I posted about a month ago that Ellen Brown was receiving by phone and email tutoring with the MMT/FF people at the Univ. of Missouri Kansas City. Chris Cook has apparently been reading Randal Wray's "Modern Monetary Theory" What is described is actually the practices that functional fiscal policy is based upon. That he does not credit the MMT/FF people seems odd. Tadit On Tue, 01 Nov 2011 09:42:56 -0400, robert searle <[email protected]> wrote:
Dear All, I just received an email the other day by Ellen Brown. authoress of the Web of Debt. It began with WOW as the content of my post just happened to synchronize with an article she was just going to write about fractional reserve banking as probably not being the system used in credit creation by banks. She connected this issue with Kucinichs NEEDS Act, and with AMI which notably popularised FRB. To help her I sent some links which I hope she will use from Steve Keen, and Chris Cook..She seems now to agree totally with them that banks when they create a loan quickly back it up with loaned money notably coming from other banks, and the Central Bank unlike FRB ... http://www.atimes.com/atimes/Global_Economy/MG27Dj02.html
http://www.atimes.com/atimes/Global_Economy/MH04Dj02.html
http://www.nakedcapitalism.com/2009/02/steve-keen-roving-cavaliers-of-credit...