It doesn't take an immense amount of insight to see the relevance of Tocqueville's central concern to our situation today. What are the so-called Twitter mobs if not the "tyranny of the majority" at work?
It is possible to conceive of a world where fractional reserve banking is understood by both banker and depositor and involves no deception or fraud. But in that world, deposits cease to be money and become complex credit securities.
The good news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever. The bad news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever.
If current political and economic trends continue, the 2020s will usher in a new period of drastically increased government activity and regulation of the economy.
