Earlier this month, Sam Bankman-Fried was found guilty of seven counts of fraud and conspiracy. His conviction should not, however, be seen as any kind of victory. For the past three years, SBF successfully exploited a financial regulatory system stuck in older ways of thinking and increasingly incapable of averting illicit finance in the platform economy. To prevent such predation in the future, LPE scholars must help accelerate the turn to proactive planning, including via the day-to-day, direct supervision of major financial institutions.
Six money and banking experts offer their initial reactions to the Silicon Valley Bank debacle.
Raúl Carrillo interviews Darrick Hamilton about the Fed’s approach to unemployment, the racialized harms of shifting the burden of price stability onto workers, and the long struggle for fair and full employment.
Introducing a symposium on the hottest topic in macroeconomics.
I follow Patricia Williams, Angela Harris & Aysha Pamukcu, in arguing universal rights, to basic income and other resources, are insufficient but necessary ingredients for justice. Indeed, I argue for permanent, non-discretionary funding of these rights. No one truly knows how much money the U.S. government spends encoding and encasing private property rights, much less private capital’s rights to coordinate or contract. In many ways, these costs are “baked into” society. So, ultimately, should it be for rights to income, healthcare, housing, education, employment for all.
“Now, the rest is up to us because we are responsible for each other and to each other. We are responsible to the future, and not to Chase Manhattan Bank.” –– James Baldwin This post is part of our symposium on Stephanie Kelton’s The Deficit Myth. You can find the full symposium here. Several commenters have argued that…