George Selgin announced some weeks back that he planned to write a definitive critique of the argument that “banks do not simply act as intermediaries, lending out deposits that savers place with them” (McLeay, Radia, and Thomas 2014, p. 14)—while also taking a swipe at me:
- How vital is double-entry bookkeeping and how nicely have you shown that “Selgin has done the opposite: he has confirmed that the Endogenous Money/BOMD view is correct.”
- The phrase “in the long run, we are still in the short run” is brilliant!
Use double-entry bookkeeping which is probably the most temporal universe anchoring discipline humanity has ever invented, and a new monetary idea that, like all new paradigms is always in complete conceptual opposition to the present anomalous one...and just so happens to resolve the anomalies because its the solution to the key outnesses like "money, debt and banks" for instance. Come on, Keen. You can follow this and you know the history of the Copernican cosmological paradigm change. You're just not following through with the conceptual/philosophical analysis and policy alignment.
Steve, I'm to the point now that if the discussion doesn't include in the first sentence some basic recognition in finance of national equity I stop reading.
Thank goodness you have the patience, time and expertise to deal with this not-so-thinly-veiled austerity skunkworks.
You are correct in your analysis in every way...except you do not acknowledge that:
1) the deeper problem is the current monopolistic paradigm for the creation and distribution of new money AKA Debt Only and
2) that the solution to that problem is strategically integrating the new paradigm of Direct and Reciprocal Monetary Gifting into the economy via the same double entry bookkeeping device that the banks currently utilize to create new money ONLY AS DEBT.
Lets get beyond correct and excellent yet mere theorizing, and ACT to implement the new monetary paradigm.
Attaining office is just another stop unless its as a result of a mass movement that shows everyone how personally and commercially beneficial the new paradigm's applications are, and thus a sufficient majority to get it passed.. Thats how Ghandi and MLK, Jr. did it. Anything else is cart before the horse.
Steve, I’d like to mention/emphasize a few points:
- Moore tables (9, 10, 11) which are missing here can be found in your book Funny Money (https://www.stevekeenfree.com/free-book);
- How vital is double-entry bookkeeping and how nicely have you shown that “Selgin has done the opposite: he has confirmed that the Endogenous Money/BOMD view is correct.”
- The phrase “in the long run, we are still in the short run” is brilliant!
Also, good luck with Ravel’s release.
I had hassles wiith the formatting, thanks to Microsoft shutting down its "post to blog" function. But the PDF will have those tables.
And thanks. I doubt that they will register with Selgin. Neoclassicals are impervious to logical criticism.
Use double-entry bookkeeping which is probably the most temporal universe anchoring discipline humanity has ever invented, and a new monetary idea that, like all new paradigms is always in complete conceptual opposition to the present anomalous one...and just so happens to resolve the anomalies because its the solution to the key outnesses like "money, debt and banks" for instance. Come on, Keen. You can follow this and you know the history of the Copernican cosmological paradigm change. You're just not following through with the conceptual/philosophical analysis and policy alignment.
Steve, I'm to the point now that if the discussion doesn't include in the first sentence some basic recognition in finance of national equity I stop reading.
Thank goodness you have the patience, time and expertise to deal with this not-so-thinly-veiled austerity skunkworks.
You are correct in your analysis in every way...except you do not acknowledge that:
1) the deeper problem is the current monopolistic paradigm for the creation and distribution of new money AKA Debt Only and
2) that the solution to that problem is strategically integrating the new paradigm of Direct and Reciprocal Monetary Gifting into the economy via the same double entry bookkeeping device that the banks currently utilize to create new money ONLY AS DEBT.
Lets get beyond correct and excellent yet mere theorizing, and ACT to implement the new monetary paradigm.
Steve tried elected office. Nobel prize might help. Not holding my breath.
Attaining office is just another stop unless its as a result of a mass movement that shows everyone how personally and commercially beneficial the new paradigm's applications are, and thus a sufficient majority to get it passed.. Thats how Ghandi and MLK, Jr. did it. Anything else is cart before the horse.