The boy who cried wolf.

Back in May 2009, Paul Krugman published a column titled "The Big Inflation Scare." In it, he complained about the "inflation fear-mongering" going on at the time. "Suddenly," Krugman wrote, "everyone is talking about inflation. Stern opinion pieces warn that hyperinflation is just around the corner. …But…

Setting the boundaries between fiscal and monetary policy.

Not long ago, the CMFA staff and I were preparing to officially launch The Menace of Fiscal QE, my book aimed at countering efforts to have the Fed undertake or otherwise fund off-budget government spending programs. Then came the crisis. Of course our plans were dashed. But…

mmt, banking regulation, bank run, bank failure, regulation, free banking

Yesterday morning, a Modern Monetary Theorist tweeted part of a 2017 interview he did with Warren Mosler, one of that school's leading proponents and benefactors. As the clip was titled "Against Free Banking: The Liability Side Isn't The Place For Market Discipline," yours truly couldn't resist a…