Sunday, September 2, 2018

What is Public Debt? How is Money Printed? And How do Governments Pay for Wars?

This is actually a very sound presentation by the Marxist Richard Wolff explaining how debt is monetized.


1 comment:

  1. I guess a broken (analog) watch is still correct twice a day.

    Of course he labels the system that permits state money printing "capitalist," but it's hard to see why that term makes any sense unless you add the word "crony."

    Interesting that he complains about this. My recollection is that in the early 20th century, Bolsheviks were eager to print lots of money to bring the Russian "private" economy to its knees. Perhaps there is a difference between Marxist and Leninist economics.