The Italian Edition of The New Economics: A Manifesto (Keen 2021) will be published in November by Meltemi, and I will attend the BookCity book fair in Milan to launch the book on November 18th. I owe a great intellectual debt to many great Italian economists, from Pierro Sraffa (Sraffa 1960, 1926) and Pierangelo Garegnani (Garegnani 1970), to Augusto Graziani (Graziani 1989): without their work, I could never have made the contributions that I have managed to add to sound economics. It is great pleasure to know that I will in part repay that debt by having my book appear in Italian.
Any relative analysis of a national economy vis-a-vis the U.S. economy that does not discuss the U.S. dollar, as the reserve currency of the world, is incomplete.
The U.S. can play fiat games and do so nearly indefinely. Other countries can't. In point of fact, absent sustained and profound inflation, the U.S. has little to do but cash the check on 200 bps of currency spread to clear world GDP for the foreseeable future. A tidy couple trillion annually coming out the chute to play world banker.
That's the reward for ending forced labor and winning a world war. To the victor go the spoils.
Any relative analysis of a national economy vis-a-vis the U.S. economy that does not discuss the U.S. dollar, as the reserve currency of the world, is incomplete.
The U.S. can play fiat games and do so nearly indefinely. Other countries can't. In point of fact, absent sustained and profound inflation, the U.S. has little to do but cash the check on 200 bps of currency spread to clear world GDP for the foreseeable future. A tidy couple trillion annually coming out the chute to play world banker.
That's the reward for ending forced labor and winning a world war. To the victor go the spoils.
Leadership wins.