Wednesday, March 19, 2014

How Marriner Eccles Saved Democracy 81 Years Ago, & The Bank Of England Finally Admits It - After 20 Years Of Prodding By Warren Mosler

(Commentary Posted by Roger Erickson)

There's this pragmatic concept, call Fiat Currency Operations. Periodically, all theory - even that dictated from whatever-orthodox-economists-are-high-on - must re-orient to naturally evolving operations ... which actually work.
How Marriner Eccles saved America 
Money creation in the modern economy
Money in the modern economy: an introduction
Fiat Currency Creation Video1
Fiat Currency Creation Video2
Mosler's Mandatory Reading: 1994-2014

ps: Mosler & his growing ranks of "MMT" colleagues freely quote all relevant economists from all countries, something which cannot be said for the Bank of England, even after 81 years. Marriner Eccles, thankfully, never read any economic theory at all. He just reinvented the actual operations to fit ongoing requirements. :)  We could use a few more people like that?

No comments: