Always hopeful for signs of intelligent life
And usually disappointed. However, I awoke early, and before my brain was adequately caffeinated, stumbled into a place I wouldn't normally venture (h/t Mark Thoma). And, wonder of wonders, found, ummm, maybe embers of economic intelligence.
The source may not surprise the less cynical reading this, but it certainly surprised me: Bill Dudley, President of the Federal Reserve Bank of New York, owner of open market operations, and permanent member of the FOMC. Bill addressed the Foreign Policy Association, and his text is worth reading.
Especially the section about half way down, where he clearly explains the policy implications of (but doesn't attribute) Wynne Godley's triple balance stock flow consistent approach.
And he understands the challenges of rebalancing the world economy.
He doesn't spend quality time on debt sustainability, caving to the current austerian meme for the most part, and thus does not tackle the unemployment equilibrium/deficient effective aggregate demand problem in the U.S. and other developed economies, which is the dog that will increasingly wag the fiscal and financial tail.
But it seems to me there are signs of intelligent embers here. Spoken in public. Will it matter?