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I always get dizzy when I try to understand the monetary system. It seems insane. It really shouldn't work at all.

you use wrong/incomplete models to describe it (incidentally so do policymakers).

try http://en.wikipedia.org/wiki/Modern_Monetary_Theory for starters.

MMT has resurged recently in large part due to the evangelizing efforts of Warren Mosler. One of his intros to MMT for the layperson is "7 Deadly Innocent Frauds". For a counterpoint, here is a comprehensive refutation of 7DIF: http://conant.economicpolicyjournal.com/2010/10/refutation-o...

Haven't heard about Warren Mossler before, but yeah, he does seem pretty important figure in MMT circles.

But this so called refutation seems to be totally missing the point. No wonder - it's coming from Austrian. This is like asking Aristotelian about General Relativity. They're Universe apart.

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