Warren Mosler
Warren Mosler is a well-known economist and theorist, and one of the leading voices in the field of Modern Monetary Theory. He is the President of Valence Co., and the Founder and Principal of AVM, a broker-dealer that provides advanced financial services to large institutional accounts. He has also served as Co-Founder of the Center for Full Employment And Price Stability at the University of Missouri-Kansas City. Mosler is a financial professional who has spent the past 40 years gaining an insider's knowledge of monetary operations. He pioneered numerous investment strategies that utilized US Government securities, mortgage-backed securities, LIBOR swaps and LIBOR caps, and financial futures markets in market neutral, 0 duration strategies. In addition, he is the author of “The 7 Deadly Innocent Frauds of Economic Policy” that has been translated into Italian, Polish, Russian, Spanish, and Arabic.
Warren Mosler Professional Experience / Academic History
Professional Experience
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Founder and Principal
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Founder of Fixed Income Arbitrage Department
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Vice President, Sales and Trading
Academic History
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B.A., Economics
Modern Monetary Theory was developed by Warren Mosler and bears similarities to older schools of thought like functional finance and chartalism.
Mosler first began thinking about some of the concepts that form the theory in the 1970s, when he worked as a Wall Street trader.
Political leaders like Alexandria Ocasio-Cortez and Bernie Sanders have espoused MMT, and economist Stephanie Kelton, who first came across Mosler’s ideas on the listserv and is now arguably the face of the theory.
INVESTMENT CAREER
Mosler originated the "mortgage swap" in 1986 and orchestrated the largest futures delivery to date (over $20 billion notional) in Japan in 1996.
He also created a swap futures contract currently operational (in a muted form) by a major exchange.
He is credited with creating Mosler’s law that states, “There is no financial crisis so deep that a sufficiently large fiscal adjustment cannot deal with it.”
His 1995 paper, Soft Currency Economics, is considered the origin of the neo-chartalist or “Modern Money Theory” school of Post-Keynesian thought.
Previously, Mosler founded the III Funds, which currently manages about $3.5 billion; as well as Mosler Automotive, which manufactures the MT900 sports car in Riviera Beach, Florida.
He was also appointed Senior Financial Advisor to Senator Ronald Russell, President of the 29th Legislature of the U.S. Virgin Islands.
AUTO INDUSTRY CAREER
In addition to his work in the field of economics, he developed – and later sold – his own automobile line, Mosler Automotive, responsible for producing the Mosler MT900 and the Consulier GTP.
He also designed his own catamaran that is lighter, faster, and more fuel-efficient than other models.
MEDIA & APPEARANCES
He has been deeply involved in the academic community, giving presentations at conferences worldwide and publishing articles in economic journals and periodicals.
He has authored several academic papers and lectures internationally on fiscal and monetary policy.
He has also appeared in Bloomberg, The New York Times, Blockworks, and Real Vision.