More FOIA Findings: The New Nixon Administration’s Debt Ceiling Dilemma and the Federal Reserve’s Solutions
I Got the Fed to Release its 2011 “Treasury Default” Playbook. Here’s What it Says and Why it Matters.
Subscribe Readers may recall that I wrote a Politico Op Ed at a critical moment in the debt ceiling showdown. That piece, was entitled “Biden Can Steamroll Republicans on the Debt Ceiling”, and I aimed squarely at debunking the idea that the Federal Reserve would step on any “unilateral actions”
I Was Wrong About Post-SVB Treasury Market Strains- Here’s Why
Subscribe On March 16th 2023, the Thursday after Silicon Valley Bank Failed, I published a piece entitled “What's going on with Treasuries? Silicon Valley Bank and the incoherence of the Federal Reserve's (lack of) an interest rate policy this week.” The central premise of this piece
There Are No Simple Answers in the “Greedflation” Debate: A Response to Economist Marc Lavoie
Subscribe Long time and close readers of Notes on the Crises will be aware that I’m a Modern Monetary Theory (MMT) scholar. More than three years ago now I published written remarks of a talk I gave to a Federal Credit Union which laid out my (brief) articulation of
Fitch Didn’t Downgrade The U.S.’s Credit Rating. It Downgraded its Macroeconomic Rating (and No One Should Care)
The Utopian Vision of Financial Derivatives: What Mehrling and Pozsar Have to Teach About the Future of Climate Policy
Book Announcement: Picking Losers (Also I Was in Politico Last Week)
Hello Readers, I'm very excited to announce that I'm under contract with Viking Press of Penguin for my book on the Federal Reserve entitled "Picking Losers". I'm sure I will write about some of the themes of the book (especially the more
FDR Opposed Deposit Insurance. He Isn’t the Last Word on the Subject
Federal Reserve Issued Securities: Not Such a Crazy Idea After All
The Night They Reread Pozsar (in his absence)
The Federal Reserve’s Monetary Policy Operating Procedures Have Come Full Circle: What Does that Mean for the Post-SVB FOMC Meeting?
Before Silicon Valley Bank failed last week, I was considering writing a post examining the Federal Reserve’s policy framework in the context of the last sixty years of monetary policy’s history. That kind of analysis is now newly relevant, perhaps even urgent given the Federal Open Market Committee
The Dizzying Array of Accounting Gimmicks Preventing Silicon Valley Bank’s Failure From Affecting the Debt Ceiling
Normally I do not release pieces on Saturdays or Sundays. However, this is the third anniversary of the first piece I ever sent of this newsletter. That brief note, appropriately titled “Sign of the Times”, was more like a glorified social media post than a newsletter. As I said in