{"id":15565,"date":"2013-12-19T09:16:35","date_gmt":"2013-12-19T14:16:35","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=15565"},"modified":"2013-12-19T09:17:32","modified_gmt":"2013-12-19T14:17:32","slug":"fiscal-space-and-financial-stability-a-differential-analysis","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2013\/12\/19\/fiscal-space-and-financial-stability-a-differential-analysis\/","title":{"rendered":"Fiscal Space and Financial Stability: A Differential Analysis"},"content":{"rendered":"

I found the “PowerPoint” presentation Fiscal Space and Financial Stability: A Differential Analysis The U.S. vs. The Eurozone<\/strong><\/a>, Stephanie Kelton, Ph.D. FIELDS-INET November 1, 2013 on Scribd.  I call it a “PowerPoint” presentation because it is not an article that fully explains every “slide”.  I also must admit that I did not spend the time to understand all the equations and graphs.  I did get the gist of the story, and I selected two interesting quotes.<\/p>\n

\n

Fiscal Space with EMU<\/h3>\n

\u201c[T]he power to issue its own money, to make drafts on its own central bank, is the main thing which defines national independence. If a country gives up or loses this power, it acquires the status of a local authority or colony.\u201d<\/p>\n

~Wynne Godley, 1992<\/p><\/blockquote>\n

and<\/p>\n

\n

There are No \u201cMarket\u201d Constraints<\/h3>\n

\u201cThe treasury can always raise money by issuing securities. The bond vigilantes really have it backwards. There is always more demand for treasuries than can be allocated from a limited supply of new issues in each auction; the winners in the auctions get to place their funds in the safest most liquid form of instrument there is for US dollars; the losers are stuck keeping some of their funds in banks, with bank risk.\u201d<\/p>\n

~Frank N. Newman, 2013<\/p><\/blockquote>\n

\r\n<\/pre>\n","protected":false},"excerpt":{"rendered":"
I found the “PowerPoint” presentation Fiscal Space and Financial Stability: A Differential Analysis The U.S. vs. The Eurozone, Stephanie Kelton, Ph.D. FIELDS-INET November 1, 2013 on Scribd.  I call it a “PowerPoint” presentation because it is not an article that fully explains every “slide”.  I also must admit that I did not spend the time […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-15565","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/15565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=15565"}],"version-history":[{"count":2,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/15565\/revisions"}],"predecessor-version":[{"id":15567,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/15565\/revisions\/15567"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=15565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=15565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=15565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}