Early life
Mosler attended the University of Connecticut where he graduated with a degree in economics. He initially went on to work at the Savings Bank of Manchester in Manchester, Connecticut in 1973. Next he went on to work in Hartford for Bache and Co. before moving to New York City. From there he would go on to work onHedge fund career
In 1982 he founded a hedge fund, Illinois Income Investors, where he was responsible for several strategies utilizing government securities, mortgage backed securities, LIBOR swaps and LIBOR caps, and financial futures markets. By the late 1990s, most of the firm had been largely turned over to his partners, as he had disagreements on the direction of some of its investments. Warren's hedge fund was informed by his developing theories. After his departure at the end of 1997, Warren's former business lost money when several dealers refused to make payments on credit default swaps on Russian debt. Separately, Warren attributed the crisis to the fixed exchange rate Russia had at the time.Transition to academia
Excited to share his various economic theories, Warren met economist Arthur Laffer through a referral fromAcademic work
Academically, he is known for his writings on Modern Monetary Theory, an economic theory that describes the way fiat money is created and used in modern economies. His unorthodox views have gained a substantial following among participants in Internet discussion groups and academics. In 2010 he published ''Seven Deadly Innocent Frauds of Economic Policy'' outlining errors that can be made in the development of policy and explains what he deems "true" as proper alternatives. In recognition that his ''"leadership in the field of economics is notable"'' Mosler was awarded an honorary doctorate from Franklin University Switzerland in 2014, after the Mosler Economic Policy Center (a center founded by him and aimed at encouraging education and research in new concepts and methods of economic policy analysis) had promoted a lecture about functional finance at Franklin the year before. In 2014 he became visiting professor at the University of Bergamo.Mosler's law
He is attributed with creating Mosler's law dealing with fiscal policy of a nation during a recession. Specifically, Mosler's law states that " ..no financial crisis sso deep that a sufficiently large fiscal adjustment cannot deal with it." He stated that the recent recession could have been alleviated much quicker from a full payroll tax holiday that suspended FICA taxes (or massive government spending increases, depending on one's politics) until unemployment fell. He opposes overly high taxes since they discourage consumption within an economy but does agree a certain tax level is needed to guarantee citizens use the dollar as a currency. He is confident that inflation is a non-factor in his analysis given current procurement policy as long as there is sufficient excess capacity. In his theory the government has the complete ability to constantly expand net spending and guarantee consumption and growth. He supports unlimited FDIC deposit insurance for all bank deposits for US banks. He stresses that federal spending is in no way constrained by tax revenues, therefore the government will always be able to make payments in its own currency, stating "Federal Government checks don't bounce". He goes on to state that any and all debt passed on to future generations will never be burdensome, since they will undoubtedly consume whatever is produced. He developed much of his belief from his time as a hedge fund manager when many investors predicted the Italian government defaulting on bonds, whereas he predicted, correctly, that Italian government would not default and thus made considerable returns.Economic views
; Healthcare Mosler supports government funding for full-time employment with full health care coverage for employees and dependents, thus triggering all firms providing health care to remain competitive. He states health cannot be viewed as a production cost, therefore the government should fund for at least 90% of the cost paid by the firms. Finally, he supports issuing medical debit cards to all citizens, for a fixed amount. This covers any medical costs and any amount above this will be covered by "catastrophe insurance". At the end of every year, citizens would receive a portion of their unused medical debit card. ; Energy In a brief proposal, Mosler stated the energy crisis could be solved by lowering the speed limit nationally to 30 mph. According to Mosler, this would cut gasoline consumption and pollution since automobiles run more efficiently at slower speeds, while also greatly increase the demand for public transportation. He states that such an initiative would eventually lead to a supply shock forcing prices down, and improve real terms of trade. ; Housing Mosler supports government purchases of houses in the foreclosure process from the bank at the lower of the fair market value or remaining mortgage balance. The government then would rent the house back to the original owner and after two years the house is put on the market with the original owner having the first rights of purchase. ; Taxes Mosler supports eliminating the income tax and replacing it with a real estate tax to "anchor the currency". He also supports eliminating tax advantages for any savings accounts, since he states savings do not increase investments necessarily. He supports luxury taxes being used to limit the consumption of undesirable goods.Political campaigns
In February 2009, Mosler declared his candidacy with the Federal Elections Commission to run for the office of President of the United States as an independent. In April 2010, he withdrew to run for a U.S. Senate seat in Connecticut, briefly as a Democrat, but ultimately as an independent. In the final tally he received 0.98% of the vote. Mosler has run unsuccessfully three times for U.S. Virgin Islands delegate to the United States Congress; his last congressional race was in 2012. In 2014, Mosler ran for lieutenant governor of the U.S. Virgin Islands as an independent, but quit the race early due to a difference of opinion with his running mate Soraya Diase Coffelt. In 2018, he ran unsuccessfully forAutomotive and maritime interests
Mosler developed several luxury sports cars andPersonal life
Around 2010, Mosler relocated to theSelected publications
* "Maximizing Price Stability in a Market Economy," ''Journal of Policy Modeling'', January 2017, co authored by Professor Damiano Bruno Silipo, Università della Calabria * "Critique of John B. Taylor's 'Expectations, Open Market Operations, and Changes in the Federal Funds Rate'," ''Journal of Post Keynesian Economics'', forthcoming. * "The Natural Rate of Interest Is Zero," with Mathew Forstater, ''JOURNAL OF ECONOMIC ISSUES'', Vol. XXXIX No. 2, 2005 * "Public Sector Employment, Foreign Exchange and Trade, Achieving Full Employment," edited by Ellen Carlson and William F. Mitchell, pp. 62–71, vol. 12, ELRR: Sydney, 2001. * "Unemployment and Fiscal Policy, Unemployment: The Tip of the Iceberg," William Mitchell and Ellen Carlson (eds.), pp. 219–231, CAER: Sydney, 2001. * "Building a Palestinian Economy," Middle East Insight, pp. 57–59, Washington DC, June–July 2001. * "Comment on 'In the Interests of Safety,' by Martin Mayer," in The Management of Global Financial Markets, edited by Jan Joost Teunissen, pp. 94–101, FONDAD: The Hague, 2000. * "Exchange Rate Policy and Full Employment," The Path to Full Employment, Ellen Carlson and William F. Mitchell (eds.), pp. 12–22, vol. 11, ELRR: Sydney, 2000. * "A General Framework for the Analysis of Currencies and Commodities", in Full Employment and Price Stability in a Global Economy, edited by Paul Davidson and Jan Kregel, pp. 166–177, Northampton: Edward Elgar Publishing, Inc, 1999. * "Full Employment and Price Stability," ''Journal of Post Keynesian Economics'', Vol. 20, No. 2, Winter 1997–98. ; Monographies * ''Soft Currency Economics II'', ADS Incorporate,References
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