{"product_id":"soft-currency-economics-ii-the-origin-of-modern-monetary-theory-9781482735437","title":"Soft Currency Economics II: The Origin of Modern Monetary Theory","description":"\u003cul\u003e\n\u003cli\u003eSoft Currency Economics is the little book that could logically, in both real and nominal terms, legitimately challenge many of the core held beliefs of the mainstream classical and neo-classical schools of economics.\u003c\/li\u003e \u003cli\u003eIt is a corner stone publication for the new, widely popular fresh approach to economics that has come to be called Modern Monetary Theory (MMT).\u003c\/li\u003e \u003cli\u003eIt explains with actual facts, not theory, and with non-technical language, the true operational realities of our monetary system (central banks and private banks).\u003c\/li\u003e \u003cli\u003eThe author, a 40 year 'insider' in monetary operations, and a very successful fixed income hedge fund manager, wrote this book in 1993 after witnessing the markets drastically discount sovereign debt on the errant belief that market forces could force nations into default on debt payable in their own currency, and that austerity was the only solution.\u003c\/li\u003e \u003cli\u003eThis was contrary to the author's understanding of what are called fiat currencies, where governments always have the ability to meet all obligations in a timely manner.\u003c\/li\u003e \u003cli\u003eAs a result of this experience, the author took up the task of educating government officials on how the monetary system operated with the hope that with this understanding they would be free to ensure that the government acted for the public purpose and achieved their stated goals of full employment and price stability.\u003c\/li\u003e \u003cli\u003eInitially published in 1993, this book will utterly convince many readers that what they thought they knew about monetary policy is wrong.\u003c\/li\u003e\n\u003c\/ul\u003e\u003cbr\u003e The book describes: \u003cul\u003e\n\u003cli\u003ewhat is money;\u003c\/li\u003e \u003cli\u003ewhy debt monetization and the money multiplier are myths;\u003c\/li\u003e \u003cli\u003ehow fiscal and monetary policy can be used effectuate full employment;\u003c\/li\u003e \u003cli\u003edeficits do not cause countries to default on their debt unless that is the decision.\u003c\/li\u003e\n\u003c\/ul\u003e\u003cbr\u003e","brand":"Createspace Independent Publishing Platform","offers":[{"title":"Default Title","offer_id":50527645827346,"sku":"9781482735437","price":13.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_94cde7c5-72e8-4941-a838-5171ccb24586.jpg?v=1731310369","url":"https:\/\/surprise-castle.myshopify.com\/products\/soft-currency-economics-ii-the-origin-of-modern-monetary-theory-9781482735437","provider":"Surprise Castle","version":"1.0","type":"link"}