Wednesday, May 01, 2019

MMT link roundup

Good

Bank on the People Instead of Wall Street Parasites

According to Marriner Eccles, chairman of the Federal Reserve from 1934 to 1948, the prohibition against allowing the government to borrow from its own central bank was written into the Banking Act of 1935 at the behest of the securities dealers. A historical review on the website of the New York Federal Reserve quotes Eccles as stating, “I think the real reasons for writing the prohibition into the [Banking Act] … can be traced to certain Government bond dealers who quite naturally had their eyes on business that might be lost to them if direct purchasing were permitted.”

It’s Time to Look More Carefully at “Monetary Policy 3 (MP3)” and “Modern Monetary Theory (MMT)” (via Bloomberg)

[M]oney and credit created can be better targeted to fund the desired uses than the process of having the central bank buy financial assets from those who have financial assets and use the money they get from the central bank to buy the financial assets they want to buy.

Stupid

Entering A World Of (Hyper)Inflation
Add Carl Icahn to the List Opposing MMT (Good. I don't want Ichahn on my side.)
Modern Monetary Theory Is Supply Side Economics—but for the Left
The ostrich approach to our debt
There’s a bill collector at the door!

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