Warren Mosler, independent candidate for Governor of the USVI, is running with Ray Fonseca as his Lt. Governor.
Mosler, who resides in St. Croix, and Fonseca, who resides in St. Thomas, will be setting up the team’s campaign headquarters on both islands and plan to host formal openings and press conferences in August after the primary.
2003 – Present- relocated Valance Co, Inc. to St. Croix in the US Virgin Islands from Florida, where he currently resides and conducts his principle business activities.
1993- Present- Founder, ‘Modern Monetary Theory’ economic school of thought.
1983-1997– AVM, L.P. Founder and manager – AVM is a broker/dealer that provides advanced financial services to large institutional accounts.
1982 –1997 Founder and manager, Illinois Income Investors (III) – Developed numerous successful strategies that utilized US Government securities, mortgage backed securities, LIBOR swaps and LIBOR caps, and financial futures markets in a market neutral, 0 duration strategy. Originated the ‘mortgage swap’ in 1986. Mosler’s fund was a counter party in the largest futures delivery to date (over $20 billion notional) in Japan in 1996, and he also created the current $US swap futures contract. III was rated #1 in risk adjusted returns globally by Managed Account Reports with assets over $3 billion when Mosler turned management control over to his partners at the end of 1997.
1996-2013- Enterprise National Bank: Former Director and major shareholder.
1978-1984 – William Blair and Company, Chicago – Founded fixed income arbitrage department. Developed numerous successful trading strategies in fixed income and derivative product markets.
1976-1978 – Banker’s Trust NYC, Vice President, Sales and Trading – Instituted active forward markets in GNMA securities trading. Designed arbitrage strategies utilizing newly emerging financial forward and futures markets.
1975-1976 – Bache and Co. – Fixed Income Institutional Sales
1973-1975 – The Savings Bank of Manchester – Pioneered the use of synthetic short term investments with long term securities and forward markets.
Designed, prototyped, constructed and currently operating the QE4 Ferry between St. Croix and St. Thomas.
Former President and founder of Mosler Automotive (www.moslerauto.com) which manufactured the MT900 sports car in Riviera Beach, Florida. Sold 2013.
Academic (partial list):
Co-Founder and Distinguished Research Associate of The Center for Full Employment And Price Stability at the University of Missouri in Kansas City. CFEPS has supported economic research projects and graduate students at UMKC, the London School of Economics, the New School in NYC, Harvard University, and the University of Newcastle, Australia.
Associate Fellow, University of Newcastle, Australia
March 2014- Visiting Professor, University of Bergamo, Italy
April 2015- Visiting Professor, University of Bergamo, Italy
May 2015- Visiting Professor, University of Trento, Italy
1971- B.A. in Economics, University of Connecticut
2014- PhD, Franklin University, Honorary
PRESENTATIONS (partial list)
Testimony to Parliament finance committee, Rome, Italy- 2013
Numerous speaking engagements, Italy, 2012-2014
Alternative Proposals for a U.S. Nonconvertible Currency Regime
Presentation at the 18th Annual Hyman P. Minsky Conference, June 2009
Testimony on the FASAB Exposure Drafts relating to “Comprehensive Long-term Projections for the U.S. Government (ED 1)” and to “Accounting for Social Insurance. (ED 2)” Feb. 25, 2009
“Current Events in Financial Markets: Economic and Specific Trading
Opportunities,’ Cambridge University Conference on ‘New’ Monetary
Policy: Implications and Relevance, March 2004.
“Workfare and Labor Market Policy,” University of Newcastle,
Australia, June 2001.
“A Review of Central Bank Options: Technical Discussion,” Singer Island, Florida, March 2001.
“A Development Plan for Palestine,” Sixth International Post Keynesian Conference, University of Tennessee: June 23-28, 2000.
“Declining Savings Rate and Growing Household Indebtedness in North America,” testimony before the Standing Committee on Finance, House of Commons, Ottawa, Canada, May 2000
“Exchange Rate Policy and Full Employment,” University of Newcastle, Australia, December, 1997.
“Full Employment and Price Stability,” Eastern Economics Association, March 1997.
“Soft Currency Economics,” Bretton Woods, New Hampshire, July 1996.
PUBLICATIONS – (Partial List)
‘Maximizing Price Stability in a Market Economy’, Journal of Policy Modeling, January 2017, co authored by Professor Damiano Bruno Silipo, Università della Calabria
‘The 7 Deadly Innocent Frauds of Economic Policy’, self published, March 2010.
“Critique of John B. Taylor’s ‘Expectations, Open Market Operations, and Changes in the Federal Funds Rate’,” Journal of Post Keynesian Economics, forthcoming.
“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.
