Perry Mehrling
@PMehrling
professor of economics, historian of money and finance, proselytizer for the money view, outside spread
Book cover! I like the yin/yang, money/empire. Pre-order: cambridge.org/us/academic/su…
My conversation with Paul Krugman Global Inequality: Branko Milanovic Talking with the guy down the hall paulkrugman.substack.com/p/global-inequ…
In case you missed it, Japanese 30-year rates have now caught up with 30Y German rates (even if policy rates are very different, 2.25% in the Eurozone and 0.50% in Japan). Bond markets are behaving differently in 2025, from Japan to the US. The old rules no longer apply…
NEW ODD LOTS; It’s the return of @PMehrling @tracyalloway and I talked to economist and financial historian about Trump’s echoing of the 1971 Nixon Shock and why the global dollar system will NOT be derailed. podcasts.apple.com/us/podcast/odd…
The Global Trade Reset Was Inevitable | George Magnus youtu.be/7gEkxdMfUOw?si… via @YouTube
"An inferior lender of last resort beats no lender of last resort" cepr.org/voxeu/columns/…
One of the greats. Theory of Capitalist Regulation (1976) was a seminal influence for me.
The CEPII is in grief. Michel Aglietta, 1938-2025. #econtwitter
"My strong, unwavering belief is that Pax Americana is a damn good deal for the United States AND the world" Somebody's been reading their Kindleberger!
Pax Americana is the dominance of the USD as the world’s reserve currency and the US military as the world’s security arbiter. Pax Americana is most of all the American stories that have dominated the hearts and minds of everyone on Earth for 50+ years. epsilontheory.com/crashing-the-c…
Making sense of present chaos. But I wonder, end of globalization or morph of globalization?
My new piece in the Spring issue of Jacobin: What Comes After Globalization? jacobin.com/2025/03/what-c…
This week’s review! - on Charles Kindleberger’s unrealised vision for the dollar system, according to @PMehrling. Link below👇.
critical but in a way that makes you want to read the book
First review of The Bailout State out - by @PMehrling in @FinandSoc @politybooks cambridge.org/core/journals/…
My review of Konings, Bailout State: doi.org/10.1017/fas.20…
Yes, an update and expansion of the MOOC (filmed Fall 2012). Students of the MOOC have been asking me for a written version ever since it first aired in fall 2013.
@PMehrling is writing a new book on The Money View 😤😤😤
That was 2011, and I was contrasting Bagehot with present times. But now I know more. tandfonline.com/doi/full/10.10…
unevenandcombinedthoughts.substack.com/p/pipes-and-pi…
This is quite a key paper, as Ulrich Bindseil is in charge of market infrastructure and payment system for the @ecb . He knows what he is speaking about. And he tells you public blockchains are good and private blockchains quite useless. Few nuggets below 🧶👇
And now for some positive news: I'm excited to announce the publication of a new paper, co-authored with ECB director general (and noted Bitcoin skeptic) Ulrich Bindseil, on the utility of public crypto networks as financial infrastructure. This is our best attempt to explain…
Charles Kindleberger, the Dollar System, and Financial Crises | Institute for New Economic Thinking ineteconomics.org/perspectives/b… #inet
Important. Evidence of settlement constraint?
Did you know that variables typically regarded as "slow moving", such as consumption and output, respond significantly within days & weeks to monetary policy shocks? ➡️NEW JI WP by Vasco M. Carvalho @CamEcon et al: 'The Short Lags of Monetary Policy'. bit.ly/3EM0BSS
Stablecoins but not CBDC? Note Sec 4 explicitly does NOT include anyone from the Fed! whitehouse.gov/presidential-a…
My new post (partly in reply to the critics of the previous) How the mainstream abandoned universal economic principles (but forgot to mention it) branko2f7.substack.com/p/how-the-main…