In "A Simple Solution to the Banking Crisis That No Country Will Implement" (Patreon link; Substack link—both open access), I argued that The Fed could end the current crisis simply by buying all outstanding Treasury Bonds at face value. After that, in future The Fed should either let Treasury run an overdraft on its account at The Fed, or The Fed should purchase Treasury Bonds directly from Treasury.
Only you could write this Steve and this ‘little’ summary is truly significant. You have presented a crystal clear proposal with technical credibility worth serious thought from the ‘geniuses’ who pass for leaders.
The theme of ‘fiction is deeper again as you know, and your description enables a clear line of sight to the idea that the money economy is merely a human artefact that facilitates human progress, or not. We are entering a new ‘great transformation’ and Polanyi I think would applaud you for the insight you are offering the mainstream.
Steve, the president is from Delaware, the limited liability; empty regime capital of the world.
He was the bank czar in 2008 with Yellen and Kelton advising. They slow-footed implementation of the Volcker Rule because it made lobbyists and Congress sad.
Yellen actually came to Vancouver then and told us they'd overshot on sub prime. Actually said: thought they could get away with it. In the interest of urban development, yada yada. I'm paraphrasing.
Blew by the question from audience on OFHEO.
They're not incompetent as you often suggest. They know where the money button is and how it works. They've build their public careers on loose finance and the frothy economic development that flows from it.
Wall Street programming government finances in its own interest will not be news on K Street.
Only you could write this Steve and this ‘little’ summary is truly significant. You have presented a crystal clear proposal with technical credibility worth serious thought from the ‘geniuses’ who pass for leaders.
The theme of ‘fiction is deeper again as you know, and your description enables a clear line of sight to the idea that the money economy is merely a human artefact that facilitates human progress, or not. We are entering a new ‘great transformation’ and Polanyi I think would applaud you for the insight you are offering the mainstream.
Steve, the president is from Delaware, the limited liability; empty regime capital of the world.
He was the bank czar in 2008 with Yellen and Kelton advising. They slow-footed implementation of the Volcker Rule because it made lobbyists and Congress sad.
Yellen actually came to Vancouver then and told us they'd overshot on sub prime. Actually said: thought they could get away with it. In the interest of urban development, yada yada. I'm paraphrasing.
Blew by the question from audience on OFHEO.
They're not incompetent as you often suggest. They know where the money button is and how it works. They've build their public careers on loose finance and the frothy economic development that flows from it.
Wall Street programming government finances in its own interest will not be news on K Street.
In D.C. that's happy hour in 20 minutes.
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