Money From Nothing
Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve
by Robert Hockett; Aaron James
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Pub Date 15 Sep 2020 | Archive Date 25 Sep 2020
Melville House Publishing | Melville House
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Description
When the government decides to spend money, it simply creates the necessary funds for itself--as if out of thin air. That's how we pay for interstate highways, post offices, wars, social services, and economic stimulus packages. If it's that easy to make money . . . can't we all get more of it? Absolutely. And we should.
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. And 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.
A Note From the Publisher
Contains a Plan for Pandemic recovery
Bob Hockett is the author The Green New Deal and advises Alexandira Ocasio Cortez on economic policy. He is a regular contributor to Forbes Magazine.
James is the author of the bestselling Assholes: A Theory
Advance Praise
"Breezy and entertaining, Money From Nothing brings history, philosophy and institutional common sense to show that our economic problems are not, for the most part, mysterious matters intrinsic to money, banking, deficits and public debt. One only wishes that the real difficulties—energy, environment, financial fraud, racism, globalization and the coronavirus—were so easy to resolve.” —James K. Galbraith, author of Inequality: What Everyone Needs to Know
“Climate Change and other global disasters do not care about your pet economic theory. They're coming. Ready or Not. Hockett and James reimagine how we should think about money, finally giving us the fiscal space to act decisively. If we do not listen to the call of this book, nature, not fiscal probity, will bat last.”—Mark Blyth, co-author of Angrynomics
"Grasping the meaning of money ain’t easy. Luckily, in Money From Nothing we have two amazing teachers, who laugh at themselves while seducing you into a deeper understanding of money as a social contract. Hockett and James are masters at their intellectual crafts, and damn fine wordsmiths. Read this book: a tour de force of candy for the brain!" —Paul McCulley, Retired Managing Director and Chief Economist, PIMCO; Senior Fellow, Cornell Law School; Adjunct Professor, Georgetown McDonough School of Business
"[An] illuminating and accessible guide to how the Federal Reserve could act to improve the economy and the lives of everyday Americans . . . a lucid and persuasive call for financial reform."—Publishers Weekly
"Timely . . . a heady proposal for a new social compact, with every point well worth debating . . . A wildly contrarian argument that contains many provocations—and some sensible solutions to big fiscal problems, too."—Kirkus Reviews
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Marketing Plan
National Trade and Business Media Campaign
Target national business publications like Inc., Fast Company, Fortune, Bloomberg Businessweek, Forbes
Target talking head TV appearances on CNN Money, MSNBC Morning Joe
Political coverage from The Nation, The Daily Beast, Salon, Politico,
Target national print reviews and features at The New York Times; Washing Post, Wall Street Journal, Financial Times, etc.
Podcast pitching at Death, Sex, and Money, Planet Money, Radical Personal Finance, Stacking Benjamins
NPR radio campaign including Morning Edition, All Things Considered, Weekend Edition
Op-ed placement at Slate, Money Magazine, Entrepreneur
Social media campaign including Reddit AMA and Twitter chat
Early ARCs Available for targeted Bookseller mailing
Position for academic adoption, targeting economics programs
Newsletter campaign to general audience (18K recipients), librarians (17K), booksellers (7K), and targeted academics
Available Editions
| EDITION | Other Format |
| ISBN | 9781612198569 |
| PRICE | US$27.99 (USD) |
| PAGES | 336 |
Available on NetGalley
Featured Reviews
Stephen G, Reviewer
It’s about monetary policy, not about printing money
I enjoyed this book. The authors discuss the history of money and carefully explain their version of modern monetary theory and its implications. The ideas expressed are very different from what I am used to hearing in the media and from politicians about government borrowing and deficits. The authors make a logical case for government deficits, including explaining and managing inflation. Through their careful explanations they’ve convinced me of the viability of their ideas. I also enjoyed their conversational tone. As frequently happens when I read good non-fiction, I was sad to say goodbye to the authors. I recommend this book for anyone interested in economics or monetary policy, but quite frankly, everyone should read this as fear of deficits is a prominent speaking point in politics.
Disclosure: I received a complimentary copy of this book via Netgalley for review purposes.
