Does Tsy backstop the Fed?

In previous thread, JKH has this interesting quote from Paul Krugman (who, I still maintain, is not evil and is not the devil). “There is not, I’m told, any formal Treasury backing for the Fed; there were informal assurances early in the crisis, and everyone takes it for granted that any losses that exceed theRead More

The Accounting Quest of Steve Keen

Economics stands before a summit whose existence it is largely oblivious to. It can’t see the mountain because of a self-imposed fog. It sneers in the general direction of the summit, without really understanding what it is sneering at. One great exception to this is the book: ‘Monetary Economics’ by Wynne Godley and Marc LavoieRead More