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dont wear the blindfold and tweet who's in the firing squad. reputation is
all!

On Fri, 3 May 2019, 23:34 Wray, Randall <[log in to unmask]> wrote:

> I always figured I'd end up before a firing squad, but never imagined it
> would be over a textbook.
>
>
> The publisher just told us they sold out the first printing and are
> rushing the second to try to sell some more books before the US bans it.
> So, better get your copy quick.
>
>
> I changed the header as we seem to have left public choice behind. Altho
> maybe not. I do plan to respond to Anne and also to the discussion of
> internal developments of neoclassicalism.
>
>
>
>
> L. Randall Wray
> Senior Scholar, Levy Economics Institute
> Papers: www.levyinstitute.org/publications/?auth=287
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=V5E0zY6wBouz1oK1I7UNvOXm8w7iIsLbDR-o0XjFALk&e=>
>
> Co-editor *Journal of Post Keynesian Economics*
> ISSN 0160-3477 (Print), 1557-7821 (Online)
> www.tandfonline.com/toc/mpke20/current
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=quidbuV6oHaY02PW5SI9BVZSL-REvgow4sCv2U48DSE&e=
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=GAfkqYdfMh9K1t_eQnFxfF2knv3zUr5xgV5XwzKgHIA&e=>
>
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=cktnNSLqPIE1uMv3Q8jcMqwdUNFssmAcSsneRGKhuOU&e=>
> New Book: *Why Minsky Matters: An Introduction to the work of a maverick
> economist, *Princeton University Press
> https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hkdHaV-s78u5mSROLxht8nzd6ezE4WAom9YfJNmoipQ&e=
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=yZi1tQc9KOhqR0XYruYqB18zAHTHn3ej6v8LgFUo5lE&e=>
>
> New Book: *Modern Money Theory: a primer on macroeconomics for
> sovereign monetary systems*, Palgrave Macmillan
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hGHaqqnp_cnhg6fbxV6p6WTR5WzJLEjPW-lAkIPVdjQ&e=
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=kPt0L6Mm-yZjtGVvTUSlGOcpp57jOzAuGjpJHIC7_3s&e=>
>
>
> Please make note of my new email address as I will be transitioning all
> email to:
> [log in to unmask]
>
>
> ------------------------------
> *From:* AFEEMAIL Discussion List <[log in to unmask]> on behalf of
> Wolfram Elsner <[log in to unmask]>
> *Sent:* Friday, May 3, 2019 5:19 AM
> *To:* [log in to unmask]
> *Subject:* [AFEEMAIL] AW: [AFEEMAIL] Are Sustainability and Public Choice
> schools of thought, per se?
>
>
>
>
>
>
> Fantastic!
>
> Congratulations, Randy, that you guys made them feel so defensive that
> they craft such ridiculous resolutions.
>
>
>
> Don’ forget, we will teach 40 Chinese PhD students on MMT (you) and
> institutionalism (me) at the Jilin Pluralist Summer School in mid-July.
>
>
>
> Best,
>
> Wolfram.
>
>
>
>
>
>
>
> *Von:* AFEEMAIL Discussion List [mailto:[log in to unmask]] *Im
> Auftrag von *Wray, Randall
> *Gesendet:* Freitag, 3. Mai 2019 04:04
> *An:* [log in to unmask]
> *Betreff:* Re: [AFEEMAIL] Are Sustainability and Public Choice schools of
> thought, per se?
>
>
>
> Well here you go. For all the MMT haters. There is now actually a Senate
> Resolution to condemn it. And FIVE, yes, count them FIVE have already
> signed on. That's practically unanimous, I think. Write your senator.
>
>
>
> Pasted and attached. LOL.
>
>
>
> 116TH CONGRESS 1ST SESSION S. RES. ll
> Recognizing the duty of the Senate to condemn Modern Monetary Theory and
> recognizing that the implementation of Modern Monetary Theory would lead to
> higher deficits and higher inflation.
> IN THE SENATE OF THE UNITED STATES
> llllllllll Mr. PERDUE (for himself, Mr. BRAUN, Ms. ERNST, Mr. MORAN, and
> Mr. TILLIS) submitted the following resolution; which was referred to the
> Committee on llllllllll
> RESOLUTION Recognizing the duty of the Senate to condemn Modern Monetary
> Theory and recognizing that the implementation of Modern Monetary Theory
> would lead to higher deficits and higher inflation.
> Whereas noted economists from across the political spectrum have warned
> that the implementation of Modern Monetary Theory (referred to in this
> preamble as ‘‘MMT’’) would pose a clear danger to the economy of the United
> States; Whereas, on March 4, 2019, former Secretary of the Treasury
> Lawrence H. Summers said that— (1) MMT is fallacious at multiple levels;
> (2) past a certain point, MMT leads to hyperinflation; and
> 2
> PAT19390 S.L.C.
