Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
High-powered money is money that is valid for the settlement of taxes and central bank clearing. Unlike low-powered money, which is valid for the settlement of private debts.

High-powered money is created ex nihilo when the sovereign spends, and destroyed when the sovereign taxes.

Various sorts of low-powered money is created by various sorts of private lending.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Aug 14th, 2011 at 04:15:18 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

Sisyphean syphilis

by marco - Mar 26
22 comments

Movies

by DoDo - Mar 7
21 comments

Two ruins

by DoDo - Mar 14
7 comments

Greek MP Lapavitsas on Grexit

by Upstate NY - Mar 15
294 comments

Recent Diaries

Sisyphean syphilis

by marco - Mar 26
22 comments

Greek MP Lapavitsas on Grexit

by Upstate NY - Mar 15
294 comments

Two ruins

by DoDo - Mar 14
7 comments

Hello

by alexc - Mar 12
6 comments

Movies

by DoDo - Mar 7
21 comments

The new Greek government program

by talos - Feb 23
171 comments

More Diaries...

Occasional Series