A Letter to Barack Obama

by George McGovern Harper's Magazine Easy Chair (September 2011) When President Franklin Roosevelt came into office in the depth of the Great Depression, he sought to stabilize and empower American society by introducing bold new initiatives: Social Security, the Public Works Administration, the Federal Deposit Insurance Corporation, the Rural Electrification Administration, the Tennessee Valley Authority, … Continue reading A Letter to Barack Obama

Modern Money Blog Number Twenty Five – Responses

Isn't the Dollar so Special? Responses to Comments on Blog Number Twenty Five by L Randall Wray New Economic Perspectives (November 24 2011) Thanks, Marty for the vote of confidence. Yes, the accounting is essential; it used to provide the foundation for both macro theory and also for "money and banking" but unfortunately it has … Continue reading Modern Money Blog Number Twenty Five – Responses

Modern Money Blog – Number Twenty Five

Currency Solvency and the Special Case of the US Dollar by L Randall Wray New Economic Perspectives (November 20 2011) In recent blogs we've been looking at sovereign government issues of bonds. We have argued that this is not really a "borrowing" operation but rather bond issues offer a (higher) interest-earning alternative than do reserve … Continue reading Modern Money Blog – Number Twenty Five

Goldman Sachs Has Taken Over

by Paul Craig Roberts opednews.com (November 25 2011) Bankers have seized Europe http://img820.imageshack.us/img820/6236/66091818.jpg On November 25, two days after a failed German government bond auction in which Germany was unable to sell 35% of its offerings of ten-year bonds, the German finance minister, Wolfgang Schaeuble said that Germany might retreat from its demands that the … Continue reading Goldman Sachs Has Taken Over