Every day we end up with a whole bunch of links and thoughts that never make it into proper posts, especially since we’ve been short-handed around here lately. So starting today, we’re bringing back a version of our old “Done for the Day” link summary.
Only this time we’re being more honest about what this thing is: Stuff We Missed.
Greece Rescue: A Choose Your Own Adventure Story (Crooked Timber). Simply the best thing on the web in forever.
Adventures with primary documents, sustainability-analysis edition (Felix Salmon). When you get the document, post the document. End of lesson. (A lesson not quite fully internalized around CNBC either.)
Cutting government spending on goods and services increases the budget deficit if the nominal interest rate is close to zero (NY Fed). Austerity doesn’t work near the zero bound.
Portugal needs more money to stay afloat (Der Spiegel). With no growth in site, the poster child for austerity will likely need Troika handouts for years and years.
Stephanie Kelton’s response to WaPo MMT article (Mosler Economics). “At some point, being right should actually count for something.” It’s pretty to think so.
Chief Source of Our Economic Woes (Heteconomist). It’s definitely, probably, one of these 18 things.
FHFA’s new plan to unwind Fannie and Freddie (Ezra Klein) Still unanswered: can credit markets live without “agency” paper?"