I ran across this “old” testimony from a spokesperson for the “American Securitization Forum”(ASF) to congress in 2003(pdf). The ASF is made up of mostly large financial firms involved in the securities market including the now infamous mortgage backed securities(MBS). Much of the testimony included is a matter-of-fact history of the development of the secondary . . . → Read More: Revisiting the Confidence of our Sophisticated Financial Wizards
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The European Union was set up in a manner that guaranteed that eventually, one of its members was going to have a debt crisis. What makes the Euro so unique is that it was setup almost like a gold standard. Each nation does in the Eurozone does not issue it’s own money. It must be . . . → Read More: Euro Zone Debt Crisis Was Going to Happen Eventually A lot of news over the weekend on the Euro ‘crisis’. As I write this, but before I publish it – Greece may even have a new government. That’s how quickly things are changing. Because of all the news, I’m pretty sure all my posts this week are going to concentrate on Greece, the Euro, . . . → Read More: Greek Week Rush – Analyzing the Euro Crisis Frank de Jong, a member of Canada’s Green Party was on a radio show trying to explain “Economic Rent” to a radio host. I like his approach. Let’s tax what we want people to use less of, and remove taxes from what we want people to do. We should be taxing Economic Rent. It is . . . → Read More: Frank de Jong explains Economic Rent Whoever claimed that there are 3 kinds of lies: Lies, Damn Lies, and statistics really got it. I ran across a silly blog post over at seeking alpha. It was old, but it was so stupid it was worth bringing up. The writer was trying to make an argument against classic keynesian economics. His principal . . . → Read More: Dumbest. Anti-Keynesian economics. Article. Ever! Last week it appeared that a bailout deal between Greece and the rest of the EU was going to go through. However, it seems that the prime minister of Greece is going to quite literally, “let the people decide“. Now, the Greek people must decide if they want to vote for the bailout – which . . . → Read More: The Dilemma Faced by Greek Citizens: How to Vote? Nothing makes an argument more frustrating than when 2 people are using the same words to argue over 2 different things. When discussing strategies to get out of the recession, market fundamentalists (usually conservatives) argue to let the markets work. Others, usually liberals who sorta-kinda understand Keynesian economics, argue that we need more stimulus to . . . → Read More: Unemployment Vs. Economic Efficiency Once when I was explaining Modern Monetary Theory(MMT) to someone in person, she asked me in a very irritated tone, “what is your point?” I realize now that getting too far into the details about government spending, trade deficits, and bond markets can make some people’s eyes glaze over without assuring them that the end . . . → Read More: Job Guarantee: Zero Unemployment Without Causing Inflation President Obama announced yesterday his initiative to reduce student loan debt. The plan is an admirable one. Attending a university is expensive, and the cost of which keeps going up. All these kids who go to school mount up huge amounts of debt while trying to prepare themselves for the future. Now they’re all graduating . . . → Read More: Micro-Engineering Student Loan Help Because neither side of the political debates understands how the modern monetary system works, they each make mistakes that harms their arguments, credibility, and the country through their faulty solutions. Both sides labor under the delusion that the U.S. government can run out of money. Therefore they make decisions on what government should do based . . . → Read More: How The Right and Left Keep Getting it Wrong |
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