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Saturday, May 23, 2015

Book - The National Deb(i)t

I ran into this book from a link at Mike Norman Economics. The book is called The National Debit: Second Edition: How The Post-Gold-Standard, Modern Monetary System Really Works, by Edward J. Delzio. Mr. Delzio had a long career in the bond-broking business before publishing this book. It was just issued, and it appears to be an introduction to Modern Monetary Theory. The author has a web site here.

I have not read the book, and I would not be able to do so for a little while. It caught my eye, as it was recently published and it appears to cover a lot of similar topics as my upcoming report. It is always interesting to see how others would approach the same writing task (even though they could be viewed as competitors).

From my perspective, the difficulty with a book like this is how to offer a fresh perspective on the topic. Since I have not read The National Debit, I cannot comment how Edward Delzio dealt with this. In my case, the focus was on building an analytical arc towards the troublesome topic of "rollover risk" - the possibility of the bond market forcing the government to default. I have other works in progress, and they all seemed to stumble upon that topic. This prompted me to push the report "Understanding Government Finance" to the front of the queue to be published. This way the other works can just refer back to this report, and not be forced to include analysis that is tangential to those other reports.

(c) Brian Romanchuk 2015

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