In a previous article, I argued that our elected representatives have a responsibility to actively foster a healthy economy -- that the nature of modern fiat money means “hat is important about the budget is whether it is inflationary or deflationary, not whether  balanced or unbalanced.” The Federal Reserve’s response to the financial crisis and subsequent limits of their ability to influence economic outcomes provide important evidence in support of this position. On the occasion of economist...

The news isn't good for those of us hoping the financial crisis would propel our elected representatives to appreciate their role in managing the economy. Instead, all eyes and ears remain exclusively on the central banks' efforts to maintain positive market sentiment and consumer confidence by inflating asset markets anew. However, averting a replay of the credit boom and bust cycle, along with addressing stagnant wages, increased inequality, and a myriad of other issues will require our democ...