Thank you Raymond for your interesting commentary.

“The mainstream research agenda cannot admit the possibility that governments print money to execute the budget democratically discussed and approved by their congresses. The mainstream economics states that government must issue Treasury bonds; only central banks can print money out of nothing – and they do so to buy bonds from the Treasury.”:

There is a very interesting historical precedent, whereby in the run up to the First World War, the mother of today’s central banking system (the Bank of England), got the British government to issue debt-free Treasury Notes, called the Bradbury Pound[1], which were backed by the credit of the nation. This emergency measure was done in order to prevent a run on the banks, because at that time physical currency could be exchanged for the precious metal commodity that backs/controls the mutant hybrid[2] commodity money system. Once this temporary threat was traversed, the government then dutifully terminated its issue of debt-free Treasury Notes, so that the nation would be forced to pay interest (tribute) to the commodity-money bankers for prosecuting this war. It seems that this recent historical precedent has been flushed down the memory hole.

NOTES:

[1] For information about the Bradbury Pound, see 2015 my LinkedIn article: A Nation’s Treasury can issue its own money; at: https://www.linkedin.com/pulse/nations-treasury-can-issue-its-own-interest-free-money-raymond-aitken

[2] For an explanation of what I mean by “the mutant hybrid commodity money system”, see my comment “[1] HYBRIDIZATION OF TWO MONETARY PARADIGMS” at: http://capital2016.weaconferences.net/papers/money-a-social-contract-or-an-invisible-hand-of-inverted-totalitarianism/#comment-31

Ok, Fernando. Thank you again for clarifying your points. Jonathan Barzilai’s paper just criticize without proposing solutions.

Fernando, thank you for clarifying your points.

I. I was talking of some standard representations of a Supply and Demand Diagram.
II. I quite agree that a supply and demand theory exists and also that supply and demand may be estimated.
III.The point was just that “economic “curves” are not curves except when the values of all but two of these variables are specified and fixed”.
In sum, a function of three variables is not a curve!

I. I was talking of some standard representations of a Supply and Demand Diagram.
II. I quite agree that supply and demand theory exists and that supply and demand may be estimated.
III.The point was simply that “Economic “curves” are not curves except when the values of all but two of these variables are properly specified and fixed”, Professor Jonathan Barzilai’s paper above page 2.