Modern Monetary Theory, MMT, is still considered a heterodox theory and a bit outside the mainstream. That's largely because of two factors. First, graduate economics education in money is largely stuck in quasi-gold standard era stuff from pre-1971. Milton Friedman and his disciples still dominate, despite the facts. Empirical evidence and knowledge of how banks … Continue reading MMT Isn’t All That New
Month: December 2010
Alan Simpson – FAIL again
More from Alan Simpson, the man who wants to cut your social security: Simpson said that while every interest group that testified before his committee agreed that the mounting federal debt is a national tragedy, they would then talk about why government funding to their area of interest shouldn't be touched. "We had the greatest … Continue reading Alan Simpson – FAIL again
House Prices Resume Falling
The fall in house prices appears to have resumed. Remember the collapse of the house-price bubble in 2006-7 was what largely triggered (triggered, but not the only cause) the Great Recession and the Great Non-Recovery. Late last year and earlier this year it looked as if the home-buyer credit and record low mortgage rates had … Continue reading House Prices Resume Falling
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