Wednesday, January 25, 2012

Wray — The Fetish for Liquidity (and Reform of the Financial System)


In his General Theory, J.M. Keynes argued that substandard growth, financial instability, and unemployment are caused by the fetish for liquidity. The desire for a liquid position is anti-social because there is no such thing as liquidity in the aggregate.
Read it at Economonitor | Great Leap Forward
The Fetish for Liquidity (and Reform of the Financial System)
by L. Randall Wray

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