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Ever since the era of risk free Zero Interest Rate Policy began with the Great Financial Crisis, there have been a number of different arguments which have popped up in the mainstream economic policy debate about “negative side effects” of this policy. Keeping interest rates low for long periods of

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Five months ago I wrote an article making the case that state and local governments should issue their own complementary currencies to stabilize their financial situations. In that piece, I argued that these complementary currencies would be more successful if the Federal Reserve created swap lines, similar to the swap

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Hello Readers, I’m excited to bring you my opinion piece in the Guardian on the urgency of reauthorizing the expired unemployment benefits. As you know, my ability to write for these broader outlets is made possible by paid subscriptions at Notes on the Crises. It is your support which

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A constant discussion in central banking circles revolves around the Federal Reserve’s “large balance sheet”. I discussed the issues that emerged last September — usually referred to as “repo madness” — all the way back in Part 1 of my series on the Federal Reserve’s Coronavirus actions. These conditions emerged

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