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…
This morning I responded to leading Modern Monetary Theory (MMT) proponent Stephanie Kelton's Huffington Post op-ed, "How We Can Pay for a Green New Deal," with a tweet observing that "MMT often boils down to nothing more than an especially naïve sort of Keynesianism: assume an unlimited…
In April 2018 Congressional Budget Office issued a report on the state of the federal budget in light of the "Tax Cuts and Jobs Act" enacted in December 2017, the "Bipartisan Budget Act" enacted in February 2018, and the "Consolidated Appropriations Act" enacted in March. The CBO…
More than two hundred people came to Cato last Thursday, November 17th, for the 34th Annual Monetary Conference. Four panels and two keynote speakers covered "Central Banks and Financial Turmoil," the theme of this year's conference. In his introduction, CMFA's James Dorn laid out some of the key…
The New York Times reported last week on some of the details of the Obama Administration's recovery plan for Puerto Rico, and it does not bode well for investors — or for states and municipalities that borrow money. The island's government is $72 billion in debt, with…