Sorry that it has taken me a while to get back to my multi-part series on debt-free money. This is the third part of the current series, although I had previously written several other blogs on the related topics of debt-free money, positive money, and 100% money. See links at the bottom.New Economic Perspectives
THE VALUE OF REDEMPTION: DEBT-FREE MONEY PART 3
L. Randall Wray | Professor of Economics, Bard College
1 comment:
Then banks, as fiscal agents of the govt, when they receive principle payments back from a loan, are logically also redeeming the currency they previously advanced to borrowers acting as a licensed agent of the govt...
Its either "issue > redeem > issue > redeem > issue..." or it is not...
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