Month: July 2022

I had thought the distinction between real and financial (nominal) was clear—but obviously it was not.

Comments and responses on the Modern Money Primer Part 16.

The fundamental point to be made here is that the Euro arrangement was flawed from the beginning.

Comments and responses on the Modern Money Primer Part 15.

This week we examine bank clearing and the notion of a “pyramid” of liabilities with the government’s own IOUs at the top of that pyramid.

Comments and responses on the Modern Money Primer Part 14.

This week we return to our analysis of the operation of today’s monetary system, examining the denomination of IOUs in the state money of account.

Comments and responses on the Modern Money Primer Part 13.

This week, we examine coinage from Roman times to the present in Western society.

Comments and responses on the Modern Money Primer Part 12.