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 $19.95 US

"The federal government isn't going

to 'run out of money. ' ... All it takes
for the government to spend is to change
numbers up in bank accounts at its
own bank, the Federal Reserve Bank.
There is no numerical limit to how many
dollars our government can spend,
whenever it wants to spend This includes
making interest payments as well as
Medicare and Social Security payments.
It includes all government payments made
in dollars to anyone. . . . . This, however,
does NOT mean that the government can
spend all it wants without consequence.
Overspending can drive up prices and
fuel inflation. . . . It is to say that the
government can't go broke and can't be
bankrupt. There is simply no such thing. "

THIS quote takes on one of the greatest

obstacles, deemed "deadly innocent frauds,"
standing in the way of national prosperity.
Here, Warren Mosler identifies and debunks
seven entrenched ideas keeping the economy
in a downward trajectory. In this insightful
book, he exposes commonly-held beliefs,
such as "deficits leave the debt burden to
our children" and "Social Security is bro-
ken," to be economic myths. In addition to
correcting these mindsets, Mosler promotes
the restoration of the American economy
with practical and feasible proposals.
Along the way, he explains the operational
realities of the monetary system in clear,
(continued on back flap)
down-to-earth language; it is a pleasant
surprise that economics can be such a
lively subject at the pen ofWarren Mosler.

An entrepreneur and financial professional,

Warren Mosler has spent the past 37 years
gaining a true insider's knowledge of
monetary operations. He co-foundedAVM,
a broker/dealer providing advanced
financial services to large institutional
accounts, and the III family of investment
funds in 1982, which he turned over to his
partners at the end of 2007. He began his
career after graduating from the University
of Connecticut with a RA. in Economics
in 1971 and has been deeply involved
in the academic community, giving
presentations at conferences around the
globe and publishing numerous articles
in economic journals, newspapers and
periodicals. He also presides over Mosler
Automotive ( www.moslerauto.com),
which manufactures the Mosler MT900
sports car. His blog can be found at
WWlv. mosiereconomics.com.

PRINTED IN THE U.S.A.

"One of the brightest minds in finance." CNBC (6111/10)

"Warren Mosler is one of the most original and clear-eyed

participants in today's debates over economic policy."
JAMESGALBRAITH,FORMEREXEClITIVEDIRECTOR,JOINTECONOMIC
COMMITTEE AND PROFESSOR, THE UNIVERSITY OF TEXAS - AUSTIN

"I can say without hesitation that Warren Mosler has had the most
profoundimpacton our understanding ofmodem moneyand government
budgets of anyone I know or know of, including Nobel Prize winners,
Central Bank Directors, Ministers of Finance and full professors at
Ivy League Universities. It is no exaggeration to say that his ideas
concerning economic theory and policy are responsible for the most
excitingnew paradigm in economicsin the last30 years - perhaps longer
- and he has inspired more economists to tum their attention to the real
world ofeconomic policy than any other single individual."
DR. MATTHEW FORSTATER, PROFESSOR OF ECONOMICS, UNIVERSITY
OF MISSOURI - KANSAS CITY

"Warren is one of the rare individuals who understand money and

finance and how the Treasury and the Fed really work. He receives
informationfrom industry expertsfrom all over the world."
WILLIAM K. BLACK, ASSOCIATE PROFESSOR OF ECONOMICS & LAW,
UNIVERSITY OF MISSOURI - KANSAS CITY

"He [Warren Mosler] represents a rare combination: someone who

combines an exceptional knowledge offinance with the wisdom and
compassion required to get us an array ofpolicies that will bring us
back to sustainablefull employment."
MARSHALL AUERBACK, GLOBAL PORTFOLIO STRATEGIST, RAB
CAPITAL AND FELLOW, ECONOMISTS FOR PEACE & SECURITY

