monetarypolicy   1193

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Other People’s Blood | Online Only | n+1
Those who praise Volcker like to say he “broke the back” of inflation. Nancy Teeters, the lone dissenter on the Fed Board of Governors, had a different metaphor: “I told them, ‘You are pulling the financial fabric of this country so tight that it’s going to rip. You should understand that once you tear a piece of fabric, it's very difficult, almost impossible, to put it back together again.” (Teeters, also the first woman on the Fed board, told journalist William Greider that “None of these guys has ever sewn anything in his life.”) Fabric or backbone: both images convey violence. In any case, a price index doesn’t have a spine or a seam; the broken bodies and rent garments of the early 1980s belonged to people. Reagan economic adviser Michael Mussa was nearer the truth when he said that “to establish its credibility, the Federal Reserve had to demonstrate its willingness to spill blood, lots of blood, other people’s blood.”
us  history  central.banks  interest.rates  neoliberalism  monetarypolicy  factor.shares 
april 2019 by zesteur
Solve this or you solve nothing (2) | Consciousness of Sheep
Until we develop a monetary system that operates according to physical laws we will change nothing.
money  monetarypolicy  central.banks  debt  biophysical.economics 
march 2019 by zesteur
Big Guns Shooting Holes in the Sky « Multiplier Effect
First, MMT offers a logically coherent theory of money and a framework based on observations about money and monetary economies on this planet. (If you consider the mainstream neoclassical theoretical framework consistent, you are either ignoring the “loanable funds fallacy”—see here and here—or you should at least admit that your preferred theory is not about money and monetary economies on this planet.) Second, I appreciate MMT’s refreshing impact on policy debates. MMT seems to help liberate us from the box (or: monkey house) in which neoliberalism, with the help of our great mainstream monetary thinkers, has trapped us.
mmt  GreenNewDeal  economics  monetarypolicy 
march 2019 by badeconomist
Debt? What debt? The new wave in Democratic thinking - CNNPolitics
So much ink has been spilled for so long on the national debt, it might be nice if that $22 trillion plus on the red side of the US balance sheet just didn't really matter.
mmt  monetarypolicy  inflation  growth  biophysical.economics  degrowth 
january 2019 by zesteur

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