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Credit, Currency and Other Animals | 78 comments (78 topical, editorial, 0 hidden)
Keeping score (4.00 / 2)
Warren Mosler: MMT to Congress: You are the scorekeepers for the US dollar, not a player! (July 30th, 2011)
That correct analogy is between scorekeepers in card games and your role as scorekeeper for the US dollar.

As scorekeeper in a card game, you keep track of how many points everyone has.
You award points to players with winning hands.
You subtract points from players with losing hands.

So as the scorekeeper, let me ask you:

How many points do you have?



Finance is the brain [tumour] of the economy
by Carrie (migeru at eurotrib dot com) on Thu Sep 5th, 2013 at 04:57:19 AM EST
[ Parent ]
Re: Keeping score (none / 0)
What exactly does a $ point represent?

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Thu Sep 5th, 2013 at 02:16:00 PM EST
[ Parent ]
Re: Keeping score (none / 1)
Nothing. It's fiat money after all. That's why using it as a unit of account is not deflationary.

Finance is the brain [tumour] of the economy
by Carrie (migeru at eurotrib dot com) on Fri Sep 6th, 2013 at 03:26:19 AM EST
[ Parent ]

Credit, Currency and Other Animals | 78 comments (78 topical, 0 editorial, 0 hidden)
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