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BlogCan a Parallel Financial System Solve the Greek Crisis?
In a new article, Dimitri Papadimitriou looks at the possibility of creating a parallel financial system — dubbed the “geuro” (following Thomas Mayer) — to help rescue the Greek economy: Geuros would essentially be small denomination zero-coupon bonds: transferable instruments with no interest payment, no repayment of principal, and no redemption, that would be acceptable [...] -
Did Hyman Minsky Find the Secret Behind Financial Crashes?
BBC News Magazine, March 23, 2014. All Rights Reserved. American economist Hyman Minsky, who died in 1996, grew up during the Great Depression, an event which shaped his views and set him on a crusade to explain how it happened and how a repeat could be prevented, writes Duncan Weldon. Minsky spent his life on […] -
MME, March 26, 2014
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«Νέο» νόμισμα – το geuro – εισηγείται για την Ελλάδα ο πρόεδρος του Levy Institute
Ethnos, 26 Μαρτίου 2014. Με επιφύλαξη παντός δικαιώματος. Υπέρ της υιοθέτησης ενός εναλλακτικού εγχώριου νομίσματος, του \’geuro\’, το οποίο θα χρησιμοποιηθεί από την ελληνική κυβέρνηση για τη χρηματοδότηση ενός προγράμματος δημιουργίας θέσεων εργασίας που θα αποσκοπεί στην ταχεία αποκατάσταση του επιπέδου ζωής για μια μεγάλη μερίδα του ελληνικού πληθυσμού, τάσσεται ο Δημήτρης Παπαδημητρίου, Πρόεδρος του […] -
The Jobs-Currency Connection in Greece
Huffington Post, March 25, 2014. All Rights Reserved. Negotiations between the Greek government and its international lenders were finally resolved last week, after seven long months. In January, Prime Minister Antonis Samaras made a celebratory announcement projecting a small, 2013 primary budget surplus of 1.5 billion euros. Also recently announced: European Union co-funding for a […] -
How Money Matters
Credit Writedowns, March 21, 2014. All Rights Reserved. One thing’s for sure: The financial crisis has dealt a deadly blow to what was until recently considered the state-of-the-art of monetary policy. Just compare the 1992 edition of Modern Money Mechanics, published by the Federal Bank of Chicago, with the articles and videos published this month by the […] -
Lord Robert Skidelsky, University of Warwick, speaking at the Minsky Conference in Athens, Greece, November 2013.
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Blog
MMT, the Consolidation Hypothesis, and Why Louisiana Won’t Leave Its Currency Union
In this interview with Euro Truffa, L. Randall Wray responds to some recent critiques of Modern Money Theory (MMT). In the first segment, Wray defends the idea that we can, for the purposes of simplifying the analysis of affordability constraints faced by modern governments, safely disregard many of the self-imposed constraints on Treasury-Central Bank cooperation [...] -
Summary No. 2Summary Spring 2014
The Spring 2014 Summary begins with a strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors analyze several policy scenarios and propose a parallel financial system to support expansionary fiscal policy and a job guarantee program, with Greece remaining in the euro. Related policy notes offer an innovative proposal […] -
MME, March 16, 2014
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Με «νιου ντιλ» η απορρόφηση της μαζικής ανεργίας
Ελευθεροτυπία, 16 Μαρτίου 2014. Με επιφύλαξη παντός δικαιώματος. ΤΟΝ ΠΕΡΑΣΜΕΝΟ Νοέμβριο δημοσκόπηση που παρήγγειλε το Global Economic Forum κατέδειξε πως τα 2/3 των κατοίκων της Β. Αμερικής, της Ευρώπης και της Ασίας πιστεύουν πως το υπάρχον οικονομικό σύστημα ευνοεί πρωτίστως τους πλουσίους. Αυτός ήταν ίσως ο λόγος που το πρόβλημα των οικονομικών ανισοτήτων έγινε κεντρικό […] -
MME, March 14, 2014