{"id":17580,"date":"2014-06-26T16:42:38","date_gmt":"2014-06-26T20:42:38","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=17580"},"modified":"2014-06-26T16:42:38","modified_gmt":"2014-06-26T20:42:38","slug":"modern-money-theory-the-basics","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2014\/06\/26\/modern-money-theory-the-basics\/","title":{"rendered":"MODERN MONEY THEORY: THE BASICS"},"content":{"rendered":"<p><em>New Economic Perspectives<\/em> has the article <a title=\"New Economic Perspectives article\" href=\"http:\/\/neweconomicperspectives.org\/2014\/06\/modern-money-theory-basics.html#more-8357\" target=\"_blank\">MODERN MONEY THEORY: THE BASICS<\/a> by L. Randall Wray.\u00a0 This is not a reprint of any earlier article, but a retelling of the story.\u00a0 When I need to learn something complicated, I find that the more times I read about it, the better I understand it, even if the reading goes over much of the material I have read before.\u00a0 Given this style of learning, I do not fret too much about reading the first article I read on a subject and trying to study it in such depth that I understand it all.\u00a0 That is not the way depth of understanding comes to me.\u00a0 Of course your style of learning is almost certainly different from mine in some aspect.\u00a0 We all learn in different ways.<\/p>\n<p>Here are some quotes to whet your appetite.<\/p>\n<blockquote><p>The problem is not the \u201cthin air\u201d nature of the creation, but rather the quantities of \u201cmoney\u201d created and the purposes for which it was created. Government spending for the public purpose is beneficial, at least up to the point of full employment of the nation\u2019s resources. Bank lending for public and private purposes that are beneficial publicly and privately is also generally desirable.<br \/>\n.<br \/>\n.<br \/>\n.<br \/>\nWhile our governments are large, they are not big enough to provide all the monetary IOUs we need for the scale of economic activity we desire. And we\u2014at least we Americans\u2014are skeptical of putting all monetized economic activity in the hands of a much bigger government. I cannot see any possibility of running a modern, monetized, capitalist economy without private financial institutions that create the monetary IOUs needed to initiate economic activity.<\/p><\/blockquote>\n<p>Apparently, even Paul Krugman is having trouble digesting this, and he already has his Nobel Prize in Economics.\u00a0 I am lucky enough to know that my understanding is limited, so I do not insist that new ideas conform to everything I think I already know.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Economic Perspectives has the article MODERN MONEY THEORY: THE BASICS by L. Randall Wray.\u00a0 This is not a reprint of any earlier article, but a retelling of the story.\u00a0 When I need to learn something complicated, I find that the more times I read about it, the better I understand it, even if the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-17580","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=17580"}],"version-history":[{"count":1,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17580\/revisions"}],"predecessor-version":[{"id":17581,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17580\/revisions\/17581"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=17580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=17580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=17580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}