Brian Romanchuk — Majority Excerpt: Fiscal Assets Matter, Non Money

If nosotros abolish coin from economical theory, what replaces it? The respond is: fiscal assets. Although this mightiness endure viewed equally a superficial change, at that spot are of import implications. In particular, the cardinal banking enterprise tin manipulate the total outstanding of merely about types of fiscal assets, but it cannot command all of them. We halt upwardly alongside a to a greater extent than realistic sentiment of cardinal banking enterprise power. They no longer command “money” together with therefore all commerce, rather they are reduced to worrying close setting involvement rates.…

This is short, unproblematic to empathise together with really of import for getting MMT, which deals alongside "financial assets" rather than "money." Financial assets look on accounting statements, non "money." Understanding this removes a lot of confusion.

Bond Economics
Book Excerpt: Financial Assets Matter, Not Money

Brian Romanchuk