FIAT MONEY: CONFUSING THE FORM OF MONEY WITH ITS SOCIAL CONTENT.
August 28, 2017 2 Comments
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This WordPress.com site is dedicated to independent working class politics. Contact me at briangreen@theplanningmotive.com
August 28, 2017 2 Comments
THEPLANNINGMOTIVE.COM 
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.