Sunday, April 07, 2013

Struggling to understand

After the recent confiscation of deposits in Cyprus and the attempts in Australia to tax superannuation, I found that I do not know how money originated or how it works now. Looking around, I found a 1993 paper by Randall Wray The origins of money and the development of the modern financial system which seemed understandable. But reading it a second time, I understood less. Then I found that he updated the paper in 2012 and read it again and understood even less. Here is the later version
There is also a book What is money? edited by John Smithin in which experts discuss different theories.

Today's editorial 'The welfare of the patient must be paramount' and the news which triggered it ' 'Deceitful' Big Pharma accused of putting lives at risk' An earlier report from WSJ

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