Marshall Auerback 138 posts 10 comments

Note: this post originally was posted without correct attribution to Bill Mitchell, who writes a blog called Billy Blog where he had posted the thoughts now attributed to him below. Bill is a well-regarded Professor of Economics at the…

Several notable economists prognosticated on what Japan should do to get out of their malaise in the 1990s but none of them understood the problem or the options available to the sovereign government. They all gave poor advice. The way…

When I read Ed’s recent piece “Japan: stimulus without reform leads to a policy cul de sac,” I couldn’t help but think he is wrong about Japan. Supporting aggregate demand The problem is taxes. In Japan, taxes are too high relative to the…

Marshall Auerback here. You saw Ed’s last post on China, quoting from Peter Tasker, one of the top analysts in Japan when I lived there. I take Peter’s insights very seriously. His analysis implies something a lot moreregarding currencies,…

Marshall Auerback here with a few thoughts on money, the Federal Reserve’s balance sheet, and the alphabet soup of emergency liquidity facilities. The expansion of the Fed’s balance sheet has been widely misunderstood within the economics…

I was heartened to hear that Alan Greenspan has repudiated the Too Big to Fail doctrine (as practiced in the Bush and Obama Administrations) in such unequivocal terms. He almost sounded like a Teddy Roosevelt trust buster. Nevertheless,…

This is a cross-post from an article I wrote at the finance site New Deal 2.0, a one-stop-shop for current news, sharp analysis and potential solutions of the country’s fiscal crisis. Edward linked to this in this morning's links, saying "I…

Marshall Auerback here.  I want to add a few thoughts on the situation in Latvia which Ed has highlighted on several occasions. His allusion to Argentina to describe the situation in the Baltics last July was on the money. I have a solution…

Marshall Auerback here with a few thoughts on employment policy and the limit to government spending in a fiat currency regime. The Detroit story Edward just posted illustrates that we should start by eliminating the notion that society…

Marshall Auerback here. This is a cross-post from an article I wrote at the finance site New Deal 2.0, a one-stop-shop for current news, sharp analysis and potential solutions of the country’s fiscal crisis. We’ve said it before and…