Friday, October 21, 2011

ECOBATE 2011: European Conference on Banking & the Economy (4 - New book on Money)

One of the several notable features of this conference (Winchester, England 29 Sept) was the launch of a very important book: Where does MONEY come from?   (co-authored by Josh Ryan-Collins, Tony Greenham, Richard Werner & Andrew Jackson with a foreword by eminent economist Charles A E Goodhart).

John Maynard Keynes in 1930 bemoaned the fact that in his day there was no book
    'which deals systematically and thoroughly with the theory and
      facts of Representative Money as it exists in the modern world.' 
Where does MONEY come from? achieves in our time what Keynes was seeking in his. 

Whilst the bulk of its message is easily accessible by the non-economist (as this reviewer) it is backed by the incisive research of  Professor Richard Werner whose published work, (especially New Paradigm in Macroeconomics. Palgrave Macmillan) undergirds every page.  The clarity of this insightful work, adds to its integrity. In one sense it is just a plain book describing money to the modern world. In being that it exposes, as truth does, much that should be openly discussed in a democracy but is usually well hidden.  

Charles Goodhart gives his endorsement:
    'a clear path through the thickets of misunderstanding...a    
    proper, good understanding of how the monetary system 
    works,... an excellent guide for...not only those new to 
    the field but also to policy-makers and academics'. 
He says this, even though the book does not contain a single economics equation, that might lurk to faze non-specialists.

This book is a must have for the increasing numbers of us who are trying in the ongoing world financial crisis, to make sense of what we thought was only comprehensible by a high priesthood of specialist economists. Bankers may not be too excited as it tears the veil away from their secrets.  It is a breath of pure fresh air and brings a dawning light of revelation. 

Just about every piece of financial jargon you are ever likely to see or hear in the media is explained in everyday terms and set in its place relating to a panoply of banking and monetary mysteries. References are made to Babylon, Cobbett, Galbraith, Schumpeter, Jevons, Keynes, Huber & Robertson, Ingham, tally sticks, bullionism, et al. You will learn about the adequacy, or not, of fiscal policy for engendering growth. Endogenous and exogenous money feature, as do: money supply, credit creation, fractional reserve banking, foreign exchange dealings, options, hedging, etc.
The history in this book catches the interest, the writing is clear, the statements are precise. The book is as understandable and relevant to government & shadow ministers as to tented occupants of any of the Occupy Wall Street/ London/ Los Angeles / Melbourne/... campaigns that are springing up in October 2011 protesting about modern banking.
LINK: Published by the New Economics Foundation. 
posted by Charles Bazlinton who has no financial interest in the success of the book.
See the Richard Werner interviews on YouTube - modern banking explained.
For remedies for modern capitalism read The Free Lunch - Fairness with Freedom 

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