One of the primary topics of debate that has arisen in recent months is the general goal of modern macroeconomics and society as a whole. The so-called “holy grail” of modern macro is full employment and price stability. This is convenient because the figures are relatively easy to quantify and they allow economists toRead More
Here’s the latest from Randall Wray: “And now there is a whole website devoted to an “alternative” modern money view (called MMR—which I’ve not been able to decipher; it either stands for Measles, Mumps, and Rubella, or Monetarily Mentally Retarded—neither is very PC as an identity, I must say) insisting that the MMT approach embracesRead More
Some interesting thoughts here (h/t Mark Thoma) on counterfeiting and the USA’s monetary history. The final paragraph brings it all together though. The dollar is “way, way” more popular than gold so take that gold bugs! “Wood closes by noting that most of the $900 billion of Federal Reserve Notes in circulation in 2010 (nowRead More
I thought this comment by the always excellent JKH was worth passing along: “Cullen, Carney is right, and you are right, here and in your recent posts along the same general theme. It’s about proportion. The Buckaroo is in effect a sub-currency in a sea of other currencies, most notably including the US dollar. TheRead More
We’ll be adding new content as the weeks go by! Please come back and visit soon. In the meantime, the first post here will cover our monetary system primer. Please refer to this page for more.