“Building a Palestinian Economy,” Middle East Insight Magazine, 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.
Draft in progress updated 8/30/18
Government is established to provide public infrastructure for public purpose, both directly and indirectly.
Reduce the size of the USVI Senate from 15 to 7 Senators
Subdivide St. Thomas and St. Croix into 3 geographical districts,
east, west, and center, with approximately equal populations in each district.
St. John becomes a separate district that elects its own Senator.
3 Senators for St. Thomas each representing 1 of the 3 districts
3 Senators for St. Croix each representing 1 of the 3 districts
1 Senator for the district of St. John
Each district will elect its one Senator, with each voter getting one vote
for a candidate running for Senate in his district
Secure the Right to Vote for President of the United States
The procedure would be similar to that of US military stationed overseas
USVI voters would be assigned a US state where they could register for
Presidential elections and vote by absentee ballot
Congressional authorization is required
Work with cruise ship companies to make St. Thomas their feature destination.
Coordinate Port Authority requirements with overall public purpose.
Coordinate WICO with Port Authority to serve overall public purpose.
Expedite the restoration of St. Thomas and St. John hotels.
Provide financial incentives to our hotels and villas for business tourism such as seminars
and conferences where the attendees are working and generating VI source income with
their Federal taxes credited to the USVI. Those same incentives can also be used to
establish sports training centers for professional teams,
Secure direct air service between NYC and St. Croix, which we haven’t had since 1989
Support air service to the other Caribbean islands
Work with the Economic Development Authority to establish an industrial park with surplus
power from our new generators and solar facilities (currently being purchased)
discounted to a small premium over marginal cost to attract businesses that use large
amounts of electric power
Public Education- All Schools K-12 Free for all Students-
All private schools would receive a $10,000 per student scholarship grant
Enrollment would then be by ability, not affordability
Churches and other organizations eligible to open new schools,
including schools for special needs students, math and science
oriented schools, trade schools, and schools of the arts
Increased quality of education
With USVI public schools costing over $20,000 per student, the USVI
will ultimately over $50 million per year
Parental involvement increases
Children and therefore parents become important and sought after by the schools
Upgrade and consolidate public schools
Cameras, communications, lab access, and other technological support
Inter island staffing, rotation, and continuing education
Sufficient funding for staffing requirements and lab work
Supporting the legal system with appropriate legislation
Work with Federal Govt. to open the National Guard to anyone age 16-24
who is not in school or working full time
Corruption will not be tolerated
Adequately staff and fund the Inspector General’s office
Provide full and immediate transparency to USVI financial matters
Task the Lt. Governor with insuring all USVI Government employees
understand that government exists only to serve public purpose
Provide ongoing hospitality training to USVI Government employees
Monitor USVI Government employee interactions with the general public
Procedural adjustments to facilitate processing
Disputes between government agencies to be settled by the Legislature
rather than the courts
Enact legislation to ease public and private legal burdens
Restructure hospital facilities
Restructure physician requirements and contractual arrangements
Modernize regulations regarding PA’s (physician assistants)
Supervising Physician physical presence requirement
Establish PA collaborative agreements with a physicians
Promote decentralized medical services
Upgrade emergency services
Implement financial efficiencies-
Enhance Medicare and other insurance collections operations
Consolidate government employee, retiree, corporate and personal health care
Recognize that the USVI government retains income taxes paid by those in the medical
sector, and recognize therefore that the medical sector is profitable for the USVI
government and should be accordingly supported and promoted
Support private sector mental health facilities
****Note that what can be called the ‘medical sector’, which includes the hospitals,
doctors offices, medical labs and treatment centers when taken together are a
net payer of taxes to the USVI Government. So while the hospitals may require
funding, the rest of the medical sector generates substantially more than that in taxes for
the USVI Government.