> (3) a policy of relying on a central bank to finance government deficits,
> as advocated by MMT theorists, would likely result in a collapsing exchange
> rate; Whereas, on February 26, 2019, Jerome Powell, Chair of the Board of
> Governors of the Federal Reserve System, said: ‘‘The idea that deficits
> don’t matter for countries that can borrow in their own currency I think is
> just wrong’’; Whereas, on March 25, 2019, Janet Yellen, former Chair of the
> Board of Governors of the Federal Reserve System, disagreed with those
> individuals promoting MMT who suggest that ‘‘you don’t have to worry about
> interest-rate payments because the central bank can buy the debt’’,
> stating: ‘‘That’s a very wrong-minded theory because that’s how you get
> hyper-inflation’’; Whereas the March 2019 report entitled ‘‘How Reliable is
> Modern Monetary Theory as a Guide to Policy?’’ by Scott Sumner and Patrick
> Horan of the Mercatus Center at George Mason University found that— (1)
> MMT— (A) has a flawed model of inflation, which overestimates the
> importance of economic slack; (B) overestimates the revenue that can be
> earned from the creation of money; (C) overestimates the potency of fiscal
> policy, while underestimating the effectiveness of monetary policy; (D)
> overestimates the ability of fiscal authorities to control inflation; and
> (E) contains too few safeguards against the risks of excessive public debt;
> and (2) an MMT agenda of having fiscal authorities manage monetary policy
> would run the risk of—
> 3
> PAT19390 S.L.C.
> (A) very high debts; (B) very high inflation; or (C) very high debts and
> very high inflation, each of which may be very harmful to the broader
> economy; Whereas the January 2019 report entitled ‘‘Modern Monetary Theory
> and Policy’’ by Stan Veuger of the American Enterprise Institute warned
> that ‘‘hyperinflation becomes a real risk’’ when a government attempts to
> pay for massive spending by printing money; and Whereas the September 2018
> report entitled ‘‘On Empty Purses and MMT Rhetoric’’ by George Selgin of
> the Cato Institute warned that— (1) when it comes to the ability of
> Congress to rely on the Treasury to cover expenditures, Congress is, in 1
> crucial respect, more constrained than an ordinary household or business is
> when that household or business relies on a bank to cover expenditures
> because, if Congress is to avoid running out of money, Congress cannot
> write checks in amounts exceeding the balances in the general account of
> the Treasury; and (2) MMT theorists succeed in turning otherwise banal
> truths about the workings of contemporary monetary systems into novel
> policy pronouncements that, although tantalizing, are false: Now,
> therefore, be it Resolved, That the Senate— 1 (1) realizes that deficits
> are unsustainable, irre-2 sponsible, and dangerous; and 3 (2) recognizes— 4
> 4
> PAT19390 S.L.C.
> (A) that the implementation of Modern 1 Monetary Theory would lead to
> higher deficits 2 and higher inflation; and 3 (B) the duty of the Senate to
> condemn 4 Modern Monetary Theory
>
>
>
>
>
> L. Randall Wray
>
> Senior Scholar, Levy Economics Institute
>
> Papers: www.levyinstitute.org/publications/?auth=287
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=hJpME4rgr72cWEQgdqCHRTiMGsyJrKWOCPvB6bD4PRg&e=>
>
> Co-editor *Journal of Post Keynesian Economics*
> ISSN 0160-3477 (Print), 1557-7821 (Online)
> www.tandfonline.com/toc/mpke20/current
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=quidbuV6oHaY02PW5SI9BVZSL-REvgow4sCv2U48DSE&e=
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=yeuARFU15FwD_Th4w9YW2iGL-lE5agZOuvehYEOuXvM&e=>
>
> New Book: *Why Minsky Matters: An Introduction to the work of a maverick
> economist, *Princeton University Press
> https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hkdHaV-s78u5mSROLxht8nzd6ezE4WAom9YfJNmoipQ&e=
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=SaMgQaw3sswsDNFTj--KDS-ZkL2pzI6QGz-fp20WQgU&e=>
>
>
>
> New Book: *Modern Money Theory: a primer on macroeconomics for
> sovereign monetary systems*, Palgrave Macmillan
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hGHaqqnp_cnhg6fbxV6p6WTR5WzJLEjPW-lAkIPVdjQ&e=
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=rxV0QtSdY_ewSA8NNyxfqU9HY_vPIPNPTvESMvQjVyU&e=>
>
>
>
>
> Please make note of my new email address as I will be transitioning all
> email to:
>
> [log in to unmask]
>