Notes on the Crises
Spending Plans are not Spending: More on the Macrofinancial LLM Boom Debate with Zitron
Philip Rocco Office Event
Paul Krugman NOTC Office Event, November 5th
A Critical History of the Cost-Benefit State: Part 1
The Death of Three Recent Giants: Lord Robert Skidelsky, Anwar Shaikh and Perry Mehrling
On the Ersatz Nobel: The Old Monetary Policy is Dying, and The New Monetary Policy Struggles to be Born
Debunking the Petrodollar “Recycling” Myth: Part 1
The Household in The Hierarchy of Finance in a Capitalist Economy (Part One)
That’s Not the Warsh of It: The End(ish) of Forward Guidance and the Rise(?) of Treasury Monetary Policy
Spreading Jesus Through the OMB: The Final Levers OMB Has Over Agencies are “Management Initiatives”
The Great Financial Crisis of 2007-2009 Was First and Foremost a Liquidity Crisis: Lessons for the Data Center Financial Crisis Debate
A Hidden Geopolitical Threat to the Global Financial System? Oddities in the U.S.-Japanese Yen Intervention
*Sigh* No Ed Zitron, AI bond issuance is not AI’s "Subprime Mortgage Crisis”
Christmas is Not Essential: the Levers OMB has Over Agencies under Continuing Resolutions and Government Shutdowns
BREAKING: HUD is Planning on Hobbling Federal Financial Assistance for Housing by Burying it in Paperwork.
The Oil Market is a Conventional Wisdom Processor
Notes on the Crises on Bloomberg Odd Lots: Lev Menand and Nathan Tankus on Why Fed Independence Is Now Hanging by a Thread
The Devil is in the Footnotes: The Fourth and Fifth Levers OMB Has Over Agencies
Alan Greenspan’s Death is a Chance to Remember the Heroism of his Most Powerful Critic
Russell Vought is Using the Plumbing of Fiscal Federalism to Create a New Patronage System
What Connects Conventional Wisdom Processors, AI and The Second Trump Administration’s Constitutional Crisis? Part Three
Agency Independence in One Agency: Humphrey’s Executor is Cowering in the Basement of the Eccles Building
The Medium is the Message: The First Three Levers OMB Has Over Agencies
Collateral Worthiness in The Hierarchy of Finance in a Capitalist Economy
“It’s Like a Knife in the Back”: The President's Budget, Budget Preparation and the Most Important Job You've Never Heard of
The IOU in The Hierarchy of Finance in a Capitalist Economy
OMB Fiscal Year 2025 Memos Part 1: The First Ten Memos
Trump’s 2026 Oil Crisis Again Highlights a Fundamental Truth: Bottlenecks Are the Quintessential Crisis of the 21st Century
A New Series: The Hierarchy of Finance in a Capitalist Economy
What Ever Happened to DOGE? The “OMBification” of the Trump-Musk Payments Crisis
What is a Farmer and How Does the Government Count Them? The High Politics of a Seemingly Mundane Statistical Task
The Federal Reserve Has Created an Entire Page Dedicated to My Successful FOIA Requests
The Longest Government Shutdown in U.S. History Ends Without Ameliorating Our Constitutional Crisis
What Connects Conventional Wisdom Processors, AI and The Second Trump Administration’s Constitutional Crisis? Part Two
BOMBSHELL: 1951-1970 Federal Reserve Chair Bill Martin Was a Committed Segregationist
What the Hell is a Government Shutdown Anyway? The Accounting Gimmicks at the Heart of the Federal Budget
What Connects Conventional Wisdom Processors, AI and The Second Trump Administration’s Constitutional Crisis? Part One
Lisa Cook V. Donald Trump is At the Supreme Court. What Now?
The Federal Reserve’s Neglected History of Racial segregation
Powell Will Hang Separately: The Federal Reserve Has Already Failed its Duty to Lisa Cook and the Constitution
New Politico Op Ed on Trump's Attempted Firing of Fed Governor Lisa Cook
Trump Vs. Powell: The Big Takeaways from Trump’s Assault on the Federal Reserve
Bloomberg Odd Lots Podcast Transcript: An Interview with Former BLS Commissioner Bill Beach
Inside DOGE's Dangerously Hasty IRS Modernization Plan
The Fiscal State Under Siege: Why People Hate the IRS, and Why You Should Care
NOTICE: I’m available for talks and other kinds of paid speaking engagements
The “One Big Beautiful Bill Act” Eliminates the Office of Financial Research—Threatening the Stability of the Treasury Market
Incantations of National Emergency: The U.S. Court of International Trade Provides Crucial Historical Context
Trump Always Chickens Out? Maybe, But Wall Street isn’t Out of the Woods Yet
Bitcoin is Not A Bubble
Why Does Notes on the Crises Have A Manhattan Office Now? A Blueprint for the Future