Doug Henwood Biography
Doug Henwood was born on December 7, 1952. He is an American journalist, economic analyst, and financial trader who writes frequently about economic affairs.He publishes a newsletter, Left Business Observer, that analyzes economics and politics from a left-wing perspective, is co-owner and co-editor, along with Phillipa Dunne, of The Liscio Report, an independent newsletter focusing on macroeconomic analysis, and is a contributing editor at The Nation.
Doug Henwood Age
Henwood who was born in Teaneck, New Jersey, USA on December 7, 1952 is currently 66 years old a of 2019.
Doug Henwood Education
Henwood received a B.A. in English from Yale in 1975. From 1976 to 1979, Henwood pursued a doctorate in English with a focus on British and American poetry and critical theory at the University of Virginia, fulfilling all requirements for a PhD except for that great stumbling block, a dissertation.
Doug Henwood Wife
He is married to journalist Liza Featherstone. They live in Brooklyn with their son, Ivan, born 1 January 2006.
Doug Henwood Career
After college Henwood worked as secretary to the chair of a small Wall Street brokerage firm headed by a former Bell Labs physicist that used quantitative analysis techniques in the mid 1970s, predating the later widespread adoption of similar methods on Wall Street. After graduating he then worked for two years as a copywriter and assistant to a medical publisher in New York.
In September 1986 Henwood launched Left Business Observer. In 1992 Henwood worked with John Liscio on The Liscio Report on the Economy, a financial advisory agency that publishes proprietary research.
Henwood has written four books. His first, The State of the USA Atlas (1994), is a social atlas of the U.S. in the Pluto atlas series. This was followed in 1997 by Wall Street (Verso Books), in which Henwood described the workings of high finance, and then by After the New Economy (The New Press, 2003), an analysis of the 1990s boom and bust. Henwood’s most recent book is My Turn: Hillary Clinton Targets the Presidency (Seven Stories Press, 2016).
His writing has also appeared in The Nation, Harper’s Magazine, Grand Street, Village Voice, Newsday, the Los Angeles Times, The Guardian, and Extra!. He is a contributor editor at The Nation.
Doug Henwood Net Worth
Henwood has accumulated a decent amount of money from his career, but information about his net worth has not been disclosed but will be updated soon.
Doug Henwood Modern Monetary Theory
Modern Monetary Theory (MMT), a non-mainstream economic doctrine, has recently emerged from popular and academic obscurity to become a hot topic. Enthusiastically embraced by assorted progressive politicians, MMT allegedly demonstrates that such expansive government programs as the Green New Deal will not impose significant financial burdens on government.
MMT then attempts to downplay the potential inflationary impact of such financing with manipulations of the government and central-bank balance sheets. But it merely puts the standard analysis into different boxes. Indeed, sophisticated advocates of MMT recognize that inflation can result from substantial increases in government expenditures unless one of three conditions holds which includes:
- Significant unemployment in the economy
- Government uses its taxing power to control inflation
- The banking system somehow counteracts the government’s monetary expansion
Significant Unemployment
With respect to the first constraint about unemployment, Selgin has pointed out that reasonable people can disagree about whether we still have some way to go before achieving full employment, the unemployment rate now hovers around 4 percent, rather than above 20 percent. This explains why MMT is usually coupled with advocacy of job training and guarantee programs in which the government becomes the employer of last resort.
Using Taxation to Limit Inflation
The most unusual feature of MMT is the second possible constraint: the claim that government taxation can control inflation. Yes, government can always use taxes as an alternative to issuing money for financing expenditures. But this does not seem to be what most MMT proponents have in mind. Instead, they appear to claim that after newly issued money has paid for a government program, the government can use its taxing power to pull the money out of the economy.But what MMT proponents are never entirely explicit about is that the government can keep the newly spent money out of the economy only if it doesn’t simply turn around and spend the money it collects.
Using the Banking System to Limit Inflation
The claim that banks can constrain inflation is the most complex and convoluted of MMT’s arguments. What gives this view some credence is what happened when the Fed generated an unprecedented increase in the monetary base through its quantitative easing during the financial crisis.
Equally important, critical parts of MMT’s edifice are built on Post-Keynesian foundations.
Doug Henwood Wall Street
A scathing dissection of the wheeling and dealing in the world’s greatest financial center. Spot rates, zero coupons, blue chips, futures, options on futures, indexes, options on indexes. The vocabulary of a financial market can seem arcane, even impenetrable. Yet despite its opacity, financial news and comment is ubiquitous. Major national newspapers devote pages of newsprint to the financial sector and television news invariably features a visit to the market for the latest prices.
Does this prodigious flow of information have significance for anyone except the tiny percentage of people who have significant holdings of stocks or bonds? And if it does, can non-specialists ever hope to understand what the markets are up to? To these questions Wall Street answers an emphatic yes. Its author Doug Henwood is a notorious scourge of the stock exchange in the pages of his acerbic publication Left Business Observer.
With compelling clarity, Henwood dissects the world’s greatest financial center, laying open the intricacies of how, and for whom, the market works. The Wall Street which emerges is not a pretty sight. Hidden from public view, the markets are poorly regulated, badly managed, chronically myopic and often corrupt. And though, as Henwood reveals, their activity contributes almost nothing to the real economy where goods are made and jobs created, they nevertheless wield enormous power. With over a trillion dollars a day crossing the wires between the world’s banks, Wall Street and its sister financial centers don’t just influence government, effectively they are the government.
Doug Henwood Behind The News
On Doug’s podcast Behind The News he inspires many through his analysis. He covers the worlds of economics and politics and their complex interactions, from the local to the global.