(Author's Note, April 11, 2019: I have made some slight revisions to this article in response to criticisms of the original by Bob Murphy, for which I sincerely thank him.) Of many dubious claims that recent Federal Reserve Board nominee Stephen Moore made in a Wall Street…
Since the Bank Secrecy Act (BSA) came into force in 1970, banks and other financial institutions have been subject to extensive reporting requirements on the transactions they perform on customers’ behalf. In subsequent years, notably after 9/11 with passage of the USA PATRIOT Act, Congress has expanded…
Modern Monetary Theory has been accused, not always fairly, of more serious shortcomings than you can shake a stick at. Among other things, critics have faulted it for not being all that modern, for passing-off tautologies as profundities, for wrongly assuming that the value of fiat money…
Editor's Note: Since I've been harping on the ways in which Modern Monetary Theory misrepresents institutional realities, I thought it worthwhile to republish the following essay by occasional Alt-M contributor Julien Noizet, from his personal blog Spontaneous Finance. The essay originally appeared on December 17, 2013. Two…
A couple posts ago, I criticized in general terms Modern Monetary Theorist Stephanie Kelton’s suggestion that the expense of the proposed Green New Deal need not make it “a drag on the economy” since the Fed could always foot the bill. That post steered clear of the…