Rohan Grey Profile picture
18 Feb, 16 tweets, 10 min read

@AyannaPressley Unveils Historic Federal Job Guarantee Resolution.…
The resolution draws on historical Civil Rights leaders like Coretta Scott King & economists like Sadie Alexander, & is supported by a wide coalition including @policylink, @NatlJobsForAll, @thepublicmoney, @SEIU, @sunrisemvmt, @CPDAction, @ACREcampaigns, @ourmoneyus, @NelpNews
@AyannaPressley: “It’s time to establish a legal right to a job for all people in America. For years, we have legislated hate, harm & injustice ... It’s long past time to pursue bold, intentional policies that affirm equity & recognize the dignity & humanity of all people.”
@AyannaPressley: "A federal job guarantee is an important investment in the American people, our communities, & an equitable economy that works for all. It affirms the right to meaningful, dignified work & a living wage."
@AyannaPressley: "I’m proud to build upon & honor the legacy & work of generations of Black women Civil Rights leaders by introducing this historic resolution.”
@AyannaPressley joined @Nina_EBanks (President, National Economic Association), @DarrickHamilton, Director, @TheNewSchool’s Institute on Race & Political Economy) & Angela Glover Blackwell (Founder, @policylink) to discuss the resolution.

A federal #JobGuarantee would provide every person with an enforceable legal right to a quality job. Extending beyond a project based approach, the Resolution calls for the creation of federal jobs that meet long-neglected community, physical and human infrastructure needs.
Funded by the federal government and implemented locally in partnership with communities, the federal #JobGuarantee program would provide public jobs for all adults seeking employment.
By ensuring everyone has access to a good job w dignified wages, safe working conditions, health care & other benefits—including full worker rights & union protections—a #JobGuarantee would address the current jobs crisis while laying the foundation for an equitable recovery.
"Good, family-supporting jobs are the cornerstone of thriving communities...A #JobGuarantee & more access to good union jobs will to join together to build a balanced, inclusive economy that works for all of us," said @MaryKayHenry, International President, @SEIU
"[E]very person deserves...a meaningful job, healthcare & a living wage...This Resolution is not only a step towards a brighter future for young ppl, working ppl &...ppl of color, but is a vital leap towards...a Green New Deal.”

- @VarshPrakash, Executive Director, @sunrisemvmt
“Our siblings in the Black Freedom Movement had the foresight to champion a Federal #JobGuarantee...This moment calls for nothing but bold, transformative policies. A #JobGuarantee is...our only path to full employment.”

- Michael Mcafee, President, @policylink
In July, @RepPressley and UCLA historian @DavidpStein co-authored an which they called on the Federal Reserve to take specific steps to address Black unemployment, including by not standing in the way of a federal #JobGuarantee.…
1 year ago in a @FSCDems hearing, @RepPressley questioned @federalreserve Chair Jerome Powell on the...history of the [Fed]’s dual mandate. Powell conceded, for the first time in...history & on the Congressional record, that the Fed alone cannot get the US to full employment.
For more on the campaign for a Job Guarantee, see:
Also, for those interested in learning more, there will be a virtual town hall *today at 3pm ET*, registration details here:…

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More from @rohangrey

17 Feb
As someone who has been aggressively advocating for recurring $2k checks for the duration of this crisis, I couldn't agree more.

As @RaulACarrillo & I argued in our debate over UBI with Matt Bruenig, a standalone UBI does not challenge the capitalist system of production.
Of course, that is not to say we shouldn't argue for better wages and generous income supports to those who need it. Rather, it's that we need to be clear about what we're arguing for, why, and what the endgoal is.

More on that here:…
I'm reminded of that quip that it's easier for some people to imagine the end of the world than the end of capitalism.

Leftists proposing big, transformative macroeconomic policies must be able to imagine a world beyond the cash nexus, or we're all fucked.
Read 4 tweets
17 Dec 20
Some thoughts on @nic__carter's piece on regulating stablecoins:

1. Nic is correct that "fiat-backed stablecoins are simply a crypto-native wrapper for commercial bank dollars." That is exactly the problem.

2. Nic is also correct that the *actual*…
debate we should be having is whether stablecoin issuers should be regulated via a new federal money transmitter charter or via updated bank chartering laws. What he gets wrong about the STABLE Act is that it specifically allows regulators to create new rules for narrow banks,
so that the relevant choice is not between a 'vanilla banking license' and a new money transmitter license, but between a narrow bank license and a money transmitter license.

3. Nic is wrong that with stablecoins, "the representation of value is simply leaving the commercial
Read 15 tweets
9 Dec 20
Post-Keynesians (rightly) love to lambast orthodox economics for their willful ignorance of intellectual history, but they equally suffer from willful ignorance of the history of *how to actual build successful intellectual movements* which is why they by & large don't have one.
"Ah but MMT has all those Mosler millions, it's not a fair fight!" they shout from their office at the Bob Pollin Center for Definitely Not Paid For By Millionaire Money Heterodox Economics.
Read 5 tweets
2 Dec 20
I'm thrilled to share the announcement of @RashidaTlaib's new "Stablecoin Tethering & Bank Licensing Enforcement (STABLE) Act", (#STABLEAct) cosponsored by @ChuyForCongress & Chair of the House Financial Services Committee's Fintech Task Force, @RepLynch.…
The full text can be found here:…

A big shoutout to @RaulACarrillo & @jason_vtf, who also worked on the bill, & most of all, to the fantastic @chastitycmurphy, who has led the effort on this & other fintech bills such as the #ABCAct and #PublicBankingAct.
A big thanks also to @RealBankReform, @ConsumerReports, and @LPE_Project for their endorsement and input on the bill. This is a complex and technical area of financial regulation, and it's critical to ensure consumer voices and interests are represented in the lawmaking process.
Read 12 tweets
22 Nov 20
A brief (critical) thread on the new IMF paper on the law of CBDC:…

1. From the outset, it commits original sin of CBDC discourse: naturalizing the CB as the sole monetary institution of relevance to the analysis. Where is Tsy?
The paper is structured around the premise that CBs are the only govt entities responsible for public money. There is only one reference to Tsy's money power in the whole paper, & it is buried in a footnote, where they begrudgingly acknowledge this premise is not, in fact, true.
2. The paper also displays its bias from the outset - asserting, without justification, that digital public currency *must* be designed in compliance with existing AML/CFT laws. If you were hoping for a more balanced analysis of privacy/law enforcement tensions, look elsewhere.
Read 18 tweets
3 Nov 20
Oh alright then I guess that's settled


"If the bond has been issued in the last week, we will steer clear of that bond," Dr Lowe said, "We are doing this partly because we want to avoid any possibility that people see us as financing the government."…
How stupid do you have to be to find this remotely credible?


"Dr Lowe drew a distinction between "providing finance" and "affecting the cost of that finance".

"The RBA is not providing finance to the government, but our actions are lowering the cost of government finance.""
I can think of, oh, I dunno, one pretty big difference in what happens to those payments.


"He said the bonds purchased by the RBA will have to be repaid by the government at maturity "in exactly the same way as would occur if the bonds were held by others".
Read 4 tweets

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