Wray, L. Randall - Levy Economics Institute - 2010
buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the …This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … first proposition because, if it were, that would mean that a particular good is buying goods. (3) Default on debt is …