Written by John Lounsbury
Frank Newman, former Under Secretary and Deputy Secretary of the Treasury, presented a lecture on the process of government finance in the United States 01 December 2015 at the Columbia Law School in NewYork City.
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Newman laments that popular concepts about money, national debt, and inflation clearly fly in the face of observable facts. In this 22 minute lecture he clearly lays out the facts about money and government finance in very simple and straightforward terms. This will resonate with some, such as many who argue in favor of MMT, and will cause consternation with many who mistakenly think that they understand the topics discussed.
Frank Newman is a career banker. From Wikipedia:
Frank N. Newman was born in Quincy, Massachusetts on April 20, 1942. He was educated first at Thayer Academyand then later at Harvard College, receiving a B.A. in Economics in 1963.
Newman joined Peat Marwick Mitchell & Company in 1966 as a manager. In 1969, he moved to Citicorp as a Vice President. He joined Wells Fargo in 1973, and worked there as a Vice President from 1973 to 1980, and then as an Executive Vice President and as Chief Financial Officer from 1980 to 1986. He then moved to BankAmerica Corporation where he was ultimately Vice Chairman and Chief Financial Officer until his departure in 1993.
In 1993, President of the United States Bill Clinton nominated Newman to be Under Secretary of the Treasury for Domestic Finance. The next year, he became United States Deputy Secretary of the Treasury, holding that office until 1995.
Newman then returned to the private sector, become Vice Chairman of Bankers Trust and then serving as President and Chief Executive Officer of Bankers Trust from 1996 to 1999. In 2005, he became CEO of Shenzhen Development Bank.
Source: YouTube
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