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I am a Keynesian, haven't always been. 40 years ago I was a Friedmanite, a devotee of the Austrian School and Koch's Foundation for Economic Education (FEE)until I started working on my MBA and did extensive soure research, had a foot locker full of documents and reports from the Fed,BIS, many banks and books as well like . 0. Kuschpeta,…
I am a Keynesian, haven't always been. 40 years ago I was a Friedmanite, a devotee of the Austrian School and Koch's Foundation for Economic Education (FEE)until I started working on my MBA and did extensive soure research, had a foot locker full of documents and reports from the Fed,BIS, many banks and books as well like . 0. Kuschpeta, The Banking and Credit System of the USSR, Tilburg Studies in Economics, 1978, MaRTINUS Nijhoff Social Sciences Div, Leidenl Boston, 284 pages
Anway Keynes properly said, that a sovereign nations debts are owed to itself, and the way to prosper is by spending money, even during a depression. FDR's success is proof, Japan survived a devastating depression by spending money it didn't have, and plowing most of it into education, which of course international financial institutions, absolutely fear, all they want is a positive return on investment, and have created domestic chaos in P.I.G. nations like Portugal and Greece by forcing them to cut domestic spending, especially social spending and divert the payments to them, the debt holders.
Being friends with my Econ 101 professor, a Friedmanite, I tried to educate him, his response was "I only know economics, not money", Imagine that.
I ask you not to befuddle minds with your misunderstanding of how national currency works (and it works the same for all members of the Bank for International Settlements (BIS), to wit:France, England, Germany, Netherlands, Belgium and so on.
The BIS was created in 1929, to handle and isburse German's reparation payments from WWI, it's first President was Paul Warburg, who was also the author of the Federal Reserve Act (Title 12 USC) and it's first president.. His brother Max was the genius who came up with the idea of secreting Lenin into Russia in a closed RR car
Representatives of member banks, report to the BIS first Monday of each month, to occupy identical offices laid out identically, to finish reports and receive instructions.
Including Jerome Powell or a designee.
The BIS is the boss of central banks or Central bank of central banks. As a grad student I was able to recieve copies of their gold covered, annual report for three years running, dry but eye opening, including the critique of the USSR which they declared a failed experiment in need of restructuring then who showed up but
Gorbachev (Reagan knew that Russia was in the infancy of dismantling)..
Gorbie was rewarded with a handsome retirement, a dacha on Lake Geneva, and his own NGO, the Green Cross.
Mr. farrar. Two things: it almost looks as though Greece has in effect given up its sovereignty when it agreed use the euro and get rid of its own currency. Does this sound right?
Can you recommend a good book to act as an introductory text for banking and finance?
Any entity that uses an international monetary unit has in effect give up it's own sovereignty, but they are forced to by the structure of international trade. An entity, be it an individual or a nation, can't engage in international commerce unless it has access and uses a monetary unit, that is accepted by the vendor. The Afghan Afghani (AFN) is of no value in international trade, what they import must be paid for in internationally recognized currency. And such currency has varying values, and values are always fluctuating.
In most nations, the national currency is used for internal purchases, but in some places they will accept Dollars, and EU's.I traveled the Pan American hiway from Juarez to Panama on a brief case of 300 $1.00 bills. Did not have to convert anything, but they were very glad to take the dollar, as I am sure that I overpaid
I can't point to one book or a series of books, my 40 year old monolith has 157 references, ranging from books, news papers and magazines.
Back in 1984, the Federal Reserve had a list of free publications, took up most of the space in my footlocker,but they soon realized that educating the public was a mistake, as I started posting excerpts like the Association of Primary Dealers in Government Securities (APDGS) on the nascent internet, including what I know about Modern Money Mechanics, and soon there was a proliferation of books and articles and they stopped making Modern Money Mechanics free for the asking. Mostly it was grad students in finance that asked for the publications.