Amazon to publish Soft Currency Economics II

Should be available by this weekend.

This entry was posted in Uncategorized. Bookmark the permalink.

33 Responses to Amazon to publish Soft Currency Economics II

  1. Erik V says:

    Got my Kindle version! Looks longer than the original, can’t wait to dig in.

    Reply

  2. Adam1 says:

    @Warren,

    OMG, how long does it take before banking your head against the proves it only hurts and doesn’t do anything good?

    http://online.wsj.com/article/SB10001424052970204840504578088391565403564.html?mod=googlenews_wsj

    How many years and rounds of QE have they done and still haven’t figured it out – insanity by definition.

    Reply

  3. Jorge says:

    Please make this available as a pdf file. Paste a Paypal button there and charge the same $2.99 as for the Kindle. It would be nice for those of us outside the US to have a printable item.

    Reply

  4. Nihat says:

    I thought, fundamentally, (govt spending – taxes) went to private sector savings/wealth. Now you seem to be saying govt spending must equal taxes + govt borrowing as though it were a state govt. Very confusing for me.

    Reply

    Nihat Reply:

    Shoot! That was meant to go under thread 7: Netbacker.

    Reply

    Nihat Reply:

    Hmmm! Is it that govt borrowing and non-govt saving are the same thing in the abstract?

    Reply

    WARREN MOSLER Reply:

    yes. savings being net financial assets in this case

    Reply

    WARREN MOSLER Reply:

    Congress had decided the US Tsy can’t have a negative balance in its fed account, so it sells tsy secs to comply with this Congressional mandate, and therefore taxes + tsy secs issued = total govt spending as a consequence of this institutional structure

    Reply

    Nihat Reply:

    Alright, it’s a choice. Then, assuming no leakage in the equation, all growth has been made possible by govt borrowing, with no net money creation. This doesn’t strike me as a sustainable mode of operation, but what do I know? You are a patient teacher, thanks for that.

    Reply

    WARREN MOSLER Reply:

    does’t read like you’ve read the 7dif on this website?

    fiscal drag/unemployment is when the govt doesn’t spend enough to cover the need to pay its tax and accommodate an residual ‘savings desires’ (desire to accumulate net financial assets of that currency).

    It’s best thought about removing drag, not adding stimulus.
    Taxation causes drag equal to the tax + savings desires, which don’t otherwise exist.
    Govt spending ‘offsets’ that drag

    Nihat Reply:

    Haven’t finished it yet (felt diminishing returns half way thru; not your fault, I am the inpatient kind). With no prior knowledge of economics of any kind, it’ll probably take some time for me to sort things out. I had thought I understood your basic premise, but that didn’t keep me from making the above mistake. But I’ll get there.

    MRW Reply:

    @Nihat, The most important part of Warren’s 7dif book is the last section; namely, what you want the economy to do, what it can do. Do not be fooled by the apparent simplicity of the enumerated suggestions. He says in one sentence what financial writers waste feet saying. The issue is public purpose.

    WARREN MOSLER Reply:

    ;)

    Nihat Reply:

    MRW, yeah, I’d had gotten that ‘public purpose’ thing right at the outset. As for simplicity, what can I say? Elegance is not for peasants to appreciate? :) (Well, I in fact appreciate it.)

    PZ Reply:

    @Nihat,

    I think people imagine this closed money supply where if you borrow money someone else has less.

    When in fact money to buy government bonds comes from government spending. Say, goverment deficit spends 100 billion, first it spends 100 billion, then (or simultaneously) it sells bonds worth 100 billion.

  5. netbacker says:

    Erratum on the book so far:
    Under the section Federal Government Spending, Borrowing, and Debt

    The government spends money and then borrows what it does tax, because deficit spending, not offset by borrowing, would cause the fed funds rate to fall.

    When it should read: …then borrows what it does not tax…

    Reply

    WARREN MOSLER Reply:

    right, thanks!!!

    Reply

  6. Broll The American says:

    Got my copy!

    Reply

    Walid M Reply:

    @Broll The American,
    Great read Ty

    Reply

  7. MRW says:

    Erratum on the book so far:

    Figures 3 and 4 should be rotated properly. Whoever did the e-book didn’t check it.

    Warren, I thought the Fed DID pay interest on required reserve balances. You wrote, “Reserve requirements also result in an implicit tax on banks because reserves held at the Fed do not earn interest. Therefore, reserve requirements reduce the revenues of the member banks.”

    Wasn’t that from your previous version of this article?

    Reply

    WARREN MOSLER Reply:

    yes, 1994 probably

    Reply

    MRW Reply:

    @WARREN MOSLER,

    Then you should add “(1994)” around these facts if you don’t want to rewrite it. The book starts out addressing 2012 (great job, BTW) and then slips into 18 years ago without notice, if you catch my drift.

    Reply

    WARREN MOSLER Reply:

    ok, haven’t read it yet, still in italy. home tues

    MRW Reply:

    @WARREN MOSLER,

    And I would put your October 2012 speech up front. It’s killer.

    Reply

    WARREN MOSLER Reply:

    thanks, over to Michael

  8. MRW says:

    Warren’s October 25, 2012 speech is in there: “Mosler Speech at Rome Debt Management Conference.”

    Blew me away.

    Reply

    Dan Reply:

    @MRW,

    Where is there?

    Reply

    MRW Reply:

    @Dan,

    At the back of the “Soft Currency Economics II” e-book. I think everyone should read the speech first then read the book. The speech is after the Conclusion chapter.

    Reply

  9. MRW says:

    It’s available now (already on my iPhone) and only via Kindle. Prime clients can loan for free. Book only costs $2.99. Buy for others!

    Reply

  10. Broll The American says:

    Will it be available in Kindle format?

    Reply

  11. y says:

    is this a new text?

    Reply

    y Reply:

    ah, you mean second edition. OK.

    Reply

    WARREN MOSLER Reply:

    no

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>