Roads and Transportation Infrastructure-
Ensure compliance and accountability needed to secure federal funding
Formalize the ‘$2 taxi’ system, including covered pickup and drop off stations
Establish roundabouts at appropriate intersections
Designate truck routes
Improve road surfaces and durability
Address drainage issues
Support the Port Authority’s vision to bring small cruise ships to Christiansted
Waste to energy power plants on St. Thomas and St. Croix
Free disposal sites for trash
Utilize purified waste water for agriculture
Water and Power Authority-
Decentralization to minimize service outages and expenses
Initiate the process of replacing or relocating our (far too dangerous) propane systems
Investigate the solar electric steam powered systems being used in the states
Finance and service home and business solar systems
Restructure existing debt at lower rates
Plan for emergency services supplies and distribution
Training and drills
Centralized information including websites and offices
Public assistance to those in need
Licensing and Consumer Affairs-
Make the term of a business license 5 years instead of 1 or 2 years
Online instructions for business licenses and registrations
Ensure competitive prices
Regulate non competitive businesses
Refinance public debt at lower interest rates with bonds collateralized with tax credits
Saves over $50 million/year in interest expense
Allows the USVI to recover over $100 million of reserves currently held in escrow
Work with US Congress to secure our per capita share of Federal deficit spending
Utilize our ‘mirror tax code’ to our advantage
Recover federal taxes paid to Washington on USVI source income
Work to attract corporate headquarters
Work to attract medical clinics that retain long term patients
Work with stateside nonprofits to relocate their large donors to the USVI
Government Employees Retirement Fund solvency restoration-
Contribute $600 million of rum cover over bonds to the GERS
Offer optional lump sum payments to employees
Recognize that we keep our own income taxes and therefore the unfunded liability has been
materially overstated and that income taxes paid from GERS benefits will be credited back
to the GERS.
US government regulators have redlined the USVI, which means FDIC member banks
including JP Morgan and Wells Fargo have been directed by their regulators to not make any
loans in the USVI. I will work with our Delegate to Congress to make Congress aware of this
rogue action and work to immediately eliminate this policy.
Having support at the polling stations on election day, November 6, is critical!
So please let us know if you’re available to volunteer at any of the polling stations listed below.
We will be supplying lots of good food to keep you all going strong!
All you have to do now is provide your name, email, and phone number.
Thanks very much!!!!
Warren and Ray
Radio Ad 9 — A matter of conscience
Radio Ad 10 — Senator vote
Radio Ad 11 — swimming in a sea of sharks
Radio Ad 13 — I don’t lie to anyone
To all of our supporters,
As you probably already know, I am running for Governor of the U.S. Virgin Islands this year with Ray Fonseca as my running mate. I am running as a matter of conscience to promote my proposals for our Virgin Islands. These proposals are outlined in detail on my website, www.mosler4governor.com and they include:
- Education: My universal $10,000 scholarship proposal makes all private and public schools free of charge for all students in grades K-12. I see the current system of private school admissions being based on money as grossly unfair and counter to our core values. With this proposal, admission to the private schools will be based on merit and no longer based on money.This proposal also opens the door for our churches and other existing and new non-profits to open or expand their own schools, while at the same elevating the quality of education as parents select which schools they prefer for their children. And since the $10,000 per student that private schools currently require to operate is a lot less than what our public schools cost to operate, our government can soon be saving tens of millions of dollars each year
- GERS (Government Employee Retirement System): To begin to restore the solvency of the GERS, I’m proposing to contribute the $600 million secured rum cover-over bonds that previously were authorized but were never issued directly to the GERS, which will then directly get the principle and interest payments. This immediately increases the assets of the GERS from $700 million to $1.3 billion, greatly enhancing the ability to of retirees to get their full retirement pay as promised without increasing contributions. I will also offer optional lump sum payments to retirees that reduce the unfunded liabilities, and I will immediately cease and desist the current practice of diverting contributions to other uses. In addition, income taxes paid on moneys received from the GERS by retirees will be credited back to the GERS, so that, again, the government will not be using GERS funds for other purposes.
- Restructuring U.S. Virgin Islands debt: There are several avenues open for refinancing our public debt at lower interest rates which can save us well over $50 million per year in interest expense, and allow the U.S. Virgin Islands to recover the nearly $200 million of reserves we had to borrow that are now held in escrow to secure the bond holders. Refinancing options include using our federal rum revenues to secure a low cost federal loan that can pay off the existing bond holders, using USVI tax credits as collateral, and, as in the case of WAPA, using payment in kind financing to bring down interest rates.
- U.S. Virgin Islands source income: Federal taxes paid on U.S. Virgin Islands source income belong to the U.S. Virgin Islands as a matter of U.S. law. That means if we have visitors who work while they are visiting the U.S. Virgin Islands, and pay federal taxes on that income earned while they were working here, those tax dollars belong to the U.S. Virgin Islands and are in fact paid to the U.S. Virgin Islands if the taxpayer fills out the prescribed IRS forms. Currently, however, this is rarely, if ever, done, and as a consequence, hundreds of millions of our dollars sit in Washington D.C. unclaimed. As Governor, I will work to put a system in place to track these funds so they can be promptly claimed, and also work with the U.S. government to estimate the amount of unclaimed U.S. Virgin Islands dollars they have and can remit.
This is just a partial list of the detailed proposals on my website that (unfortunately) are unique to my candidacy. My qualifications and experience are also on my website to help you assess my ability to implement what I’ve proposed.
