Soft Currency Economics II: The Origin of Modern Monetary Theory (MMT – Modern Monetary Theory)
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(as of Jan 14, 2025 04:17:31 UTC – Details)
Soft Currency Economics is the little book that could logically, in both real and nominal terms, legitimately challenge many of the core held beliefs of the mainstream classical and neo-classical schools of economics.It is a corner stone publication for the new, widely popular fresh approach to economics that has come to be called Modern Monetary Theory (MMT).It explains with actual facts, not theory, and with non-technical language, the true operational realities of our monetary system (central banks and private banks).The author, a 40 year ‘insider’ in monetary operations, and a very successful fixed income hedge fund manager, wrote this book in 1993 after witnessing the markets drastically discount sovereign debt on the errant belief that market forces could force nations into default on debt payable in their own currency, and that austerity was the only solution.This was contrary to the author’s understanding of what are called fiat currencies, where governments always have the ability to meet all obligations in a timely manner.As a result of this experience, the author took up the task of educating government officials on how the monetary system operated with the hope that with this understanding they would be free to ensure that the government acted for the public purpose and achieved their stated goals of full employment and price stability.Initially published in 1993, this book will utterly convince many readers that what they thought they knew about monetary policy is wrong.
The book describes: what is money;why debt monetization and the money multiplier are myths;how fiscal and monetary policy can be used effectuate full employment;deficits do not cause countries to default on their debt unless that is the decision.
Publisher : CreateSpace Independent Publishing Platform; 2nd edition (March 11, 2013)
Language : English
Paperback : 94 pages
ISBN-10 : 1482735431
ISBN-13 : 978-1482735437
Item Weight : 4.8 ounces
Dimensions : 6 x 0.22 x 9 inches
Customers say
Customers find the book easy to read and with clear explanations. They appreciate the insightful and refreshing views on modern monetary theory. The book provides clear insights into how the monetary system functions, providing valuable information about fiat currencies and central banking.
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