On 2013-06-20, at 12:31 PM, Jim Devine wrote: > Marv Gandall wrote: >> As is typically the case, it's a political question at bottom more than an >> organizational or technical one. We could probably live with the Fed, the >> ECB and the other central banks as presently constituted - provided it was >> we who did the appointing. If that were the case, Paul Krugman would >> immediately go to head of the line to be the next Fed chairman rather than >> Larry Summers or Tim Geithner. Better yet if we could put J. Devine, Michael >> P., J. Huato, Doug H. or any of our other list members with the necessary >> expertise in charge of Fed operations. Then you would truly see a radical >> change in direction, even with the Fed's current structure and staff. > >> Of course, this all depends on the balance of forces in society. So even a >> Keynesian like Krugman who wants more fiscal and monetary stimulus is out of >> step with the Republican and Democratic party leaders who answer to the Wall >> Street consensus for monetary tightening and sharp cuts in fiscal spending. >> Needless to say, replacing the current Fed governors and regional presidents >> with eminent members of the Pen-L list would require a social revolution.< > > Marv, what monetary policy would the Pen-L Team (or the pen-l Tee) implement?
You guys are in a better position to judge. You have my full confidence. :) Jamie Galbraith and other neo-Chartalists want to keep crediting the Treasury accounts at the Fed for so long as it takes a massive public works program and a jobs guarantee to get the economy operating at full capacity, and don't think you need to pay any heed before then to fears of inflation or a bond strike. If I recall, Doug for one is critical of MMT. This is a list discussion I'd be very interested in following. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
