New Economic Perspectives

Jared Bernstein Tries to Reimagine Larry Summers as a Foe of the Bank – William K. Black

Jared Bernstein was Vice President Joe Biden’s chief economist and was the strongest economic voice within the Obama administration opposing inflicting austerity on the Nation in response to the Great Recession. His August 28, 2013 column is entitled “Summers and the Banks.” He begins by acknowledging that Obama had dreadfully “misplayed” the choice of Ben…

Zero Prosecutions of Elite Banksters is too many Prosecutions for the Wall Street Journal – William K. Black

Unintentional self-parody was the result to a coordinated effort by the systemically dangerous institutions’ (SDIs) press flacks to gin up outrage that the Department of Justice (DOJ) would have the audacity to sue the SDIs’ for their manifold violations of the law. The Wall Street Journal recalled one of its former opinion page pundits to…

The Mystery of Cannibal Capitalists and Ecuadorian Entrepreneurs – William K. Black

This column was prompted by an unusual source for me. Cuenca High Life is a site for ex pats living in Ecuador. It often discusses serious issues of national importance. The three issues a recent volume discussed are all important economic issues and they have prompted a fourth economic issue I will discuss in this…

Bank Lending and Bank Reserves – Dan Kervick

Provoked partly by some recent posts by Paul Krugman, which seem to imply that understanding the institutional structure of the banking system is irrelevant to gauging the effectiveness of the monetary policies implemented by the central bank, questions have arisen again about the relationship between bank lending and bank reserves. One of the issues raised…

Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make it Worse – William K. Black

FBI Director Robert Mueller is taking his victory lap as he steps down after 12 years of service. I have done three articles in a series that explains how the Mortgage Bankers Association (MBA) conned the FBI into adopting the Tea Party’s mythology about the causes of the crisis – virginal banks beset by ultra-sophisticated…

The Good Society: Lessons Not (Yet) Learned – Stephanie Kelton – New Economic Perspectives

John Kenneth Galbriath’s book, The Good Society: The Humane Agenda, creates a blueprint for a more just, prosperous and stable world. I’m re-reading it for the nth time because I continue to believe we might just get there one day. Indeed, I’m convinced we must. Here are some excerpts: While the economy must accord everyone…

The Banksters Master Irony: Push Summers & Geithner for Fed due to their Regulatory Zeal – William K. Black

By William K. Black The big banks are desperate to prevent Janet Yellen from being appointed as Bernanke’s successor to run the Fed. Their sexist attacks have backfired. On August 1, 2013, Deutsche Bank launched the single most absurd assertion to block Yellen’s appointment. Deutsche Bank wants Larry Summers, or better yet Timothy Geithner, to…

Public Enterprise, National Development and Unemployment – By Dan Kervick

Bill Mitchell has a really great piece up today at his wonderful blog, billyblog. After briefly discussing the Modern Monetary Theory (MMT) emphasis on the operational realities of the monetary system, and asking whether or not it is important to situate those discussions of operations and macroeconomics in broader debates about ethics and morality, Bill…