"How do the Austrians propose dealing with money market funds?
I mean, it has always been a peculiarity of that school of thought that it praises markets and opposes government intervention — but that at the same time it demands that the government step in to prevent the free market from providing a certain kind of financial service. As I understand it, the intellectual trick here is to convince oneself that fractional reserve banking, in which banks don’t keep 100 percent of deposits in a vault, is somehow an artificial creation of the government. This is historically wrong, but maybe the actual history of banking is deep enough in the past for that wrongness to get missed." - Paul Krugman
OK, I don’t expect a serious answer. But it’s scary that this has become the more or less official doctrine of the GOP.
Give him a serious answer. I imagine these articles might have the answer.
On Graeber, in the interview he says debt originated from money.
Sounds off considering you can do favors for friends or family and ‘be in their debt’ from a non-monetary point of view, and promise to ‘repay’ these favors by favors of your own.
If this is possible today, follows it might have been possible in 6000bc, however the terminology would have been, of course, different.
Need to set aside more time to preview what I write. No wonder as to why it “[sounded] off”, but now that phrase took on another meaning . It’s that slippery Max Keiser wearing off on me, eh?