Federal Reserve

Paying for Populism

True democracy is populism—is it not? It has always struck me as odd that “populism” is used to describe a fringe politics, motivated by grievances that are viewed as illegitimate complaining. But if the not-profit-making needs of local and regional communities are determined and addressed by a democratic, majoritarian process, isn’t that what real “populism” …

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cityscape with gears

Functional Fiscalism

What I am going to imagine here is an argument that a progressive politician (for example, someone associated with a new Biden administration) could make in support of direct government spending to address a serious challenge to our collective well-being. By “direct” government spending I imply spending which is not “paid for” by garnering either …

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icon of the Federal Reserve

The Problem With How We Talk About the US Debt

We have a big problem with the way the media reports on the national debt.  It’s unclear if they don’t understand how federal debt works, if they intentionally write about it in the scariest way possible, or some combination of the two. Let’s start with a passage recently published by NPR: I don’t doubt the …

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The back of a dollar bill

White Paper: A National Investment Authority

Robert C. Hockett and Saule T. Omarova propose in the white paper listed below that the United States government create a ‘National Investment Authority’ as an intermediate agency between the Federal Reserve and the United States Treasury. Its function would be to mobilize capital from both the public and private sectors to benefit the general …

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