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Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free 4th Edition, Kindle Edition
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About the Author
- ASIN : B0057IS4RQ
- Publisher : Third Millennium Press; 4th edition (21 June 2011)
- Language : English
- File size : 1061 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 547 pages
- Best Sellers Rank: 634,887 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
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Top reviews from Australia
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This book needs a chapter on sectoral balances to more clearly explain the money circuit after the work of Professor Wynne Godley.
Another point is a description of the voluntary government budget constraints that the government has imposed on itself such as matching deficit spending with government bonds and also the debt ceiling. All just laws imposed voluntarily that could be removed just as easily with an act of congress. These things are operationally not required and the government can always spend and does so every time it pays a bill by instructing that a bank account be marked up.
Taxes and bonds do not fund the national government but they do control inflation by destroying dollars and removing buying power. This is another important point that needed to be made.
Banks are capital constrained but not reserve constrained. Fractional reserve lending does not exist in a modern monetary system, the Fed will always advance reserves on demand when a bank makes a loan. Loans create deposits and generate reserves at the Fed.
Top reviews from other countries
Now to the point of this review, which is not so much a reflection on the substance of this work, as a heads up regarding the new 5th (January 2012) Edition. A university librarian once told me that publishers generally only bring out a new edition of a work if there is at least 10% new content. That is not the case with the latest `Web of Debt'. I have not been able to discern any difference at all between the new edition and the previous 4th (March 2010) edition. The covers and blurb are the same, the chapter headings, the total number of pages and the pagination are the same. Even the `Author's Note to the Fifth Revised Edition' is a word for word copy of the `Author's Note to the Fourth Revised Edition'. It may be that if I read through the entire 544 pages of both editions in tandem, I might find some subtle revision or correction. Which I suspect is unlikely to be anything significant enough to shell out for. Do correct me if I am wrong!
I got my new copy to keep abreast of Ellen Brown's latest thinking in this area, but I was disappointed by this apparently pointless new edition. Yet it wasn't really a waste of cash - now I can help spread the word by passing one on. Either one -they're equally relevant.
Before this book politicians and economists did not know what they now pretend they knew all along!