This is a test: testing. Here is a video of a hearing of the Congressional Subcommittee on Digital Assets, Financial Technology and Inclusion, help on 14 Sep 2023, on the idea that the US should, or should not, pursue the
The long boom was not without its bust cycles, but during this 20 year period of general economic expansion, they were fairly short and fairly shallow. ———————————— This post is part of a larger series and sub-series. Here is a
While most people think of neoliberalism as having started in the late 1970s or early 1980s, its roots go back to the end of world war I, when the idea of the modern nation-state took over from the prior era
The great inflation of the 1970s actually started around 1965 as the chart below shows. And believe it or not, the consensus on what caused it is not as strong as I used to think. Of all the economic and
The Fed-Treasury Accord of 1951 was a bank regulation that created what we refer to as the independence of the Fed. We say this because compared to what was before, it made the Fed independent of the Treasury. A little
When World War 2 came to an end, the Federal Reserve had a dual mandate to 1) keep the interest rates on government securities low as desired by the Treasury which paid that interest rate, and 2) target a low
I know new world order has become a loaded phrase these days with ideas of the great reset, etc, but I don’t have a better phrase to describe what the Bretton Woods Agreement did in July of 1944. The institutions
The bank regulations that changed in the United States to help pay for world war two almost exclusively affected operations of the Federal Reserve, which makes sense when you consider that the war was managed by the federal government, and
How big was the problem? The economic impact of the great depression is illustrated by the two charts below. The first shows the US GDP with the depression time period shadowed in pink and the second shows the US unemployment
In what ways did bank regulation lead to the great depression? In what ways did bank regulation change as a result OF the great depression? Many financial crises are caused by debts that can’t be paid, at an enormous scale,
In a very real sense, the roaring twenties was started by world war I, which started an economic boom for the United States. European nations needed goods and services to fight the war, much of which was supplied by American
Financing world war one started simply, as people expected the war to be quick. As months dragged on, things got more complex. The United States was neutral during the first two years of the war, from 1914 to 1916, and
After the US government created a national currency in 1863, the US dollar (also known as the greenback) the banking system of the United States had one currency with decentralized payment clearing and a decentralized system of “lender of last
Much has been written about the Federal Reserve, and much will be in the future. Was it an innovation to stabilize the financial system? A way for bankers to “skim off the top” every time the US government adds more
Bank regulation and the creation of greenbacks… The US free banking era started in 1837 when the second Bank of the United States dissolved after Congress failed to renew its charter. While the Bank of the United States was not
Prior to the dissolution of the second Bank of the United States (due to Congress not renewing its charter in 1836), bank regulation for state banks was lax, and afterwards, it stayed so, for quite a while. Between 1829 and
Early in the history of the United States, bank regulations were created for the existence of a national central bank. This was actually tried twice, and both times, for political reasons, the banks were shut down. Alexander Hamilton because the
How did bank regulation allow the United States to fund the rest of the War of Independence? Robert Morris was appointed Superintendent of Finance of the United States in May of 1781, about two months after the Articles of Confederation
When the American colonies were British, each colony issued their own currency, denominated in the British currency units: pounds, shillings, and pence. The values of each currency varied between colonies. A pound issued in Massachusetts for example was not equivalent
Bank regulation in the United States was never designed from a big picture perspective. Rather, a problem was identified and solved. This generally created more problems. Which were identified and solved. Which created more problems. Which were identified and solved.
