Monetary

As first published in Frankfurter Allgemeine Zeitung The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk...
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Here’s the quandary that the U.S. economy is in: The Fed’s quantitative easing policy– creating more liquidity so that banks can lend more – aims at helping the economy “borrow its way out of debt.” But banks are not lending more, for the simple reason that a third of U.S. real estate already is...
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Presented at the New School, New York, 1999. Published in 2003, as “The Cartalist/Monetarist Debate in Historical Perspective,” in Edward Nell and Stephanie Bell eds., The State, The Market and The Euro, London: Edward Elgar, 2003. One way or another, economies are planned. In today’s world this occurs mainly via the way in which...
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