Money From Nothing

Description

From Alexandria Ocasio-Cortez's economic advisor Robert Hockett and bestselling philosopher Aaron James comes a probing exploration of what the dollar really is (even some economists misunderstand or ignore it) and how its power can be harnessed to create the shared prosperity that has always been the great promise of American democracy. After fifty years of stagnating wages and the ever-growing gap between the rich and the rest of us, many Americans believe that their government and their society have broken faith with them. Hockett and James aim to repair and renew our fraying social contract by showing how money itself can restore shared prosperity and protect democracy against the rising tide of authoritarianism. To address these problems, MONEY FROM NOTHING lays out a new vision of money and public finance, without the wonky policy arguments that make even the educated reader's eyes glaze over. Most importantly, the bold plan laid out here-which includes the Federal Reserve putting real money directly into the bank account of each and every citizen-avoids the pitfalls of unwanted taxes, added regulation, and increased inflation.

Bob Hockett has first-hand experience working at the International Monetary Fund and the Federal Reserve Bank of New York, and continues to consult for a number of US federal, state and local legislators and regulators. He drafted Rep. Alexandria Ocasio-Cortez's "Green New Deal" resolution for the House of Representatives and officially advises her on economic policy. Bob is also Edward Cornell Professor of Law and a Professor of Public Policy at Cornell University, Senior Counsel at Westwood Capital (a socially responsible investment bank), and a Fellow of The Century Foundation (a think tank). He's a regular contributor to Forbes magazine, where he covers finance, economics, law and justice. Aaron James holds a PhD from Harvard and is professor of philosophy at the University of California, Irvine. He is the author of Fairness in Practice- A Social Contract for a Global Economy, the bestselling Assholes- A Theory, Assholes- A Theory of Donald Trump, Surfing with Sartre and numerous academic articles. He was awarded a Burkhardt Fellowship from the American Council of Learned Societies and spent an academic year at the Center for Advanced Study in the Behavioral Sciences at Stanford University.

"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