"In this book, Warren Mosler borrows John Kenneth Galbraith's

notion of 'innocent fraud' and identifies seven of the most
destructive yet widely held myths about the economy. Like
Galbraith, Mosler chooses to accept the possibility that the fraud
is unintentionial; resulting from ignorance, misunderstanding or,
most likely, from application of the wrong economic paradigm to
our real world economy. To put it as simply as possible, many of the
most dangerous beliefs about the way the economy functions would
have some relevance ({the U.S. were on a strict gold standard. Yet,
obviously, the u.s. dollar has had no link whatsoever to gold since
the break-up of the Bretton Woods system.
So what are the deadly (yet perhaps innocent) frauds? First,
government finance is supposed to be similar to householdfinance:
government needs to tax and borrow first before it can spend.
Second, today '.'I deficits burden our grandchildren with government
debt. Third, worse, deficits absorb today's saving. Fourth, Social
Security has promised pensions and healthcare that it will never
be able to afford. Fifth, the U.S. trade deficit reduces domestic
employment and dangerously indebts Americans to the whims (~{
foreigners - who might decide to cut (~tl the supply (~f loans that we
need. Sixth, and related to fraud number three, we need savings to
finance investment (so government budgets lead to less investment J.
And.finally, higher budget deficits imply taxes will have to be higher
in thefuture - adding to the burden on future taxpayers.
Mosler shows that whether or not these beliefs are innocent,
they are most certainly wrong. Again, there might be some sort o]
economy in which they could be more-or-less correct. For example,
in a nonmonetary economy, a farmer needs to save seed corn to
'invest' it in next year's rap. On a gold standard, a government
really does need to tax and borrow to ensure it can maintain a fixed
exchange rate. And so 011. But in the case ofnonconvertible currencv
(in the sense that government does not promise to convert at a fixed
exchange rate to precious metal or foreign currency), none (~f these
myths holds. Each is a fraud.
The best reason to read this book is to ensure that ,YOU can
recognize a fraud when you hear one. And in his clear and precise
style. Mosler "viii introduce you to the correct paradign to develop
an understanding of the world in which we actually live."
L. RANDALL WRAY, PROFESSOR OF ECONOMICS, UNIVERSITY OF
MISSOURI - KANSAS CITY, RESEARCH DIRECTOR, CENTER FOR
FULL EMPLOYMENT & PRICE STAHIUTY, SENIOR SCHOLAR, LEVY
ECONOMICS INSTITUTE, AUTHOR OF UNDERSTANDING MODERN
MONEY, THE KEY TO FULL EMPLOYMENT AND PRICE STABILITY AND
EDITOR, CREDITAND S1ATE THEORII,"S OF MONEY: THE CONTRIBUTIONS
OF A. MITCHELL INNES
 WRITINGS of WARREN MOSLER
(found on wwwmoslereconomics.com
and www.mosler.org)

The Seven Deadly Innocent Frauds of Economic Policy

GalbraithlWraylMosler submission for February 25

Mosler Palestinian Development Plan

Soft Currency Economics

Full Employment AND Price Stability

A General Analytical Framework for the Analysis of Currencies and

Other Commodities

The Natural Rate of Interest is Zero

2004 Proposal for Senator Lieberman

An Interview with the Chairman

The Innocent Fraud of the Trade Deficit: Who's Funding Whom?

The Financial Crisis - Views and Remedies

Quantitative Easing for Dummies

Tax-Driven Money
SEVEN DEADLY INNOCENT FRAUDS
OF
ECONOMIC POLICY

WARREN MOSLER

VALANCE CO., INC.

COPYRIGHT©Warren Mosler, 2010
Published by Valance Co., Inc., by arrangement with the author

www.moslereconomics.com
All rights reserved, which includes the right to reproduce this book
or portions thereof in any form whatsoever except as provided by the
U.S. Copyright Law.

Library of Congress Cataloging-in-Publication Data in progress for

ISBN: 978-0-692-00959-8

The text of this book is set in 12 pt. Times. Printed & bound in the U.S.A.

16 15 14 13 12 11 10 10987654321

FIRST IMPRESSION

VALANCE CO., INC.

CONTENTS

Foreword 1

Prologue 5

Overview 9

Introduction 11

Part I: The Seven Deadly Innocent Frauds 13

Fraud #1 13
Fraud #2 31
Fraud #3 41
Fraud #4 51
Fraud #5 59
Fraud #6 63
Fraud #7 67

Part II 69

Part III 99
 SEVEN DEADLY INNOCENT FRAUDS OF ECONOMIC POLICY

Foreword

Warren Mosler is a rare bird: a self-taught economist

who is not a crank; a successful investor who is not a blowhard;
a businessperson with a talent for teaching; a financier with a
true commitment to the public good.

We have co-authored testimony and the occasional article,

and I attest firmly that his contributions to those efforts
exceeded mine.

Many economists value complexity for its own sake. A

glance at any modern economics journal confirms this. A
truly incomprehensible argument can bring a lot of prestige!
The problem, though, is that when an argument appears
incomprehensible, that often means the person making
it doesn't understand it either. (I was just at a meeting
of European central bankers and international monetary
economists in Helsinki, Finland. After one paper, I asked a
very distinguished economist from Sweden how many people
he thought had followed the math. He said, "Zero.") Warren's
gift is transparent lucidity. He thinks things through as simply
as he can. (And he puts a lot of work into this - true simplicity
is hard.) He favors the familiar metaphor, and the homely
example. You can explain his reasoning to most children (at
least to mine), to any college student and to any player in
the financial markets. Only economists, with their powerful
loyalty to fixed ideas, have trouble with it. Politicians, of
course, often do understand, but rarely feel free to speak their
own minds.

Now comes Warren Mosler with a small book, setting out

his reasoning on seven key issues. These relate to government
deficits and debt, to the relation between public deficits and
 WARREN MOSLER

private savings, to that between savings and investment, to

Social Security and to the trade deficit. Warren calls them
"Seven Deadly Innocent Frauds" - taking up a phrase coined
by my father as the title of his last book. Galbraith-the-elder
would have been pleased.

The common thread tying these themes together is

simplicity itself. It's that modem money is a spreadsheet! It
works by computer! When government spends or lends, it
does so by adding numbers to private bank accounts. When it
taxes, it marks those same accounts down. When it borrows, it
shifts funds from a demand deposit (called a reserve account)
to savings (called a securities account). And that for practical
purposes is all there is. The money government spends doesn't
come from anywhere, and it doesn't cost anything to produce.
The government therefore cannot run out.

