Galbraith’s latest!

6 Responses

  1. I believe I am beginning to grasp the essential of MMT, which is that money is merely an accounting mechanism. It is actually a brilliant invention to have disengaged the concept of money from a material reality.

    However, would someone kindly explain to me why there needs to be a rate of interest attached to it. It seems to me that with such money the notion that money could of itself be fruitful makes not sense. The idea that credit should be a public utility is what makes sense in this context, which would eliminate the need for private banking at profit as well as eliminate the central bank. Is this correct?

    If so, no wonder the powers that be “don’t understand” this. It totally rains on their parade.

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