Why Haven’t Economists Embraced the Information Matrix?
In a recent article, Nobel Prize winning economist George Akerlof explained why the modern Economics Profession is incapable of embracing the Information... Read More
Transparency is “Job One”
Fortunately for us, I am not alone in pointing out a crisis is the worst time to hide information. Harvard Professor Amy... Read More
“People want change; change is coming; it’s as simple as that”
The title of this post is a quote from John McDonnell, an influential MP in the UK’s Labour Party. And the bankers... Read More
The Future of China’s Banking System
China’s current banking system reminds me a lot of the US banking system in the 1920s: opaque and therefore primed for funding... Read More
Is Economics Relevant If PhD Economists Cannot Accurately Forecast Economy?
The Great Financial Crisis was a watershed moment for Economics. The failure of the profession to forecast the crisis and its subsequent... Read More
Ideology and Lack of Mathematical Razzle-Dazzle Prevent Economists Accepting the Information Matrix or Understanding Transparency
Since the Great Financial Crisis began on August 9, 2007, I have talked with lots and lots of Economic PhDs. Several of... Read More
“But I trusted Tim [Geithner] …”
In the HBO/Vice documentary Panic, Barack Obama showed just how difficult it is to defend the indefensible. Particularly when he has to defend... Read More
Lawrence Summers and Ten Years Later
Professor Summers took on the task of defending the indefensible. Naturally, he, like the policies he promoted and supported, failed. He starts... Read More
Even with MMT, Economics Still Struggles with Financial Crises
Modern Monetary Theory (MMT) has moved front and center in the discussion over macroeconomic policy. With a boost from Alexandria Ocasio-Cortez and... Read More
Until Something Breaks
On August 27, 2018, Fed Chairman Powell announced the Fed would raise rates and shrink its balance sheet “until something breaks”. The... Read More
Protecting Banks at All Costs Still Mission of the Committee to Save the Banks
As we approach the tenth anniversary of the 2008 acute phase of the Great Financial Crisis, the Committee to Save the Banks... Read More
Transparency and Obama’s Legacy
Over the next couple of months, much will be written about Barack Obama’s presidential legacy. A significant amount of time will be... Read More
Donald Trump, the SEC and Transparency
After his election victory, the question is: “Will Donald Trump champion restoring transparency in the global financial system?” In my opinion, the... Read More
Senator Warren and Lender of Last Resort
Senator Warren has decided to take on the Federal Reserve over its lender of last resort role. Specifically, in her speech, The... Read More
BoE’s Haldane on complexity and the need for data
In his speech, on microscopes and telescopes, the Bank of England’s chief economist, Andrew Haldane, talked extensively about the need for data so... Read More