And let me also add that the only way I have ever done things is honestly, transparently, and with integrity, accountability and much respect. As Governor, you will be regularly informed as to all that is going on, as it is my sincere belief that representative government works best with a fully informed electorate.
We are now in the process of organizing our volunteers and supporting their efforts throughout the U.S. Virgin Islands with printed handouts, road signs, t shirts, and bumper stickers as well as comprehensive radio advertising. This is all a major team effort as we reach out to involve as many people as possible in our campaign.
And while I’m personally providing the funding to support our very serious effort, there is always room for more advertising on both radio and TV, and so we welcome campaign contributions in any amount, which we assure you will be used wisely and efficiently to further promote our endeavors.
Your early contribution, made payable to “Mosler for Governor” will give our race that much of an extra boost and can rightly be considered as an investment in what we all see as a better U.S. Virgin Islands both for ourselves and for the generations that follow. Your gift of just $25 (or more if you wish, up to a maximum of $1,000) will not only finance our campaign, but also, and of critical importance, signal to the community how serious we all are about the importance of our agenda.
Therefore our goal is to have as many people as possible make a contribution, no matter how small, as a show of support for the betterment our community. An envelope and reply card are enclosed, or you can donate online at www.mosler4governor.com. Again, I’m asking you to make any size contribution you feel appropriate to help us all to bring a better government to the people of the U.S. Virgin Islands.
Thank you in advance for your encouragement and support.
Click on Comments with your message
In 2014, Warren Mosler was the recipient of the Franklin University Switzerland Honorary Degree in recognition of his contributions to the field of economics and for his ability to combine entrepreneurial spirit with his being an outstanding intellectual dedicated to serving the public purpose: “a straightforward person of the highest integrity and one of the sharpest minds.” It’s now time for Warren to serve his homeland.
Professor of Economics
I have known Warren Mosler for around 25 years and have built a close relationship with him and his family. Warren is one of those single-minded treasures that thinks of things ‘out of the box’ and encourages and stimulates creative thinking in others. He has been a successful player in the financial markets and has a deep technical understanding of that world. He also has one of the most incisive minds when it comes to understanding how monetary systems actually operate and what capacities various levels of government have within those systems.
While those intellectual capacities are necessary, in my view, to equip a person for a role in government, they are not sufficient. What Warren brings in addition to his technical competence is a deep compassion and generosity for the underdog in society and he has proposed novel solutions to improve their material outcomes in many countries. He is well-known around the world in policy circles for these creative policy positions. The combination of technical competence and compassion is often lacking in those that go into official government position.
Warren has also always expressed to me that he is attached to the local affairs and issues in St Croix and sees his residential status there as being important in that regard. He would make a great Governor for all citizens in the USVI.
Professor of Economics
Director, Centre of Full Employment and Equity
University of Newcastle
Warren Mosler is a world-renowned expert on public finance. His widely-influential contributions, based on long practical experience in financial markets and deep understanding of the monetary system, have shaken the field of economics to its core. Warren’s work has paved the way to improving the lives of many in ways that were previously thought to be out-of-reach by the economics profession.
Warren’s ideas have influenced the work of U.S. Congress, the European Commission, and other global institutions. In the case of Argentina, they resulted in one of the largest and most successful jobs programs in the modern era. Warren has dedicated the last several decades to developing concrete proposals for using the public purse for the public good–from innovative banking reform to pro-growth tax policies to proposals for good jobs for the unemployed.
Warren possesses an uncanny clarity of thought, original problem-solving skills and, most importantly, a strong moral compass. A very successful entrepreneur, Warren has chosen not to retire comfortably, but instead to commit himself to working for the common good.
I cannot think of a more technically capable and dedicated person to hold public office and to be entrusted with the public’s finances.
Pavlina R. Tcherneva
Associate Professor and Director
Economics and Economics & Finance Programs
Bard College, NY
I’ve worked with Warren Mosler for a quarter of a century to help create an economics that actually helps us to solve real world problems. I’ve known a lot of famous economists—including a number of those who won the Nobel Prize—but I learned more about the way the real world economy works from Warren than I did from most of them. I’ve visited Warren many times and I know that his passion for the Virgin Islands is real. With his commitment to the islands and with his superior understanding of the economic challenges faced–and of the policy solutions to problems–Warren is the obvious choice to help put the economic house in order.
L. Randall Wray, Professor of Economics, Bard College, and Senior Scholar, Levy Economics Institute
Warren Mosler is one example of how personal abilities and new ideas can combine to create jobs and wealth for himself and other people. His intellectual life-concern on the role of the government in promoting public interest and welfare makes reasonable to predict that he can do even better as Governor of the territory.
Damiano Bruno SILIPO
Professor of Economics at the University of Calabria (ITALY)