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Bill Fulkerson

A Nonsensical Jumble of Misused Words Requires Discussion | RealClearMarkets - 0 views

www.realclearmarkets.com/...equires_discussion_652824.html

markets

shared by Bill Fulkerson on 15 Dec 20 - No Cached
  • Bill Fulkerson on 15 Dec 20
     
    In the few studies and examinations which exist, in using Treasury securities it's been figured these collateral re-pledging and rehypothecation chains average multiples of six to eight; meaning, that a single UST security might be reused for book and customer business six to eight times. Between 85% and 90% of all Treasuries taken on dealer books are re-used in some fashion. No wonder these banks might become skittish, and why Treasury (and similar collateral) prices remain the way they are. The value in UST's isn't as an investment; it's the liquidity premium demanded by a fragile global monetary system. These are balance sheet tools whose worth is derived from what central bankers and bank regulators (same thing) are in no rush to comprehend.
Bill Fulkerson

Jumping the Abyss: Marriner S. Eccles and the New Deal, 1933-1940 | naked capitalism - 0 views

www.nakedcapitalism.com/...nd-the-new-deal-1933-1940.html

new deal

shared by Bill Fulkerson on 15 Sep 18 - No Cached
  • Bill Fulkerson on 15 Sep 18
     
    "This work presents the first compressive and independent analysis of the contributions of one of the most important public officials in American history.  As a graduate student more than a decade ago, I began to investigate the role that Marriner S. Eccles played during the 1930s, as both a special assistant to the secretary of the Treasury and as the chairman of the Federal Reserve Board of Governors. I was intrigued that Eccles, as a Republican businessman from Utah-and yes a Mormon-became the New Deal's most forceful advocate of Keynesian policy.  Since that time I have come to learn far more about his participation in those years, and, indeed, a good deal more about the vexed political and economic milieu in which his career as a public servant unfolded.  Although this work is clearly intended to amplify the contributions that Eccles made in important policy areas, it also seeks to correct some inaccuracies that have frequently been conveyed about the details of his participation. Moreover, his fiscal and monetary interests were so extensive that it would not be too far afield to view what follows as a history of the New Deal with Eccles as the focal point."
Steve Bosserman

Universal Basic Assets: A Smarter Fix Than Universal Basic Income? | Fast Forward | OZY - 0 views

www.ozy.com/...90019

universal basic assets uba income disparity

shared by Steve Bosserman on 01 Dec 18 - No Cached
  • For 40 years, Robert E. Friedman and his Washington-based nonprofit Prosperity Now have helped millions of people from economically vulnerable communities gain financial security and stability. Income disparity, however, has only grown across the United States. Now, the 69-year-old Friedman is arguing for a macroeconomic fix — and it doesn’t involve the government just doling out cash. Instead, he advocates giving everyone assets like savings, education and homeownership, instituting a system of universal basic assets (UBA). And Friedman isn’t alone.
  • As cities and countries across the world experiment with the currently in-vogue idea of universal basic income (UBI), a small but growing number of scholars, nonprofits and researchers are beginning to argue for an alternative framework for prosperity. At its heart, they’re pushing for a 21st-century version of the age-old proverb that it’s better to teach a man how to fish than to simply give him fish. Just four years ago, UBA as a modern concept was unknown. Today, it’s emerging as a challenger to UBI as a means to the same goal: less income disparity and greater opportunities for all.
  • It’s an idea that has appeal on both sides of the political aisle. Liberals are drawn to UBA’s “provide for everyone” ethos, while libertarians see it as a reason to cut the “safety net” of government subsidies like welfare and unemployment, says Friedman. The bipartisan appeal comes from the notion that asset-building gives people more options, says C. Eugene Steuerle, former deputy assistant secretary of the U.S. Department of the Treasury for Tax Analysis under President Ronald Reagan and co-founder of the Urban-Brookings Tax Policy Center. ”UBA is a middle-of-the-road policy,” he says. “It’s an ideal compromise between left and right because it promotes mobility and opportunity, and less dependence on government.”
  • ...1 more annotation...
  • At the Institute for the Future, Gorbis is convinced that assets are a critical determinant of an individual’s resources, especially with the rise of the gig economy where many don’t have access to benefits like health insurance and retirement savings. “When you look at data, a lot of inequality is deeper than income — it’s also about debt,” she says, adding, “for poor people, housing is the main asset.” That’s why Gorbis suggests UBA should start with access to housing, but also include access to public resources like transit. If you can take public transit, you don’t need to own a car, she says. When basic assets were first discussed, the crowning jewel was land — upon which the Homestead Act was based. Then, all eyes turned to jobs as the ultimate means of security. Today, Gorbis says, we should begin to look at data. Access to data — the internet, online education and resources — significantly affects socioeconomic status.
Steve Bosserman

OPINION: Let's follow New Zealand's lead in how we measure well-being | Ensia - 0 views

ensia.com/gdp

new zealand economics policy change resource management

shared by Steve Bosserman on 11 Sep 18 - No Cached
  • In New Zealand, a new generation of leadership has arisen, symbolized by Ardern: wise to the danger our planet is in; alive to the opportunities of a greener, fairer society; and not beholden to the outdated economic doctrines that have led us into this predicament. In New Zealand, GDP will no longer be the sole measure of success for economic policies, because GDP is not, and has never been, the best or only way to measure social development. In many ways, New Zealand’s new approach is a return to a more honest, more grounded way of practicing economics, more rooted in the real world, as Makhlouf explains. “Economics is about trade-offs,” he says. “Economics is about the fact that there are finite resources to meet unlimited wants and what’s the best way of dealing with that problem. What the Treasury is suggesting now is that we can become a bit more sophisticated than in the past at making those trade-offs.”
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