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Slate's Yglesias Cheers a Double Betrayal of Cyprus By William K. Black UMKC/NEP, 03/20/13

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Slate’s Matthew Yglesias writes columns about economics and finance. Yglesias has been writing about Cyprus, and my critiques of the policies he has been proposing are the subject of this column. The short version of the background one needs to understand the issues is that Cyprus is in a crisis and the EU is willing to bail out its collapsing banks only if Cyprus raises revenues. The EU is unwilling to make the banks’ sophisticated creditors – the bondholders – take any losses.

Why MMT is Right and the Dreamers are Wrong – Kaldor Versus the Kaldorians by Philip Pilkington,via Naked Capitalism 03/20/13

The criticisms of Modern Monetary Theory (MMT) on the internet and in academia can be placed into three categories: the cranks; the nit-pickers; and the Kaldorians. The cranks make up by far the largest group. These are the people that simply have not bothered to understand the theory. These, which include some prominent academics, say things like: “The MMTers say that deficits don’t matter; they forgot about hyperinflation!”These people can usually be safely ignored as they are not arguing in good faith.

Dreaming, I was only dreaming
I wake and I find you asleep

O’Donnell Thinks Krugman is “a lonely voice opposing austerity” because he listens to MSNBC, William Black UMKC, 03/19/13

On March 18, 2013, Lawrence O’Donnell stated that John Boehner’s admission that the U.S. faces no current debt crisis vindicated Paul Krugman, who O’Donnell described as “a lonely voice opposing austerity.” It is true that Krugman has been a strong opponent of austerity and has been proven correct. It is also true that MSNBC has frequently portrayed Krugman as an isolated, virtually sole opponent of austerity.

The EU Needs a Bill Seidman to Save It from Itself: Cyprus and the “Reverse Toaster Theory” By William K. Black UMKC 03/18/13

Everyone involved in financial regulation in modern times with any broad knowledge of the field will know of Bill Seidman, Chairman of the FDIC and the RTC. In 1989, the newly elected President Bush (the First) had a very good idea that became the Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA). FIRREA was one of the very unusual cases of enhancing financial regulation. It was prompted by the lessons we had learned in containing the Savings and Loan (S&L) Debacle.

What is Modern Monetary Theory, or “MMT”? by Dale Pierce NEP/UMKC, March 11, 2013

Modern Monetary Theory is a way of doing economics that incorporates a clear understanding of the way our present-day monetary system actually works – it emphasizes the frequently misunderstood dynamics of our so-called “fiat-money” economy. Most people are unnerved by the thought that money isn’t “backed” by anything anymore – backed by gold, for example. They’re afraid that this makes money a less reliable store of value. And, of course, it is perfectly true that a poorly managed monetary system, or one which is experiencing something like an oil-price shock, can also experience inflation.

Peter Linebaugh on the Magna Carta

http://www.youtube.com/watch?v=4jNkI0a57-8

Within the framework of a course in "Ethics and the Economy" which focuses on issues of equality and freedom within current economic institutions, by referring to the main theories of justice (esp. Rawls). Professor Linebaugh will connect the contents of his book "The Magna Carta Manifesto: Liberties and Commons for All" with how current capitalist institutions limit liberty. The Rosa Luxemburg Foundation wishes to thank Professor Yannick Vanderborght for the support to this initiative.

Slate Agrees that Obama’s Vanity Drives the Grand Betrayal – and Praises the Betrayal By William K. Black, 03/14/2013 NEP

Slate’s John Dickerson leads its (and CBS’) political reportage so his specialty is in examining what is actually driving politicians’ policies and their efforts to “spin” those policies. Dickerson authored an article entitled “Why Obama’s Outreach to Republicans is All About Obama” (March 12, 2013).

The nature of the commons via a 13th century folk poem

Typically this poem is dated from the 17th century and the time of the levellers and of the New Model army/navy. I would suggest instead that its dating is a product of its documentation in the 17th century, and as such is not a dating based upon its original context. As part of folklore it is a product of the folk of the commons culture which dates back to at least the 13th century. This is not to say that it wasn't popular during the 17th century which is the time period when commons customs were intensely criminalized in England.

The law locks up the man or woman

Government Debt and Deficits Are Not the Problem. Private Debt Is. By Michael Hudson, March 13, 2013 NEP/UMKC

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(Remarks by Prof. Michael Hudson at The Atlantic’s Economy Summit, Washington DC, Wednesday, March 13, 2013)

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