Brian Romanchuk — Book Excerpt: Financial Assets Matter, Not Money

Summary:
If we abolish money from economic theory, what replaces it? The answer is: financial assets. Although this might be viewed as a superficial change, there are important implications. In particular, the central bank can manipulate the amount outstanding of some types of financial assets, but it cannot control all of them. We end up with a more realistic view of central bank power. They no longer control “money” and hence all commerce, rather they are reduced to worrying about setting interest rates.… This is short, simple to understand and very important for getting MMT, which deals with "financial assets" rather than "money." Financial assets appear on accounting statements, not "money." Understanding this removes a lot of confusion.Bond Economics Book Excerpt: Financial Assets Matter,

Topics:
Mike Norman considers the following as important: central banking, financial assets, monetary theory, money

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