There is a hypocrisy displayed by the neoliberals. Its ok for the Fed to purchase mortgage backed securities and treasury bonds to raise stock prices, largely benefiting the top-twenty percent of asset holders who own 87% of the wealth. It’s not ok to use the Fed to help finance deficits to repair infrastructure, raise the incomes of workers, and fund social programs. The upshot: keep the wage-laborers unemployed and their incomes stagnant. Make them sweat. Reactionary neoliberals, Nancy Fraser’s term, refuse to raise taxes on the rich to fund social programs. Functional finance provides a viable alternative.


Thank you Jairo for sharing the article.


John P. Watkins

Professor of Economics

Westminster College

1840 South 1300 East

Salt Lake City, UT 84105

Office: 801 832-2628

Cell: 801 550-5834


John Watkins



From: AFEEMAIL Discussion List <[log in to unmask]> On Behalf Of Jairo Parada
Sent: Sunday, March 10, 2019 10:52 AM
To: [log in to unmask]
Subject: Rogoff on MMT. a clear attack!


Modern Monetary Nonsense | by Kenneth Rogoff



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Modern Monetary Nonsense | by Kenneth Rogoff

Kenneth Rogoff

A number of leading progressive US politicians advocate using the Federal Reserve's balance sheet to fund expans...



Jairo J. Parada, PhD.
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