Start reading The 7 Deadly Innocent Frauds of Economic Policy on the free Kindle Reading App or on your Kindle in under a minute. Don't have a Kindle? Get your Kindle here.
OR
with Kindle Unlimited

Deliver to your Kindle or other device

Enter a promotion code
or gift card
 
 
 

Try it free

Sample the beginning of this book for free

Deliver to your Kindle or other device

Sorry, this item is not available in
Image not available for
Color:
Image not available

To view this video download Flash Player

 

The 7 Deadly Innocent Frauds of Economic Policy (MMT - Modern Monetary Theory Book 2) [Kindle Edition]

Warren Mosler
3.7 out of 5 stars  See all reviews (44 customer reviews)

Print List Price: $19.95
Kindle Price: $1.00
You Save: $18.95 (95%)
 
Kindle Unlimited Read this title for free and get unlimited access to over 700,000 titles. Learn More

If you buy a new print edition of this book (or purchased one in the past), you can buy the Kindle Edition for FREE. Print edition purchase must be sold by Amazon. Learn more.

Formats

Amazon Price New from Used from
Kindle Edition $1.00  
Hardcover $16.40  
Kindle Business Book Daily Deal
Today only, Dave Ulrich's "The Why of Work" is on sale for only $1.99. Shop now

Book Description

The Author has been called "one of the smartest men in finance." CNBC 2010
* "Innocent Frauds" is a term that noted economist Kenneth Galbraith coined in his book, The Economics of Innocent Fraud, to describe frauds inherent in corporate dominated economic life - some innocent and some less so.
* It was not based in legal terms, but on what he saw as a divergence between "approved belief" and "what was reality".
* Galbraith's book was published 5 years before The Matrix movie. The Matrix explored the concepts of discovering the reality/truth versus the approved indoctrinated belief.
* Warren Mosler, called by many as the "Morpheus of Modern Money", explains in this book seven major economic "Innocent Frauds" that will shock you, because it will challenge everything that you have learnt and read about economics.
* For example, the notion that deficits are bad for the economy and the population, when in fact close examination reveals that government deficits are private sector savings, to the penny. Also taxes are not needed to support deficits.
* Click on the book cover and read the Introduction. Take the "red pill" and journey down the rabbit hole and find out the truth about money, deficits and monetary policy.
* Once you discover the truth, you will feel empowered, freed forever from deficit mythology and fear-mongering. THE TRUTH OF OUR TIME.
Some of what you will learn in the rabbit hole is that: 
  • The U.S can never go bankrupt unless that is what congress decides to do. It can never fail to make social security payments or any other type of payment in its own currency. 
  • The government does not need to raise taxes nor borrow to spend, as spending is revenue neutral. In fact, the government has to spend before it can or borrow.
  • Deficits are not a Freddy Krueger that murders the economy and steals its money. 
  • Because deficits =  private sector savings to the penny, deficits do not take money away from entrepreneurs and the private sector.


Editorial Reviews

From the Author

I m in Zurich on March 25 at the Park Hyatt Grand Ballroom at 4 p.m. making a presentation at the CrossRoads Workshops on Emerging markets and the Decadence of the European Model. If you want to meet, pop on by.
This book was written for the general public. This book contains a small biography that shows how I learnt about monetary operations by trading and making money versus getting a doctorate in economics. It is probably the reason why I could see it from "outside of the box". If you are looking for a more detailed economic analysis, have a look at my other book Soft Currency Economics - the little book that could ...
Any professors or TV hosts that read any of my books, I am available to debate the issues raised in my books. Contact information is in the books.

From the Back Cover

<h2>What others are saying about Warren Mosler:</h2>
"One of the brightest minds in finance." CNBC (6/11/10)

"Warren Mosler is one of the most original and clear-eyed participants in today's debates over economic policy." James Galbraith, Former Executive Director, Joint Economic Committee And Professor, The University Of Texas - Austin

"In this model of clarity, Warren Mosler debunks (in his own words) so many of the 'innocent frauds' that have contributed to our current economic and social malaise. More importantly, Mosler is no Ivory Tower academic. He has been a highly successful money manager, and his characterization of our modern monetary system is spot on: Mosler far more accurately depicts market realities than any of the self-styled "mainstream" economics textbooks, which dominate in the halls of academe, and in the corridors of power in Washington, Brussels, and Asia. This book should not only become mandatory reading for students of economics, but any policy maker who truly wants to deal with the grave disasters engendered from years of "reading from the wrong playbook" Marshall Auerback, Director Institute For New Economic Thinking, Pinetree Capital Portfolio Strategist, Fellow For The Economists For Peace And Security, Research Associate, Levy Institute.

