An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Saturday, October 7, 2023
Michael Hudson — A BRICS+ Bank: How Would It Really Function?
The issue is an alternative payments system and not an alternative currency.
Ultimately the problem is that there is no overlord to back the promises. Therefore you either take the nation's credit on value, or you buy something from them of value, or you don't trade.
The floating exchange rates will sort it out - if we allow them to float and we stop using interest rates as the stabilisation policy.
That's a very confused ramble.
ReplyDeleteUltimately the problem is that there is no overlord to back the promises. Therefore you either take the nation's credit on value, or you buy something from them of value, or you don't trade.
The floating exchange rates will sort it out - if we allow them to float and we stop using interest rates as the stabilisation policy.