What We Read Today 27 February 2014

February 27th, 2014
in econ_news, syndication

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

"There is no game in town other than gold, dollar and the CPI basket. We have to choose one. Inflation targeting anchors the Indian rupee to the price of the CPI basket."

Follow up:

  • Milton Friedman’s 1948 Functional Finance Proposal (L. Randall Wray, Credit Writedowns) Friedman's proposal derives from the work of Irving Fisher in the 1930s which essentially made the creation of money a government function by means of requiring 100% reserve banking. The Irving proposal was also a project of Henry Simons at the University of Chicago and their work is often referred to as the Chicago Plan. The system that was proposed was essentially to move the creation of money from mostly private bank credit to direct creation by the government, or what some have called debt-free money. See GEI Opinion, GEI News and GEI Analysis.

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