
Never heard of Japhy Wilson nor his book (nor Bangor U).
https://www.versobooks.com/products/2370-jeffrey-sachs
Jeffrey Sachs is a man with many faces.
I don’t think so. I think he’s uncharacteristically candid for a person in his position. An open book, to the extent he can be given the things he’s heard in confidence. Either that or he’s the best liar in the world, because my BS detector is pretty good.



























Another thing that gives fiat money value (at least domestically) is that the state will only accept tax payments in its own currency. Those taxes, which remove money from circulation, also moderate inflation. The sovereign’s debt is the money in the economy[1], which is why it’s in no one’s interest for the sovereign to pay off its debt.
There’s also money created by private banks, with permission from the sovereign, by writing loans. ↩︎