Understanding Government Deficits and Money Creation

What is money? How is it created? What is the relationship of governments, central banks, and commercial banks to money? Paul Sheard joins Vasant Dhar in episode 73 of Brave New World to cut through the fog. Useful resources:1. Understanding QE in the New World -- Episode 10 of Brave New World (w Paul Sheard). 2. The Power of Money -- Paul Sheard. 3. David Yermack on The Crypto Revolution -- Episode 30 of Brave New World. 4. Monetary Economics -- Wynne Godley and Marc Lavoie. 5. The Deficit Myth -- Stephanie Kelton. 6. Inflation: Causes and Consequences -- Milton Friedman. 7. James Robinson on What Makes a Successful State — Episode 19 of Brave New World. 8. Sapiens -- Yuval Noah Harari. 9. Leviathan -- Thomas Hobbes. Check out Vasant Dhar’s newsletter on Substack. Subscription is free!