[AG-GOuFP] Mehrling on MMT

[Thomas Weiß <Weiss-Tom AT gmx.de>]

Hey AG!

Hab gerade ein nettes Paper von Mehrling gefunden, in dem er einige 
Ansichten der MMT kritisiert (er bezieht sich auf Randall Wray's 
"Understanding modern money:...").

http://cas.umkc.edu/economics/people/facultyPages/wray/courses/Econ601%202012/readings/Mehrling%20Fiat.pdf

Zitat:
"Monetary systems are always hierarchical, with the best quality debts 
circulating as money to clear lesser-quality debts. The important point 
is that "quality" in this context is not primarily about default risk, 
but rather about the pattern of payments. Liabilities that are 
default-free may make good investments for the risk-averse, but they do 
not make very good money unless a large number of people need to make 
regular payments to the issuer of the liabilities. The problem that 
there may be no such individual in the economy is the principle obstacle 
standing in the way of a purely private monetary system. It is this 
obstacle that banking overcomes."