Econintersect: Click Read more >> below graphic to see today’s list.
The top of today’s reading list reports on James Tobin’s 30-year old paper describing the operation of banking which many still do not understand today …….. and the last article is by Bill Mitchell who maintains that we are in class warfare and the working class is losing.
- The Commercial Banking Firm: A Simple Model (James Tobin, Scandinavian Journal of Economics, 1982) Hat tip to Steve Keen. Thirty years ago Tobin wrote about the “money out of thin air” process for banks which counters the loanable funds theory.
- Zero Prosecutions of Elite Banksters is too many Prosecutions for the Wall Street Journal (William K. Black, New Economic Perspectives) William K. Black contributes to Global Economic Intersection.
- Facebook friends could change your credit score (Katie Lobosco, CNN Money) Hat tip to Russell Huntley.
- Asset Prices and Interest Rates (Alex Tabarrock, Marginal Revoution)
- World Federation of Scientists changes its policy: “Climate change in itself is not a planetary emergency.” (Fabius Maximus) Fabius Maximus contributes to Global Economic Intersection.
- Exploring Google Glass through Eyes of Early Users (Michael Liedtke, AP, Scientific Computing) Enthusuastic reviews plus suggested improvements.
- Student loan forgiveness not used by millions (Philip Elliott, AP, MSN News) Hat tip to Lynne Lounsbury.
“The Consumer Financial Protection Bureau says one quarter of American workers can take advantage of loan repayment deals, but are confused by the rules.”
- For the first time, the combined GDP of poor nations is greater than the rich ones (David Yanofsky, Quartz)
- The Impact of the Federal Reserve’s Large-Scale Asset Purchase Programs on Corporate Credit Risk (Simon Gilchrist and Egon Zakrajsek, NBER Working Paper 19337) Hat tip to The Big Picture. Bank CDSs look like Great Financial Crisis 2!!!
- There is a class warfare and the workers are not winning (Bill Mitchell, Billy Blog)