"I can say without hesitation that Warren Mosler has had the most profound impact on our understanding of modern money and government budgets of anyone I know or know of, including Nobel Prize winners, Central Bank Directors, Ministers of Finance and full professors at Ivy League Universities. It is no exaggeration to say that his ideas concerning economic theory and policy are responsible for the most exciting new paradigm in economics in the last 30 years - perhaps longer - and he has inspired more economists to turn their attention to the real world of economic policy than any other single individual." Dr. Matthew Forstater, Professor Of Economics, University Of Missouri - Kansas City

"Warren is one of the rare individuals who understand money and finance and how the Treasury and the Fed really work. He receives information from industry experts from all over the world." William K. Black, Associate Professor Of Economics & Law, University Of Missouri - Kansas City

Product Details

  • File Size: 662 KB
  • Print Length: 117 pages
  • Simultaneous Device Usage: Unlimited
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B00BGWOXEK
  • Text-to-Speech: Enabled
  • X-Ray:
  • Lending: Enabled
  • Amazon Best Sellers Rank: #230,551 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
  •  Would you like to give feedback on images?.


Customer Reviews

Most Helpful Customer Reviews
23 of 28 people found the following review helpful
5.0 out of 5 stars Remarkable! Unnerving! Hit's the Bullseye! October 5, 2010
By Steve M
Format:Hardcover
This counterintuitive analysis is brilliant! The reader must put aside all he knows and believes how the economy works. Readers should not try to fit Warren's model into the model of macroeconomics in their mind. There will be too much conflict.

The reader must read this with an open mind not trying to reconcile the macroeconomic model in the book to what he has mislearned through the years.

Such thoughts as "federal spending is not revenue constrainted" seem impossible unless you change your mental macroeconomic model. After you accept the book's economic model then try to find flaws as it applies to the current state of affairs--not how it conflicts with other economic models. You will be amazed! Warren is right!

The book is for the non economist, yet economists who read it will find no flaws in the analysis.

We would all be better off if politicians, their staff and the media read how the 7 deadly innocent frauds are crippling our economic recovery.

Three cheers for this short, timely, insightful, easy to read unmasking of the wrong road our economic leaders are taking us!
Comment | 
Was this review helpful to you?
19 of 23 people found the following review helpful
5.0 out of 5 stars This book needs to be read by every sentient American November 8, 2011
Format:Hardcover|Verified Purchase
Someone get this book to the President of the United States.

I read the free copy that is available online. I am buying two of these books today. One goes to my congressman. This book is that important.

Years ago, a mathematician/physicist who created software in the early 90s for derivatives on Wall Street told me exactly the same thing as Mosler. He chuckled at how "stupid" Americans are about the economy, that they couldn't see or accept what was right in front of their eyes. He said: money is software, and that the smartest guys on Wall Street know that the only thing they need to do is remove the regulations and they're home free. Why? Because we're the reserve currency and we control reserve accounting. Regulations, he told me, were public policy for the benefit of the American people. Getting rid of them was Wall Street's number one goal, then they could all operate globally and no one could touch them. He said deregulation turned Wall Street into a better casino than anything Vegas had to offer because Wall Street controlled the 'house'. He even wrote a paper about it called "The End of Ordinary Money," if you can find it online. (With Google's new controlling algorithm, I doubt you can.) Regulation is public policy, and smart policy represents our country's values. Get rid of them, and you can rob the bank. Legally.

Too bad I didn't really pay attention to what he was saying. Reading Mosler's book brought it all back to me. Mosler, however, believes in principled use of public money. He believes in the idea that the economy is supposed to serve the people, be subservient to it. What his book is about is educating you and me to the basics of how money works after the gold standard was dropped.
Read more ›
Comment | 
Was this review helpful to you?
7 of 8 people found the following review helpful
5.0 out of 5 stars The most important book in my life June 16, 2011
Format:Hardcover
It describes how nowadays US monetary system really operates.

Why do our paper US dollars have value at all? They are not backed by gold or any other commodity anymore.

Is the US federal government really the same as household or a business?

Do we really depend on China or any other country to fund our spending?

Do we really have to cut Social Security?

What is the real benefit - export or import?

How can we erase unemployment?

This book should lie on the desk of the US President and all our representatives in Congress.

Enjoy!
Comment | 
Was this review helpful to you?
12 of 15 people found the following review helpful
5.0 out of 5 stars This is a MUST READ for all Americans!! October 26, 2010
Format:Hardcover
This book was amazing!! This will open your eyes to the truth about our US Monetary System. All Americans should read this. A system created to be so complicated, is real easy to understand with this book.
Comment | 
Was this review helpful to you?
16 of 21 people found the following review helpful
5.0 out of 5 stars The Truth About Our Monetary System April 19, 2011
Format:Hardcover
Warren Mosler does an excellent job of describing our modern monetary system.

He challenges and dismantles the incorrect conclusions (innocent frauds) people reach by thinking of the national (currency issuing) government as a household.

A great book that should be required reading for every citizen.
Comment | 
Was this review helpful to you?
6 of 7 people found the following review helpful
3.0 out of 5 stars Brilliance with Deadly Flaws November 15, 2013
Format:Hardcover|Verified Purchase
This book has flashes of brilliance mixed with disastrous error.

