To be clear, what I have written is unorthodox (heterodox) economics based on modern monetary theory (MMT), so it’s not mainstream understanding of how the economy works, but I have got to say it’s the most accurate prediction (and quite honestly, makes far more sense that neoclassical theory) of how the economy has managed to behave so far.
For basic understanding of MMT, I recommend Stephanie Kelton’s The Deficit Myth as a primer for how money works. For dollar hegemony, anti-imperialist geopolitical takes and how the monetary policy results in banking crisis, read Michael Hudson’s work on the subjects. He had plenty of articles last year talking about how the high interest rates raised the risk of banking crisis that precipitated in the Silicon Valley bank collapse.
To be clear, what I have written is unorthodox (heterodox) economics based on modern monetary theory (MMT), so it’s not mainstream understanding of how the economy works, but I have got to say it’s the most accurate prediction (and quite honestly, makes far more sense that neoclassical theory) of how the economy has managed to behave so far.
For basic understanding of MMT, I recommend Stephanie Kelton’s The Deficit Myth as a primer for how money works. For dollar hegemony, anti-imperialist geopolitical takes and how the monetary policy results in banking crisis, read Michael Hudson’s work on the subjects. He had plenty of articles last year talking about how the high interest rates raised the risk of banking crisis that precipitated in the Silicon Valley bank collapse.