Modern Monetary Theory and its Critics by Edward Fullbrook & Jamie Morgan

Author:Edward Fullbrook & Jamie Morgan [Fullbrook, Edward & Morgan, Jamie]
Language: eng
Format: epub
Publisher: WEA
Published: 2020-02-25T05:00:00+00:00

Returning to Wray, I might note that the claims made that “money is debt” and “money is always debt” are not identical, though both, I shall suggest, are erroneous. The only sense in which money can ever be said to be debt / credit, I shall be arguing, is similar to that in which the US President could once (but can no longer) be said to be Barack Obama. Of relevance here is that the US President is empowered and obliged to act in ways that ex-president Obama is not. Fundamental to this is that US President is a term used for both a position (or office) and a positioned occupant, and that the presidential rights and obligations are not brought to the position by any individual but rather are properties tied to the presidential position itself and accessed by its occupant. Obama was never other than a contingent and temporary occupant of the position, who accessed the presidential position rights and obligations only when he was positioned / constituted as US President.

In similar fashion, or so I shall be arguing, there exists in any community the position of money, and so typically a positioned occupant, or money itself, the primary uses of which are not due to any properties possessed by the kinds of thing that contingently occupy this money position (the current occupants indeed being forms of debt) but are determined by community agreed related rights and obligations that fall on all community participants and apply only at the level of money itself.

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