Found in 2 comments on Hacker News
epistasis · 2022-04-10 · Original thread
The broadest audience book is probably Kelton's The Deficit Myth:

https://www.goodreads.com/book/show/45731395-the-deficit-myt...

If you want a deeper dive in audio form, I really liked the MMT podcast sub-series embedded in Current Affairs' bird seed podcast. However they spend so much time on the basics and the "controversy" that they only focus on the central banking aspect of it; the critics they bring on are so bad at critiquing it that MMT really come out looking good. There are two aspects:

1) here's how money works with a central bank and what it means about, for example, US government "debt"

2) now that we have these concepts of money, and observe how monetary policy has been used to keep a pool of unemployed people, let's instead try to get full employment with a job guarantee to increase economic productivity.

I am compelled by (2) but it's not as essential as understanding (1) IMHO.

MMTers also tend to focus on government (sometimes called vertical) money creation, and pay much less attention to bank creation of money (sometimes called horitzontal), because MMTers are focusing on monetary policy by currency sovereigns. But horizontal money is super important to understanding economic cycles too. A really good book about this, that focuses on the intricacies of the UK banking system to prove its points, is Where Does Money Come From:

https://www.amazon.com/Where-Does-Money-Come-Ryan-Collins/dp...

Rerarom · 2019-12-16 · Original thread
There's something I don't get about endogenous money vs. fractional reserve. Namely, the factual claims.

So fractional reserve says that money is created by loans between banks as restricted by the money multiplier and endogenous money says that banks can create unlimited money. [1]

My question is not which of these is true but rather how can this be under dispute? Aren't the workings of banks established by laws and regulations? Can't one just ask the relevant people what are they actually doing?

[1] https://www.amazon.com/Where-Does-Money-Come-Ryan-Collins-eb...

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