Yet these economic ideas are still used as the basis for public policy. This blog post identifies some and clarifies how we know they’re false. This post is also part of a larger extended series of blog posts on banks
Yet these economic ideas are still used as the basis for public policy. This blog post identifies some and clarifies how we know they’re false. This post is also part of a larger extended series of blog posts on banks
This blog follows my interests in learning about money, banking, economics, supply chains, etc. This interest started a few years ago when I was made aware, by an anthropologist (David Graeber), that a foundational belief about money, is not based
This post is part of a series where I examine (which really means “read up on”) the economic and political development of the Scandinavian (or Nordic) nations from the end of WW2 to today, and summarize what I’ve learned into
This post is part of a series where I examine (which really means “read up on”) the economic and political development of the Scandinavian (or Nordic) nations from the end of WW2 to today, and summarize what I’ve learned into
This post is part of a series where I examine (which really means “read up on”) the economic and political development of the Scandinavian (or Nordic) nations from the end of WW2 to today, and summarize what I’ve learned into
This post is part of a series where I examine (which really means “read up on”) the economic and political development of the Scandinavian (or Nordic) nations from the end of WW2 to today, and summarize what I’ve learned into
This post is part of a series where I examine (which really means “read up on”) the economic and political development of the Scandinavian (or Nordic) nations from the end of WW2 to today, and summarize what I’ve learned into
I’ve seen many contradictory comments online about “Scandinavian socialism” vs “No, they’re capitalist”. Some feel Scandinavian economies fit modern definitions of socialism, others feel they’re capitalist economies with strong social safety nets, sometimes described as “European welfare states”. I’ve wondered
This post is part of a series about a discussion (framed as a debate) between Gillian Tett and Yanis Yaroufakis on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
This post is part of a series about a discussion (framed as a debate) between Gillian Tett and Yanis Yaroufakis on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
This post is part of a series about a discussion (framed as a debate) between Gillian Tett and Yanis Yaroufakis on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
This post is part of a series about a discussion (framed as a debate) between Gillian Tett and Yanis Yaroufakis on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
This post is part of a series about a discussion (framed as a debate) between Gillian Tett and Yanis Yaroufakis on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
This post is part of a series about a discussion (framed as a debate) between Yanis Yaroufakis and Gillian Tett on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
This post is part of a series about a discussion (framed as a debate) between Yanis Yaroufakis and Gillian Tett on the subject of saving capitalism. If you found this post via an Internet search, it probably makes sense to
There is no denying capitalism has brought the world incredible material wealth and prosperity, especially since the end of world war 2. Having said that, many of the criticisms leveled against capitalism, most notably by Karl Marx, seem to have
Let me open by saying that it is very recently that I’ve learned anything about Marxist economic theory, but what little I’ve learned so far has surprised me. I’ve always learned that Marxist economic theory and ideas were harmful, evil,
Dr. Stephanie Kelton is a professor of economics and public policy at Stony Brook University. She is the author of the bestseller The Deficit Myth in which she explains the Modern Monetary Theory macroeconomic lens for analyzing what money is
Dr. Steven Hail is an economics lecturer at the University of Adelaide in Australia. This blog post is a summary of two videos (a part 1 and a part 2) of a talk he gave to a group named Modern
In the traditional capitalist idea of the absentee investor who receives financial benefits as a right of ownership without doing any work, the answer is no. But, the very model of democratic capitalism through workers’ coops redefines who are and
Nomi Prins was a Wall St banker, who after 9/11 reassessed her life choices and became somewhat of a traitor to her tribe and an author who is very critical of Wall St banks and the banking industry. She has
While my next sentence might seem petty, I do feel it’s appropriate for me to reveal that for some reason I can’t quite identify, I find Richard Wolff’s style of presentation to be annoying. Having said this, I find his
This post is a summary of a YouTube video where L Randall Wray is discussing (explaining may be more accurate) that from the perspective of treasury and central bank monetary operations, “what is money?” and where it gets its value.
This blog post is a summary (of sorts) of a podcast episode: Macro and Cheese Episode 42 – Repo Mania: Has The Fed Bailed Out Wall Street Again? With Nathan Tankus. The keyword in the above sentence is SUMMARY. I
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This post is part of a series of posts that summarizes the book Angrynomics by Eric Lonergan and Mark Blyth. If you found this post via search, it probably makes sense to start with the link to the full series,
This series of blog posts is a summary of what I consider to be the excellent book Angrynomics, by Eric Lonergan and Mark Blyth. I know of it because I follow Mark Blyth, a professor of International and Public Affairs
I keep bumping into this idea online. Here are four articles making this claim What specific claims do they make? We know what we know because of a congressional committee The information was uncovered by a congressional committee named The
How did the arrival of gigantic mega-ships break our global supply chains? This topic is covered in depth in the Odd Lots podcast episode: How Gigantic Ships Are Creating Global Supply Chain Havoc. This blog post is a summary of
If you found this post via search, it probably makes sense to start with the first post in this series on the cost of shipping. The link to the full series is above, and here. Is the bigness of modern
If you found this post via search, it probably makes sense to start with the first post in this series on the cost of shipping. The link to the full series is above, and here. What’s the downside of the
If you found this post via search, it probably makes sense to start with the first post in this series on the cost of shipping. The link to the full series is both above, and here. If actual shipping costs
If you found this post via search, it probably makes sense to start with the first post in this series on the cost of shipping. The link to the full series is both above, and here. What’s causing our current
