I am now using Friday’s blog space to provide draft versions of the Modern Monetary Theory textbook that I am writing with my colleague and friend Randy Wray. We expect to complete the text during 2013 (to be ready in draft form for second semester teaching). Comments are always welcome. Remember this is a textbook aimed at undergraduate students and so the writing will be different from my usual blog free-for-all. Note also that the text I post is just the work I am doing by way of the first draft so the material posted will not represent the complete text. Further it will change once the two of us have edited it. Previous parts:
▪ Case Study – British IMF loan 1976 – Part 1
▪ Case Study – British IMF loan 1976 – Part 2
▪ Case Study – British IMF loan 1976 – Part 3
▪ Case Study – British IMF loan 1976 – Part 4
Case Study – The British IMF loan in 1976
[This Blog Takes Us Up To The 1967 Devaluation - And Establishes The Theme That Persisted Into The 1970S - I Will Try To Get Up To 1976 Next Week And Then Examine The Actual Episode The Week After. This Will Not Be All Reproduced In The Text Book But Will Form Part Of Our On-Line Site Which Is In The Process Of Construction. A Shorter Version Will Appear In The Text Book]
Post War Period to the 1967 DevaluationBill Mitchell – billy blog
Case Study – British IMF loan 1976 – Part 5
Bill Mitchell
let it be known that the oil is pegged to the dollar but also that the dollar is pegged to the oil !
ReplyDeletewe have heard all the naysayers speak out for the so-called "devaluing" dollar due to the so called printing of money.
but oil drives our economy according to the oil companies ...
that means we need to look at how many dollars it takes to buy oil ?
we thought that oil was really worth every drop and that's the reason for the quantity of dollars required to get a barrel, not
because the dollar is printed so much that we have to compensate.
the dollar cannot devalue unless oil devalues ...