Chris Cook — The Myth of Debt

This was reposted at New Economic Perspectives and Clonal called attention to it here n the comments. Appended here are comments on FaceBook.

Herald Scotland
The Myth of Debt
Chris Cook | senior research fellow at University College London and a former director at the International Petroleum Exchange

From FB — MMT, Heterodox and Dissident Economics



Umkc Economists: I really like this piece, Chris. Confused as to the reference to the currency board arrangement in HK. It may leave readers with the impression that fixed exchange rates are the preferred arrangement for ensuring discipline wrt money creation.






Chris Cook: That would have been better taken out.


*********************





Warren Mosler: good article thanks!!! you might add that 'paying it back' is just a matter of debiting one account at the boe and crediting another, both denominated in pounds. so both are 'the money' the difference being a time deposit vs an overnight deposit.






Warren Mosler: the mainstream implies that when you 'buy the debt' the state is 'taking your money' as if you come home and tell your wife you had a very bad day, you moved 1 million from checking to savings and so lost 1 million.