I broke this down over at Pragcap over the last week and wanted to post each piece here. I know some people learn more easily by reading in small chunks. Also, a huge thanks to JKH, Brett Fiebiger, PhD, Mike Sankowski and Carlos Mucha for piecing this all together. MR has become much bigger than I envisioned and the guys have all put in a huge effort. I can’t even begin to take credit for what it’s developed into. JKH and Brett in particular dove deep into some of the details and have provided some incredibly unique insights that make us all smarter and better informed. So thanks to everyone and I hope this series provides a better learning platform for understand the monetary system in which we reside.