L. Randall Wray

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.

As promised, this week I will begin try to dispel the view that coins used to be commodity monies.

Comments and responses on the Modern Money Primer Part 11.

In this blog we will examine the implications of exchange regimes for our analysis.

Comments and responses on the Modern Money Primer Part 10.