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Scott Jones Keynesian School won the government appeal, because unlike Austrian Economics, Keynesian offered policy prescriptions, whereas Austrians advised no government intervention. Don’t think FEE understands how the the monetary system work. Here’s a simple explanation for them. Hope they get it:
It is a slow day in the small Kentucky town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit. A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night. As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay her debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer. The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local plumber, who had to put up his in-laws in the hotel. The plumber rushes to the hotel and pays off his room bill with the hotel owner.
The hotel owner then places the $100 back on the counter so the traveler will not suspect anything. At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything. However, the whole town is now out of debt and looks to the future with a lot more optimism. I’m sure you realize this is an exercise used to make people understand why current monetary system doesn’t work , but is easy to peddle to the masses. At first blush you say great but just a little analysis shows the flaws. “Carlos Bondone’s monetary theory clasiffies fiat currency as Irregular Credit Currency, that is, it is a credit where the present economic good that cancels the debt is not specifed or its quality or its quantity or its due date. … -Money: Present economic good used as currency (wheat, gold, silver, etc).”