MODERN MONEY: the way a sovereign currency “works”
YouTube has the video L. Randall Wray — MODERN MONEY: the way a sovereign currency “works”. Notice that this title says nothing about a theory nor about what government or anyone ought to do. It is just explaining what is. I don’t know why the word “works” is in quotes. This is really the way it works. Ask any qualified accountant to go through the steps with you to see if there is any flaw in the accounting.
Later in the video, he explicitly tells you when he shifts from telling you what is, to when he is considering (just considering) what ought to happen with this knowledge.
For further reading, I will explain how I came to view this 5 year old video.
Steven B. Grumbine posted a link to an article on his Facebook page. In his post he explains the main take-aways from the article. My comment on Steven B. Grumbine’s post was as follows:
The L. Randall Wray video in this article is just fabulous. I have never seen this video before although it is almost 5 years old. Steven D. Grumbine, you serve a very important function of reminding us in how many ways and in how many places this has all been explained in very simple terms that anyone can understand.
One YouTube commenter bemoaned the fact that the video had only been seen 11,000 times at the time the comment had been made. Since then it has been seen another 5,000 times. This is not nearly enough. The power to spread the word is in our hands. We must use that power if we are going to change anything.
The article Grumbine references is from 16 September 2013 on Heteconomist is What Everyone Should Know About Budget Deficits and Public Debt. The article has the above video embedded in it.