This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …

production system. Only a radical maximization of the reserve requirements and a systemic separation of money from credit in …

New international crises are just over the horizon without some dramatic money and banking reforms …

: resources that are optimally supplied as integrated systems. The monetary system is such a resource; and money creation is the …