Bank of England Endorses Post-Keynesian Endogenous Money Theory

by Philip Pilkington

Article of the Week from Fixing the Economists

Well, the Bank of England has finally come out and said it: loans create deposits; banks create money and don’t simply lend out savings; and the money multiplier in the economics textbooks is false. Actually, we’ve known this for a long, long time. While the BoE report references much Post-Keynesian work — including early work by Nicholas Kaldor and Basil Moore’s path-breaking 1988 book Horizontalists and Verticalists — they would have done well to look up the findings of the Radcliffe Commission in the UK in 1957 (I have written about this extensively here).

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How the U.S. Treasury avoided Chronic Deflation by Relinquishing Monetary Control to Wall Street

by Michael Hudson, as published in the Social Sciences Research Network

The Eurozone today is going into the same deflationary situation that the U.S. did under Jackson’s destruction of the Second Bank, and the post-Civil War budget surpluses that deflated the economy. But whereas the Fed’s creation was designed to inflate the U.S. economy, Europe’s European Central Bank is designed to deflate it — in the interest of commercial banks in both cases.

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Tax Reform: The Good, the Bad, and the Ugly, Part Two

February 14th, 2017
in macroeconomics

by John Mauldin, Thoughts from the Frontline

“Taxation is the price we pay for failing to build a civilized society.” – Mark Skousen

“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”– Ronald Reagan

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Wine Descriptors Reconsidered

February 12th, 2017
in wine

by Elliott Morss, Morss Global Finance

Introduction

There are many ways to portray wines. Most have limited value because they do not help drinkers distinguish between wines they like and dislike. This piece reviews the descriptors in use and suggests ones that will be helpful. Before looking at what can be done, consider first the current practice.

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Chaos Theory Applied To Trump Presidency

Written by

The New York Times published its view:

The unanimous verdict: Thus far, the Trump administration is a textbook case of how not to run a complex organization like the executive branch.

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