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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Rajiv Sethi: Macon Money, the Anti-Bitcoin | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="PCl9ZKUtbH"&gt;&lt;a href="https://www.nakedcapitalism.com/2013/04/rajiv-sethi-macon-money-the-anti-bitcoin.html"&gt;Rajiv Sethi: Macon Money, the Anti-Bitcoin&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2013/04/rajiv-sethi-macon-money-the-anti-bitcoin.html/embed#?secret=PCl9ZKUtbH" width="600" height="338" title="&#x201C;Rajiv Sethi: Macon Money, the Anti-Bitcoin&#x201D; &#x2014; naked capitalism" data-secret="PCl9ZKUtbH" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Rajiv Sethi, Professor of Economics, Barnard College, Columbia University. Cross posted from his blog  One of Kati London'sprojects is Macon Money. This simple experiment, amazingly enough, sheds light on some fundamental questions in monetary economics, helps explain why conventional monetary policy via asset purchases has recently been so ineffective in stimulating the economy, suggests alternative approaches that might be substantially more effective, and speaks to the feasibility of the Chicago Plan (originally advanced by Henry Simons and Irving Fisher, and recently endorsed by a couple of IMF economists) to abolish privately issued money.</description></oembed>

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