FIAT MONEY: CONFUSING THE FORM OF MONEY WITH ITS SOCIAL CONTENT.

fiat money PDF

2 Responses to FIAT MONEY: CONFUSING THE FORM OF MONEY WITH ITS SOCIAL CONTENT.

  1. Cameron says:

    Thank you for an informative post though I disagree with several assertions not directly related to money.
    Question: why velocity of money in the US continues to fall and is the lowest since 1960s?
    https://fred.stlouisfed.org/series/M2V
    I can account for the impact of credit both in production and also I believe credit card usage. The formula for velocity = GNP/Money supply.
    Also, I am wondering if you have read Monetary Expression of Labor (MELT) by Moseley. https://www.mtholyoke.edu/~fmoseley/Working_Papers_PDF/melt.pdf

    • Have you written up how you account for the impact of credit both in production and credit card usage as I would be interested in reading it. I have read up on MELT by Moseley who I regard as the best classical Marxist alive today though he does get tangled up in the transformation problem. At an abstract level MELT works but at a concrete level it is problematic. The reasons are too long to go into in the form of a comment, but over the next month I will post an article on my website.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: