The Only Thing Bankrupt Is the Orthodoxy

WASHINGTON: Our Money published a piece titled, The Only Thing Bankrupt Is the Orthodoxy, providing readers with the historical context to understand the problems of economic orthodoxy.

The practices of leaders in the field of economics have been proven to be misguided, however, because most of the public does not fully understand nor follow these developments closely, these practices persist.

Our Money Policy Director, Spencer Veale, says it's really quite spectacular to be able to see from where I'm sitting how embarrassingly and even catastrophically some leaders have performed, and yet they are able to go on pretending they are the adults in the room that everyone should look to for sound guidance on economic stewardship. What we wanted to do with this piece is make it as easy as possible for laypersons to see what we see.

The piece comes at a time when many of the core arguments put forward by the Our Money campaign and its academic allies are being dramatically vindicated by current events arising from the COVID-19 crisis. Founder, Delman Coates argues, Now that we're in a crisis, all of a sudden nobody is asking 'How are we going to pay for it?' Congress is authorizing spending with no tax offsets. The Fed is pumping trillions into financial markets. The public power to create our money is on full display for the world to see. I just hope that the world takes notice and demands that this power be fully used on our public behalf once the crisis passes.

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The Only Thing Bankrupt Is the Orthodoxy