Let's start with what is right. Most people would say something along the lines of "The federal government is supported by income taxes in various forms and other taxes." Mosler shows this is absolutely false, a counter-intuitive and essential insight needed to think clearly about how America's ongoing and historic economic disintegration could be arrested and prosperity rebuilt.

That "taxes fund federal government spending" is thinking that was true under the gold standard but, since 1971, has not actually been true. For thousands of years, when money was bullion, governments had to tax to get it. But according to Mosler in his Modern Monetary Theory, in post-Bretton Woods USA and in other monetarily sovereign states, that is no longer what is happening. A monetarily sovereign government issues its own money like an author issues words, like a stadium issues points. A check from the US government will never bounce. Taxes now exist to remove aggregate purchasing power from the economy so as to prevent inflation, but taxes are not actually funding the government, nor is there any federal debt crisis, since all federal debts are payable in dollars. A secondary role of taxes in a monetarily sovereign economy, according to MMT, is to give the currency value in the sense that taxes must be paid in that currency and therefore the currency must be obtained by taxpayers, preventing some other currency from replacing it.

That much of MMT makes sense to me, not even as theory but as real description of what is happening.
Read more ›
Was this review helpful to you?
Most Recent Customer Reviews
2.0 out of 5 stars Not my kind of book. I am not enough ...
Not my kind of book. I am not enough of an economist to give an opinion, but after reading this book, I never got a warm and fuzzy feeling about the book or the topic. Read more
Published 4 days ago by Dwight
4.0 out of 5 stars We chose this for a book discussion group, and ...
We chose this for a book discussion group, and it led to lively discussion. None of us there was an economist, and so we had lots of questions.
Published 4 days ago by Crumpy
4.0 out of 5 stars Four Stars
It gives an interesting point of view about the economic reality of our time
Published 12 days ago by Amazon Customer
3.0 out of 5 stars Don't know how many times i scratched my head while reading this book
Though never heard of the author before this book, must admit his track record is very respectable. Liked very much that he gave a chronology of his professional life. Read more
Published 25 days ago by Csaba CSIKOS
4.0 out of 5 stars MMT for Dummies
The book is a brilliant and lucid exposition of modern monetary theory. The idea of a government "running out of money" is ludicrous and there are far worse things than deficits. Read more
Published 1 month ago by Adam Alonzi
4.0 out of 5 stars Read a review of his other book. Read the ...
Read a review of his other book. Read the larger book with the most pages. They are the same for the most part.
Published 1 month ago by Anne M. Eustace
2.0 out of 5 stars Two Stars
Fluff, fluff and more fluff
Published 2 months ago by Zapata
5.0 out of 5 stars An alternative but proper view on economics
I gave this book 4 stars since the book is exceptional on so many levels. 

It is always refreshing when you hear new ideas and views opposite from the statements which... Read more
Published 4 months ago by ivor
4.0 out of 5 stars Great explanation of MMT - Writing style could use improvements
First of all I would like to begin with my appraisal for Warren Mosler and his MMT theory. In this book Warren explains reserve accounting with very simple words that can be... Read more
Published 6 months ago by Ioannis Angelos
5.0 out of 5 stars Learn why the George Bush administration felt comfortable lowering...
The concepts are sound and explained clearly. Too bad the GOP agrees with the concepts if they want to lower taxes for the elite earners but not to keep food on the table for the... Read more
Published 7 months ago by E. Alexander
Search Customer Reviews
Search these reviews only

More About the Author

I have a strong background in finance and fixed income trading,and have been responsible for developing a heterodox school of economics called Modern Monetary Theory (MMT).

Unemployment is totally unnecessary. A hour of unemployment is an hour of productivity lost forever. This should not happen. I would offer a job to everyone who wanted a job with no "ifs and buts".

My financial background is extensive. I was a founder of the III investment companies, which had been the number one ranked fund by MAR in risk adjusted returns for the 10 years previous to when I turned control over to my partners in 1997. I originated the 'mortgage swap' and in 1996 orchestrated the largest futures delivery to date (over $20 billion notional) in Japan. I have developed the only trading interest rate swap futures contract (in operational terms). I say in operational terms because my product and process was to eliminate the risk and lack of transparency of the existing market by having a centralized clearing system.

Since I was a kid I have always loved speed. I love to build and race cars. Those of you from South Florida will know me from making bets with anyone who believed that they had a car that could beat mine. I designed my cars with the simple solution which was to make it lighter. My car has evolved into the MT900 which has been a very successful racing car in Europe. http://www.moslerauto.com/

Today, I spend my time educating people on economics and how monetary and fiscal policy really operates. My background led to a true understanding about what is money, how it is created, about banking and how the Federal Reserve controls interest rates not money supply.

www.softcurrencyeconomics.com

What Other Items Do Customers Buy After Viewing This Item?


Forums

Have something you'd like to share about this product?
Start a new discussion
Topic:
First post:
Prompts for sign-in
 


Search Customer Discussions
Search all Amazon discussions

Look for Similar Items by Category