Dominic Chu Interviews Miles Kimball for CNBC about the Need for the Fed to Reverse Course More Often

Link to CNBC segment “Economist: Fed needs to be more flexible”

Link to Alex Rosenberg’s companion article “The Fed resembles a defective car — here’s how to fix it: Economist”

I was very pleased at how this interview turned out. Take a look. Both links above have the video. Only 6 minutes and 26 seconds!

Alex Rosenberg made this happen, and does an excellent summary in the accompanying article, which also discusses Narayana Kocherlakota’s column “The Fed Needs More Than One Direction.”

I learned an interesting fact along the way. I did this interview for free, but CNBC paid the University of Michigan $700 for the use of the video facilities and personnel and satellite link at the University of Michigan to do the videotaping.  

Alex Rosenberg interviewed me on the phone the day before the videotaping. Don’t miss his other interviews of me, in these posts:

Miles on HuffPost Live: Barack Obama Talks about the Long Run, While We Wonder about His Pick for Fed Chief

Link to HuffPost Live segment “Back to the Economy”: Mark Gongloff, Edward G. Luce and Miles Kimball, hosted by Mike Sacks

It was a little odd having two fairly disparate topics in this HuffPost Live segment: long-run issues and who the new Fed Chief should be. Here is what I talked about:

Miles on HuffPost Live: Getting Beyond Economics 101 tumblr_inline_mpt4s2pG1r1qz4rgp.png

Here is a link to the HuffPost Live segment “Basic Economics are Killing America.” I appeared in the segment along with Mark Gongloff, Umair Haque, Andrea Castillo and the host, Mike Sacks. I thought we had a great discussion.

I was pleased to have Umair strongly agree with me in urging that all journalists and economic policymakers who deal with economics read Anat Admati and Martin Hellwig’s book 

The Banker’s New Clothes

as a way to get past the confusion created by bank lobbyists.

Miles on HuffPost Live: Debt, Electronic Money, Federal Lines of Credit, and a Public Contribution Program

Link to HuffPost LIve Segment “Owning Our Debt”

I am still a novice at TV and video appearances, and so stumbled over some of my words and had some trouble with my lighting, but I thought this segment of HuffPost Live went well. I had a chance to talk about debt, electronic money, Federal Lines of Credit and my idea for a Public Contribution Program.  My main goal was to get across the substance of my Quartz column “What Paul Krugman got wrong about Italy’s economy,” including my reply to Paul Krugman’s response, which you can see in my post “Noah Smith Joins My Debate with Paul Krugman: Debt, National Lines of Credit, and Politics.”

The segment was inspired by Robert Solow’s essay “Our Debt, Ourselves.”

My other appearance on HuffPost Live is here: 

I also had one TV appearance on CNBC’s Squawkbox:

Finally, I have had two radio interviews, whichj allowed me to explain electronic money and Federal Lines of Credit much better than I could on HuffPost Live: 

Miles on HuffPost Live: The Wrong Debate and How to Change It

Yesterday I was on HuffPost Live for the first time. I had a chance to make the case for electronic money and for Adam Ozimek’s idea of region-based visas. Here is the link again: “The Wrong Debate." 

There were a couple of things I wanted to make sure to get in, so I wrote a couple of notes beforehand. Here are those two notes:

  • We actually have two problems: the economic slump and the long-run debt problem. We need solutions to each problem that don’t make the other one worse. For that, we need new tools in the economic toolbox. The old tools won’t cut it. In my Quart column "What the heck is happening to the US Economy?” I propose some new tools. Just to tick off the names, to get to full economic recovery without making our debt problem worse, I propose in that column electronic money, Federal Lines of Credit, and US Sovereign Wealth Fund. To Solve our long-run debt problem in a way that achieves both the core Democratic and core Republican goals [and I should have added, does not throw the economy back into recession], I propose a Public Contribution Program. These are new ideas.
  • With two big exceptions, the Federal Reserve has actually steered the economy very well for the last few decades. Greenspan ignored the warnings of my colleague Ned Gramlich about the housing bubble and [the Fed as a whole] kept underestimating the problems [the housing bubble and its collapse] would cause. But that’s water under the bridge. The big problem now is that the Fed is afraid to lower short-term interest rates for fear of causing massive storage of paper currency. The Fed should be going to Congress today to ask for the authority it needs to deter massive storage of paper currency so it can cut short-term rates and bring the economy roaring back.  Because that involves making paper money subordinate to money in bank accounts, and making money in bank accounts “the real thing,” this is called “electronic money” in the blogosphere. But for most of the people, most of the time, it wouldn’t look any different from the way things are now.

Of course, these lines mutated when I was actually on the spot, but I did get a chance to say them in my first two at-bats.

I knew the question about immigration policy (my third bit) was coming, so I didn’t need to mention it in the first instance. And I was confident I could say what I wanted to about that more extemporaneously, since I was just coming off of Immigration Tweet Day.

Miles's First TV Interview: A US Sovereign Wealth Fund

Here is a link to my first TV interview. It was about my proposal for a US Sovereign Wealth Fund.

This interview was sparked by my Quartz column “Why the US Needs Its Own Sovereign Wealth Fund.”

The primary motivation for having a US Sovereign Wealth Fund is to give the Fed running room for monetary policy. (Its establishment is a powerful balance sheet operation–more powerful than quantitative easing with long-term government bonds or mortgage backed securities.) But I think there are other benefits of a sovereign wealth fund as wealth fund:

  1. making money for the taxpayer, 
  2. contributing to financial stability both directly by a contrarian investment strategy and indirectly through the financial expertise of its staff, and 
  3. serving as a political lightning rod to draw political controversy away from the Fed.

Miles's First Radio Interview on Federal Lines of Credit

Bill Greider’s piece in The Nation’s blog on Federal Lines of Credit (see “Bill Greider on Federal Lines of Credit: ‘A New Way to Recharge the Economy”) was syndicated to the Detroit Metro Times (the link under the credit card), which in turn sparked a radio interview with Detroit Public Radio.

I listened back to the podcast myself and thought it turned out well. So I recommend it. It is short and sweet.

By way of clarification on Bill Greider’s piece, The Detroit Metro Times posted this note from me. The reply to Mike Konczal that note describes as forthcoming is already out as my post “Preventing Recession-Fighting from Becoming a Political Football.”