Cornell University
Speaker 3: Fadhel Kaboub, Assistant Professor of Economics, Denison University & Research Associate, Levy Economics Institute at Bard College

5. Lincoln's Greenbacks: Constitutional Moments and Monetary Reform 
Date: Thursday, October 17th, 6.15pm
Location: Room 103, Jerome Greene Hall, Columbia Law School

Moderator: Gillian Metzger, Stanley H. Fuld Professor of Law & Vice-Dean, Columbia Law School
Speaker 1: Richard Bensel, Associate Chair & Gary S. Davis Professor of Government, Cornell University
Speaker 2: David Weiman, Alena Wels Hirschorn Professor of Economics, Barnard College & Member, Columbia History Department
Speaker 3: Tim Canova, Professor of Law and Public Finance, Nova Southeastern University Shepard Broad Law Center

The Modern Money Network
Exploring The Law-Money Nexus

The 2013-2014 "Money" Series

INET — Charles Goodhart: The State of the Global Economy - A Central Banker's Perspective - Interview with Marshall Auerback

INET
Charles Goodhart: The State of the Global Economy - A Central Banker's Perspective

Interview with Marshall Auerback

Marshall Auerback interviews Warren Mosler

INET
NET MA Mosler

Marshall Auerback interviews Warren Mosler

Marshall Auerback — The New York Times, Intellectual Fashion, and Modern Monetary Theory

With regard to the spread of new ideas it is said that first they are ignored, then they are ridiculed, and then the new ideas win. If one is to judge from the new piece in the New York Times on "Modern Monetary Theory" (aka "MMT") then we're clearly in stage 2, which marks progress of a sort.

Several years ago, the "heretical" views expressed by the likes of Warren Mosler, Randy Wray, Bill Mitchell, Stephanie Kelton, Pavlina Tcherneva, and a host of others, wouldn’t have been seen anywhere near the Times. That said, the piece is rife with factual errors (for a good summary read this) but at least begins to challenge many of the prevailing misconceptions that dominate our current policy discourse.

INET Blog
The New York Times, Intellectual Fashion, and Modern Monetary Theory
Marshall Auerback

Lynn Stuart Parramore — Meet the 28-year-old Student Who Exposed Two Harvard Professors Whose Shoddy Research Drove Global Austerity

Marshall Auerback gets a shout out for being one of the first to call out R & R, along with INET's Thomas Ferguson and Robert Johnson.

AlterNet

Meet the 28-year-old Student Who Exposed Two Harvard Professors Whose Shoddy Research Drove Global Austerity
Lynn Stuart Parramore

Marshall Auerback — The Bank of Canada Governor is Wrong on Too Big To Fail and Wrong on Canada’s Banking System

As Canadian familiar with the Canadian economy and financial system, Marshall doesn't think much of the Mark Carney appointment.

New Economic Perspectives
The Bank of Canada Governor is Wrong on Too Big To Fail and Wrong on Canada’s Banking System
Marshall Auerback | Corporate Spokesperson, Pinetree Capital Ltd.

Ramanan — Is Intra-Eurosystem Debt Unconstitutional?

There’s an interesting conversation between JKH and Marshall Auerback here on the constitutionality of TARGET2 balances of the NCBs of the Euro Area.

Read it at The Case for Concerted Action
Is Intra-Eurosystem Debt Unconstitutional?
by Ramanan

JKH's back ground is in finance. Marshall has a law degree and he is a global investment manager.

Marshall Auerback at Italian MMT Summit 2012

Media Roots
Economist Marshall Auerback at Italian MMT Summit 2012
by messina

(h/t Clonal Antibody via email)

Audio and transcript of interview with Bonnie Faulkner, of Guns and Butter, who was at the conference in Rimini.

Marshal Auerback — Goldman Sachs Takeaway: Fix Our Financial System or Get Ready for the Next Horrific Collapse

Only an overhaul in our broken banking and financial system will prevent the next collapse. Goldman Sachs' misdeeds are merely a symptom of a much bigger problem.

Read it at AlterNet
Goldman Sachs Takeaway: Fix Our Financial System or Get Ready for the Next Horrific Collapse
by Marshall Auerback

Marshall Auerback — Speculators might be in for a crude awakening

The chart illustrates that there has been an immense decline in US consumption of oil since the big rise in the first half of the last decade. The demand destruction takes a long time. It did in the early 1980s. The data on Europe shows the same thing. The US, Europe, and Japan are half of world consumption. The data by IEA and others still says that oil demand globally is growing at one percent. But you have to have giant increases in the emerging world for that to be the case. Henry Groppe of Groppe, Long and Littell (one of the best independent oil analysts around) says demand should be down this year. He says the emerging world data on oil demand is non existent and all estimates are guesses. I think he is right. If that is the case and with US production of liquids up by more than 600k barrels a day I figure the oil market is in a large surplus.

But then where is that oil going? Remember 1990. when Saddam went into Kuwait: the oil price went from 20 to 40. It stayed there as we prepared to invade. Then on the night of Jan. 17th came the first airstrike.  That night the oil price went from 40 to 20.

Why?  Because during the prior five months, the Saudis and the allies built hidden oil reserves. And then the night of the air strike they dumped them. That killed the specs. Now we know that the allies and the Saudis want the oil price down, and they know the specs are holding it up.  I’m not saying the Saudis want the price down to $50 as they still have to bribe their way to social peace.  But $80 might well be in the cards.

Read the rest at Pinetree Capital | MacroBits

Speculators might be in for a crude awakening
by Marshall Auerback
(h/t Kevin Fathi)

Marshall Auerback — A Giant Game of Chicken in the Eurozone

As financial operatives and politicians play games to protect their interests, the future of ordinary Europeans is held hostage.

Read it at AlterNet
A Giant Game of Chicken in the Eurozone
by Marshall Auerback

Marshall Auerback — German Economic Striving at the Expense of Workers and Neighbors Will Backfire

The export-obsessed Germans have created an economic race-to-the-bottom in which no one can win. But there's a better way.

Read it at AlterNet
German Economic Striving at the Expense of Workers and Neighbors Will Backfire
by Marshall Auerback
(h/t Kevin Fathi via email)

Philip Pilkington: The Upcoming Greek ‘Deal’ – Recognition of Reality or Complete Evasion of the Truth

Articulates the MMT economists position.

Read it at Naked Capitalism

The Upcoming Greek ‘Deal’ – Recognition of Reality or Complete Evasion of the Truth
by Philip Pilkington

Health Care Costs

Randall Wray and Marshall Auerback put out a Levy Institute policy brief in 2010 on their vision for healthcare reform that featured giving people under 65 the option to “buy in” to Medicare (you will recall that at one point during the health reform battle this provision looked like it might be included in the final bill.  It was ultimately dumped by Joe Lieberman).  Read the policy brief here.

Read it at Multiplier Effect — The Levy Institute Blog
Deficit Doves and Owls: How to Worry About Healthcare Costs
by Michael Stephens