Author Description

"This groundbreaking work on public finance shows us how we can rebuild our economy and restore the American promise of prosperity for all... When the government decides to spend money, it simply creates the necessary funds--as if out of thin air. That's how we pay for interstate highways, post offices, wars, social services, and economic stimulus packages. So, if it's that easy to make money... can't we all get more of it? Absolutely. And we should. At least, so argue financial regulation expert Robert Hockett and bestselling philosopher Aaron James in this eye-opening, irreverent, and inspiring exploration of what the dollar really is. Better still, they show how we can build an economy that works for everybody without unwanted taxes and added regulations. In the process, we learn how disingenuous the political rhetoric surrounding inflation can be, how the demonized concept of the deficit is really just another way of tallying our collective national wealth, and how a strong central bank could free us from the abuses of private banking. With broad historical background and ambitious yet practical institutional proposals, Hockett and James offer a new vision of public finance--people's banking for a people's economy. Armed with this new outlook, we can even stop worrying debt and learn to love a strong, accountable, and transparent Federal Reserve as a cornerstone of our democracy"--Dust jacket flap.