L. Randall Wray
L. Randall Wray's Latest Articles | 59
How’s that Euro Thingy Working Out?
European integration was a grand plan, perhaps driven by lofty motives. I don’t take a position on that since I’m not European. But as we have argued from the... Read »
Nostradamus and the Euro
Let’s end the debate about who was first to predict the Euro disaster: Nostradamus. When I was in high school we discovered Nostradamus while goofing around in... Read »
It Takes Real Skill to Lose $2 Billion
Sometimes you come across a story that really warms the cockles of your heart. I am talking, of course, about the report on UBS’s star trader, Kweku M. Adoboli... Read »
Should European Nations Repudiate the Debt?
It is becoming increasingly clear that the global economy (at least in the West) is heading for a steep downturn. Almost all the US data coming out in recent days... Read »
Should Irish Voters Follow the Example Set by Icelandic Voters?
Voters in Iceland have rejected their government’s attempt to foist on them the costs of bailing out foreign creditors. Iceland’s oversized big banks had made... Read »
The S&P Downgrade: Much Ado about Nothing Because a Sovereign Government Cannot go Bankrupt
The claims about “unsustainable deficits” gained new urgency this week as S&P warned that it was downgrading US federal government debt from stable to ... Read »
Modern Budget Cutting Hooverians Want a Return to the 1930s
In a Wall Street Journal article this week three Hoover Institute economists (Gary Becker, George Schultz and John Taylor) endorsed Republican efforts to make large... Read »
The Perfect Fiscal Storm: Causes, Consequences, Solutions
Approximately a decade ago I wrote a paper with a similar title, announcing that forces were aligned to produce the perfect fiscal storm. What I was talking about... Read »
Pressures on the Paradigm: The Fall of the New Monetary Consensus
The following is a paper given at the ASSA conference in Denver this past week for a panel organized by James Galbraith, titled Pressures on the Paradigm, sponsored... Read »
Liberals Need Not Fear Obama’s Tax Deal: Why a Payroll Tax Holiday Actually Helps Support Tomorrow’s Retirees
The commentary in the aftermath of President Obama’s announced tax deal with the GOP has been both predictable and, for the most part, misconceived. Leaving... Read »
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