This blog post is a quick-to-read summary of the Odd Lots podcast episode: Why the Cost of Shipping Goods From China Is Suddenly Soaring. Bear in mind that by “suddenly” they mean about a year ago, in late 2020, as
A little background information on this US treasury auctions explainer video This is a goofy little video published to YouTube six years ago that does a very good job of explaining how US treasury auctions work. It’s in a question
Canadian sovereign wealth funds As a country, Canada does not have any sovereign wealth funds. Alberta But the province of Alberta does. The Alberta Heritage Savings Trust Fund has a current value of $18.3 billion and in the 2021-22 fiscal
We’ll start with the biggest ones. The Government Pension Fund of Norway Total assets and year founded The Government Pension Fund of Norway is actually two separate sovereign wealth funds owned by the government of Norway. The Government Pension Fund
We’ve all heard the best way to build long-term wealth is to buy and hold stocks. Can governments do this for the benefit of their residents? Yes, and some do. They’re called Sovereign Wealth Funds. More of them exist than
In this series of posts, we’ve taken a look at seven nations whose growth in economic value is considered to be somewhat miraculous. The seven nations are the four Asian Tigers (Singapore, Taiwan, South Korea, and Hong Kong), the Celtic
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts, I examine seven nations whose economic vitality
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts I examine seven nations whose economic vitality
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts, I examine seven specific nations that created
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts, I examine seven specific nations that created
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts, I examine seven specific nations that created
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts, I am examining seven specific nations that
If you found this post via search, it probably makes sense to start with the first post in this series. The link to the full series is above. In this series of posts, I am examining seven specific nations that
A simple question, with answers from across the spectrum While there are many articles and studies on this topic, there seems to be quite a bit of disagreement as to how poor nations create economic value and become rich. Many
What is the World Trade Organization? I often find useful definitions on the website Investopedia. Created in 1995, the World Trade Organization (WTO) is an international institution that oversees the global trade rules among nations. It superseded the 1947 General Agreement on Tariffs and
Since any chain is only as strong as its weakest link, and modern manufacturing supply chains are incredibly intertwined, it seems safe to say we now live in a world of competition between supply chains. We all get the idea
To give you an idea of the complexity of modern supply chains, and the evolution of supply chains over time, the image at the top of the post is a conceptual model of the supply chain for “just” the meat
Warning, this blog post is a bit of a rant. Consider yourself warned. And why is the economics of supply chain management generally ignored by economic models? First, some definitions What is economics? Investopedia has a good definition, which starts
The rational expectations theory of inflation is part of the neoclassical focus of modern economics (the word “rational” probably gave it away), which was first described in a paper by John F. Muth published in 1961. I think there is
First, I wish to state that the structural theory of inflation is the one that I personally understand the least. Likely as a result of having had the privilege of living my entire life in countries with well-developed economies (Canada
While demand-pull and cost-push inflation theories are different, they seem, to me, to be two different sides of the same coin. They are both based on the basic concept that prices are a function of supply and demand. I can’t
What is the market power theory of inflation? The market power theory of inflation simply states that if a firm, or a collection of firms working together, have enough dominance within a market, they set prices for the market. These
The quantity theory of money inflation is the idea that inflation is a simple phenomenon that is caused by adding money to an economy. It is represented by that fairly famous equation shown in the image at the top of
To examine what causes inflation, we must first define what inflation is, and believe it or not, there is some disagreement here. Definitions of inflation The common idea between various definitions can be boiled down to… An increase in the
If you found this post via search, it probably makes sense to start with the first post in this series. The prior posts in this series focused on what does matter relative to our economic vocabulary. This post talks about
If you found this post via search, it probably makes sense to start with the first post in this series. The prior posts in this series contain ideas that will help you understand more about how our economic vocabulary causes
If you found this post via search, it probably makes sense to start with the first post in this series. The prior posts in this series contain ideas that will help you understand more about how our economic vocabulary causes
If you found this post via search, it probably makes sense to start with the first post in this series. It contains ideas that will help you understand more about how our economic vocabulary causes us to focus on things
When we talk about economics, we talk about the wrong stuff. Our economic vocabulary causes us to focus heavily on things that matter very little, and not focus at all on things that matter a lot. Where does our economic
Reverse logistics is a phrase a first stumbled across about a week ago. When I googled for what it means, I was left with the distinct impression that it means “recycling”. Except, maybe it IS “just” recycling But, convinced that
Republican Congressman Ken Buck believes in enforcing antitrust laws, to the point of creating new ones when the existing ones do not address nuances of modern high-tech monopolies. Who is Representative Ken Buck? Ken Buck represents Colorado’s 4th congressional district
If this concept is new to you, the first question is what is a federal reserve repo? Federal reserve repo means Fed “repurchase agreement” A Federal Reserve repo is a repurchase agreement which is a short-term loan whose collateral is
I have now stumbled across two scholars who stated in no uncertain terms that extreme corporate consolidation directly led to fascism in the past. Specifically in Germany in the 1930s. In the book, The Myth of Capitalism: A few months
The World Bank consists of two of five organizations that together make up the World Bank Group. The World Bank Group The World Bank These two organizations make up The World Bank. IBRD: International Bank for Reconstruction and Development They