Monetary Policy

As a follow-up to his discussion on MMT with Rohan Grey, Bob goes solo to explain the basic cash balance framework for thinking about money, inflation, and debt.

If there is a new dawn, it is for the Sinicization of Europe—China-style stimulus administered alongside a severely ailing financial system kept whole by widespread financial and monetary repression.

According to Keynesians, wealth effects result from money creation, and they have a beneficial impact. The Keynesians are right that wealth effects exist. But they're wrong about who benefits.

If there is a new dawn, it is for the Sinicization of Europe—China-style stimulus administered alongside a severely ailing financial system kept whole by widespread financial and monetary repression.

Proponents of modern monetary theory have come up with their own idiosyncratic definition of savings in support of their theory. But the common usage of the term shows MMT doesn't work the way its supporters think it does.

Our current position on debt seems to be akin to saying the only way to keep from drowning is pouring more water over the victim.

According to Keynesians, wealth effects result from money creation, and they have a beneficial impact. The Keynesians are right that wealth effects exist. But they're wrong about who benefits.

Our current position on debt seems to be akin to saying the only way to keep from drowning is pouring more water over the victim.

This book is a rarity: a reasonable treatment of bitcoin from the point of view of Austrian economics.

MMT starts to make a little more sense when thinking of it as comparable to money systems used under the USSR and the old Soviet Bloc.