This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray’s 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward Elgar), his 1998 book (Understanding Modern Money: the Key to Full Employment and Price Stability, Edward Elgar), and his 2004 edited book (Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Edward Elgar). New sources and interpretation of the history of money make it clear that there is no contradiction between state money and private credit money—each played a role in the creation of the modern monetary system. Indeed, today’s system was created by bringing state money into the private money giro, thereby strengthening both.
The Rise of the Modern Monetary System: An Integration of the Credit and State Money Approaches
L. Randall Wray | Professor of Economics, Bard College
11 comments:
Hi Tom I ask for some advice. I have evidence DNC manufactured “Russian fingerprints” and U.S. intelligence went along with it, this isn’t just a scandal—it’s potentially one of the biggest political deceptions in modern history. I showed you it ages ago as commentator Kester Pembroke. I’ve tried sending it to media to no avail. Could you please help me expose this? Updated blogpost more detail:
https://immigrationreform459.blogspot.com/2025/02/guccifer-analysis.html?m=1
Yo, Trump already knows that .,, MI6 was involved too with impunity so trump is going to take Canada away as a Commonwealth nation… to get even…
Matt have you considered suing the USA intel and Obama admin officials implicated
All this is in Tulsi's lap right now as DNI. Russiagate is one reason she was appointed and it is a big reason. Expect action on the whole sordid mess.
Obama admitted that we tortured some people but chose to just move on. Big mistake.
Russiagate was subversion on that level and hopefully President Trump won't just brush it off. Heads need to roll if there is evidence to convict.
Trump is faux populist. So did trump torture though I wouldn’t rely on him Obama bush trump all did torture. Please at list speak to lawyer I can’t sue I live in UK and have psychosis and can’t leave home very little I can do.
Please promote this link: https://web.archive.org/web/20200602070735/https://jackrabbit.blog/2018/06/did-hillary-throw-the-2016-presidential-election/
And much more importantly this link https://web.archive.org/web/20180907182659/https://jackrabbit.blog/2017/05/31/taken-in-fake-election-fake-news/
“Trump as Clinton protege
Trump knew the Clinton’s for years and was very friendly with them. His daughter Ivanka is close to Chelsea. He supported Hillary’s Presidential run in 2008 – even taking up the ‘birther’ nonsense that she started so as to weaken Obama (just as ‘fake news’ now weakens Trump).
Trump has done several things that have played into the hands of his ‘fake news’ critics, while doing other things that have alienated his base. These “own goals” are hard to explain. Like keeping Comey in his Administration and hinting that he taped conversations with Comey, etc. Trump has effectively turned the Russian witchhunt into an investigation into obstruction of justice.”
https://web.archive.org/web/20180907193212/https://jackrabbit.blog/2017/05/07/how-things-work-the-razzel-dazzel-faux-populist-leader/
“Razzel-dazzel faux populist leaders need a reason to betray their base, excuse their caving, and otherwise toe the establishment line. I call shill opposition to a faux populist President enforcers. They are joined by apologists who try to explain away betrayals and caving on issues.
Trump is a ‘fascist’ as much as Obama was a ‘Muslim socialist’.
Trump wasn’t turned by the Deep State as apologists claim. He knows how faux populist politics works because he was close to the Clintons and led the ‘birther movement’.
Corruption today is as well engineered and covered-up as it was during Tamany Hall in late 1800’s New York City“
“Although distrust of the political establishment is at a record high, many STILL are not cynical enough to see the games that are played.”
Critical of tulsi: https://web.archive.org/web/20210913222811/https://jackrabbit.blog/2019/10/deep-state-has-chosen-biden-tulsi-2020/
“ The 2016 election did more than just (s)elect Trump. It also formed the basis for initiating a new McCarthyism. That was based largely on just these four things:
The Steele dossier
a bogus report that was sponsored by Hillary as an “insurance policy” (strange, given that by all accounts she was virtually certain to win the election!);
.
Trump’s hiring of Manafort as campaign manager
this made little sense except for an ‘America First’ Trump but very useful to Russiagate because Manafort was known to have worked for pro-Russian candidates/Parties in Ukraine;
.
Trump’s publicly calling for Putin to publish Hillary’s emails
emails that were known at the time to contain super top secret info; so how does Trump’s appeal to Russia reflect ‘America first’? And why hasn’t he been prosecuted for abetting a crime?”
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