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6min chapter
System Dynamics and the Minsky Model with Tyrone Keynes
Macro N Cheese
MMT
Timothy Stanley: Reserves are what we call high-powered money or HPM, correct? He says they never leave the banking system; you cannot lend a reserve. Minsky's theory doesn't say that our theory has to be negative because we spend first, and then we tax and sell bonds after., he says. Stanley: The big argument against MMT is that no, the banks are buying this from their own reserves. Those reserves were created by government spending in the first instance."
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