Money From Nothing
Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve
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- $25.99
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- $25.99
Publisher Description
A major work of financial theory and practice with immediate relevance to the rebuilding of the economy, and restoring the promise of equality
When the government decides to spend money, it simply creates the necessary funds for itself--as if out of thin air. That's how we pay for interstate highways, post offices, wars, social services, and economic stimulus packages. If it's that easy to make money . . . can't we all get more of it? Absolutely. And we should.
So argue financial regulation expert Robert Hockett and bestselling philosopher Aaron James in this eye-opening, irreverent, and inspiring exploration of what the dollar really is. And better still, they show how we can build an economy that works for everybody without unwanted taxes and added regulations.
In the process, we learn how disingenuous the political rhetoric surrounding inflation can be, how the demonized concept of the deficit is really just another way of tallying our collective national wealth, and how a strong central bank could free us from the abuses of private banking.
With broad historical background and ambitious yet practical institutional proposals, Hockett and James offer a new vision of public finance--people's banking for a people's economy. Armed with this new outlook, we can even stop worrying debt and learn to love a strong, accountable, and transparent Federal Reserve as a cornerstone of our democracy.
PUBLISHERS WEEKLY
Hockett, a Cornell University law professor and economic policy advisor to Congresswoman Alexandria Ocasio-Cortez, and UC Irvine philosophy professor James (Surfing with Sartre) deliver an illuminating and accessible guide to how the Federal Reserve could act to improve the economy and the lives of everyday Americans. Eschewing financial jargon for pop culture references, analogies, and philosophical allusions, Hockett and James explain the basics of fiat money systems and contend that the federal government, as the sole issuer of U.S. currency, could simply produce more dollars while taking steps to keep inflation under control in order to fund social services, ameliorate economic crises, and make direct payments to citizens. Pinpointing income inequality as a catalyst for political and racial discord, they propose a "new social compact" between the Federal Reserve, public and private banks, and citizens. Its pillars include a basic income guarantee, more flexible work hours, and public financing for employee-owned businesses. Though tangents, including a history of money from the ancient world to the present, delay the proceedings somewhat, the authors present a lucid and persuasive call for financial reform. Progressives and policymakers will want to take note.
