Notes on the Crises
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Sep 19, 2023

I Was Wrong About Post-SVB Treasury Market Strains- Here’s Why

I Was Wrong About Post-SVB Treasury Market Strains- Here’s Why

Subscribe On March 16th 2023, the Thursday after Silicon Valley Bank Failed, I published a piece entitled “What's going on with Treasuries? Silicon Valley Bank and the incoherence of the Federal Reserve's (lack of) an interest rate policy this week.

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Sep 5, 2023

There Are No Simple Answers in the “Greedflation” Debate: A Response to Economist Marc Lavoie

There Are No Simple Answers in the “Greedflation” Debate: A Response to Economist Marc Lavoie

Subscribe Long time and close readers of Notes on the Crises will be aware that I’m a Modern Monetary Theory (MMT) scholar. More than three years ago now I published written remarks of a talk I gave to a Federal Credit Union which

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Aug 18, 2023

Fitch Didn’t Downgrade The U.S.’s Credit Rating. It Downgraded its Macroeconomic Rating (and No One Should Care)

Fitch Didn’t Downgrade The U.S.’s Credit Rating. It Downgraded its Macroeconomic Rating (and No One Should Care)

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May 25, 2023

The Utopian Vision of Financial Derivatives: What Mehrling and Pozsar Have to Teach About the Future of Climate Policy

The Utopian Vision of Financial Derivatives: What Mehrling and Pozsar Have to Teach About the Future of Climate Policy

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Apr 28, 2023

Book Announcement: Picking Losers (Also I Was in Politico Last Week)

Book Announcement: Picking Losers (Also I Was in Politico Last Week)

Hello Readers, I'm very excited to announce that I'm under contract with Viking Press of Penguin for my book on the Federal Reserve entitled "Picking Losers". I'm sure I will write about some of the themes

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Apr 13, 2023

FDR Opposed Deposit Insurance. He Isn’t the Last Word on the Subject

FDR Opposed Deposit Insurance. He Isn’t the Last Word on the Subject

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Apr 6, 2023

Federal Reserve Issued Securities: Not Such a Crazy Idea After All

Federal Reserve Issued Securities: Not Such a Crazy Idea After All

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Mar 30, 2023

The Night They Reread Pozsar (in his absence)

The Night They Reread Pozsar (in his absence)

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Mar 21, 2023

The Federal Reserve’s Monetary Policy Operating Procedures Have Come Full Circle: What Does that Mean for the Post-SVB FOMC Meeting?

The Federal Reserve’s Monetary Policy Operating Procedures Have Come Full Circle: What Does that Mean for the Post-SVB FOMC Meeting?

Before Silicon Valley Bank failed last week, I was considering writing a post examining the Federal Reserve’s policy framework in the context of the last sixty years of monetary policy’s history. That kind of analysis is now newly relevant, perhaps even urgent

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Mar 19, 2023

The Dizzying Array of Accounting Gimmicks Preventing Silicon Valley Bank’s Failure From Affecting the Debt Ceiling

The Dizzying Array of Accounting Gimmicks Preventing Silicon Valley Bank’s Failure From Affecting the Debt Ceiling

Normally I do not release pieces on Saturdays or Sundays. However, this is the third anniversary of the first piece I ever sent of this newsletter. That brief note, appropriately titled “Sign of the Times”, was more like a glorified social media post than

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Mar 16, 2023

What’s going on with Treasuries? Silicon Valley Bank and the incoherence of the Federal Reserve’s (lack of) an interest rate policy this week.

What’s going on with Treasuries? Silicon Valley Bank and the incoherence of the Federal Reserve’s (lack of) an interest rate policy this week.

Special note to readers. Typically, when I haven’t written in a while for the newsletter I will write a few free pieces, and then write some premium pieces as a reward to loyal paid subscribers (and motivate people to take out paid subscriptions.

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Mar 14, 2023

Every Complex Banking Issue All At Once: The Failure of Silicon Valley Bank in One Brief Summary and Five Quick Implications

Every Complex Banking Issue All At Once: The Failure of Silicon Valley Bank in One Brief Summary and Five Quick Implications

Financial crisis nerds have had quite a weekend. In short order the one-of-a-kind Silicon Valley Bank began to reportedly be experiencing losses, and large uninsured depositors began loudly and aggressively “pulling” their deposits.

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