Re: Mosler: seminar (fwd)

[Mathew Forstater <forstate@xxxxxxxx>]

>From Warren Mosler:


---------- Forwarded message ----------


---"William B. Ryan"  wrote:
>
> 1.  I had written:
>
> http://csf.colorado.edu/mail/pkt/jun98/0010.html
>
> "Mosler's thesis is that money, in every form and
from whatever source,
> derives its value from the imperative to pay taxes
in government issued
> 'currency.'"
>
> In response, Warren Mosler wrote:
>
> http://csf.colorado.edu/mail/pkt/jun98/0015.html
>
> "You are reading too much into the paper.  This
draft states that it is
> providing a framework for analyzing tax driven
currencies.  Not 'money'
> in general, whatever that is!"
>
> Literally, then, Mosler must be using the word
"currency" to mean
> currency, not as a metaphor for other forms of
money, including checking
> deposits.  If so, Mosler's argument becomes
ludicrously simplistic.
> Most transactions are conducted by checks or
electronic substitutes for
> checks.

Since you missed the point here I will comment only
on the
above and let the rest go.  Furthermore, if you don't
drop the cheap shots and ridicule, I will not comment
at all.

I will try to explain one more time.   The yen, US
dollar, mark,
etc. are currencies.    As Keynes once explained, 'the
money of account.'  Some currencies are tax driven,
such as the above.  Others may not be.   That
distinction
is my answer to the original question.

Warren Mosler>

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