The Fed isn't even remotely as powerful as you think. Primary dealers run the show. Seriously, they asked us daily what we wanted. Not the other way around. Credit is created by banks, hence 97% of our money supply is credit. The Fed merely functions as the physical currency creator, and wink wink "regulator." It's role for the government is to protect the primary dealers, because who'd think that banks with the power of money could be inimical to the common people's interests? The beneficial pact for our government is they get to borrow whenever they want in exchange for keeping the system whole. It's really that simple.
You mean nobody could possibly understand mmt unless they read a certain person's book? You'll go to any length necessary to affirm your belief that gov't should have an unlimited power to spend as much as it would like. And this is what this is all about. Nothing less. And that is something that gives you a Chris Mathews tingle down your leg. And you are as dishonest as you are haughty in refusing to admit it.
Right here is page 46 of wray's book. https://books.google.com/books?id=V... nothing more than evidence of debt.”&f=false Scroll down one page to page 47 to find the pertinent sentence, where Wray specifically states that, just as the previous article I linked to stated, Wray denies that gov'ts debased metal coins by decreasing the metal content. He "substantiates" this assertion by claiming 'it would make no sense' for them to debase the coins in this manner. So there you have it. That historical gov'ts debased their coins by reducing the gold and silver content is not denied by any reputable historians or economists. And Randall Wray is most definitely not a reputable economist. He's a quack and a charlatan. I'm not surprised that you would gravitate toward him like a moth to a lightbulb.
Of course I don't mean that. Only a numbskull would think that. There is a entire large body of literature on mmt starting with Keynes on through Minsky and up to and including the present. You have a wide range of literature to select from; take your pick. But please stop acting like a numbskull in the meantime.
That's an absurd statement. Why don't you back it up with something other than your personal opinion. Excerpted from Wikipedia: Larry Randall Wray (born June 19, 1953) is professor of Economics at the University of Missouri–Kansas City in Kansas City, Missouri, USA, whose faculty he joined in August 1999.[1] Before UMKC, he served as a visiting professor at the University of Rome, Italy, the University of Paris, France, and the UNAM, in Mexico City. From 1994 to 1995 he was a Fulbright Scholar at the University of Bologna. From 2015 is a Visiting professor at the University of Bergamo. He is also Research Director, of the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College, NY. Wray is a past president of the Association for Institutionalist Thought and served on the board of directors of the Association for Evolutionary Economics. He has served, along with fellow Post-Keynesian William Mitchell of the Charles Darwin University, Australia, as co-editor of the International Journal of Environment, Workplace, and Employment. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He is a prominent proponent of Modern Monetary Theory in macroeconomics.[3] Wray has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990). He is the editor of Credit and State Theories of Money (Edward Elgar 2004) and the co-editor of Contemporary Post-Keynesian Analysis00 (Edward Elgar 2005), Money, Financial Instability and Stabilization Policy (Edward Elgar 2006), and Keynes for the twenty-first century: The Continuing Relevance of The General Theory, Palgrave, 2008. Wray is also the author of numerous scholarly articles in edited books and academic journals, including the Journal of Economic Issues, the Cambridge Journal of Economics, the Review of Political Economy, the Journal of Post Keynesian Economics, the Economic and Labour Relations Review, the French journal Economie Appliquée, and the Eastern Economic Journal.[1]