Money is created by government spending (or by bank

loans, which create deposits). Taxes serve to make us want
that money - we need it in order to pay the taxes. And they
help regulate total spending, so that we don't have more total
spending than we have goods available at current prices -
something that would force up prices and cause inflation. But
taxes aren't needed in advance of spending - and could hardly
be, since before the government spends there is no money to
tax.

A government borrowing in its own currency need never

default on its debts; paying them is simply a matter of adding
the interest to the bank accounts of the bond holders. A
government can only decide to default - an act of financial
suicide - or (in the case of a government borrowing in a
currency it doesn't control) be forced to default by its bankers.
But a U.S. bank will always cash a check issued by the US
Government, whatever happens.

2
 SEVEN DEADLY INNOCENT FRAUDS OF ECONOMIC POLICY

Nor is the public debt a burden on the future. How could

it be? Everything produced in the future will be consumed
in the future. How much will be produced depends on how
productive the economy is at that time. This has nothing to
do with the public debt today; a higher public debt today
does not reduce future production - and if it motivates wise
use of resources today, it may increase the productivity of the
economy in the future.

Public deficits increase financial private savings - as a

matter of accounting, dollar for dollar. Imports are a benefit,
exports a cost. We do not borrow from China to finance our
consumption: the borrowing that finances an import from
China is done by a u.s. consumer at a u.s. bank. Social
Security privatization would just reshuffle the ownership of
stocks and bonds in the economy - transferring risky assets
to seniors and safer ones to the wealthy - without having any
other economic effects. The Federal Reserve sets interest rates
where it wants.

All these are among the simple principles set out in this
small book.

Also included here are an engaging account of the

education of a financier and an action program for saving the
American economy from the crisis of high unemployment.
Warren would do this by suspending the payroll tax - giving
every working American a raise of over 8 percent, after tax; by
a per capita grant to state and local governments, to cure their
fiscal crises; and by a public employment program offering a
job at a modest wage to anyone who wanted one. This would
eliminate the dangerous forms of unemployment and allow us
to put our young people, especially, to useful work.

3
 WARREN MOSLER

Warren's heroes, among economists and apart from my

father, are Wynne Godley and Abba Lerner. Godley - a
wonderful man who just passed away - prefigured much of
this work with his stock-flow consistent macroeconomic
models, which have proved to be among the best forecasting
tools in the business. Lerner championed "functional finance,"
meaning that public policy should be judged by its results in
the real world - employment, productivity and price stability
- and not by whatever may be happening to budget and debt
numbers. Warren also likes to invoke Lerner's Law - the
principle that, in economics, one should never compromise
principles, no matter how much trouble other people have in
understanding them. I wish I were as a good at observing that
principle as he is.

All in all, this book is an engaging and highly instructive

read - highly recommended.

James K. Galbraith
The University of Texas at Austin
June 12, 2010

4
 SEVEN DEADLY INNOCENT FRAUDS OF ECONOMIC POLICY

Prologue

The term "innocent Fauci' was introduced by Professor

John Kenneth Galbraith in his last book, The Economics of
Innocent Fraud, which he wrote at the age of ninety-four
in 2004, just two years before he died. Professor Galbraith
coined the term to describe a variety of incorrect assumptions
embraced by mainstream economists, the media and, most of
all, politicians.
The presumption of innocence, yet another example
of Galbraith's elegant and biting wit, implies that those
perpetuating the fraud are not only wrong but also not clever
enough to understand what they are actually doing. And
any claim of prior understanding becomes an admission of
deliberate fraud - an unthinkable self-incrimination.
Galbraith's economic views gained a wide audience during
the 1950s and 1960s with his best-selling books, The AfJluent
Society and The New Industrial State. He was well connected
to both the Kennedy and Johnson administrations, serving as
the United States Ambassador to India from 1961 until 1963,
when he returned to his post as Harvard's most renowned
Professor of Economics.
Galbraith was largely a Keynesian who believed that
only fiscal policy can restore "spending power." Fiscal policy
is what economists call tax cuts and spending increases, and
spending in general is what they call "aggregate demand."
Galbraith's academic antagonist, Milton Friedman,
led another school of thought known as "monetarist." The
monetarists believe that the federal government should always
keep the budget in balance and use "monetary policy" to
regulate the economy. Initially, that meant keeping the money
supply growing slowly and steadily to control inflation and
letting the economy do what it may. However, they never
could come up with a measure of money supply that did

5
 WARREN MOSLER

the trick. Nor could the Federal Reserve ever find a way
to actually control the measures of money with which they
experimented.
Paul Volcker was the last Fed Chairman to attempt to
directly control the money supply. After a prolonged period
of actions that merely demonstrated what most central bankers
had known for a very long time - that there was no such thing as
controlling the money supply - Volckerabandoned the effort.
Monetary policy was quickly redefined as a policy of
using interest rates as the instrument of monetary policy rather
than any measure of the quantity of money. And "inflation
expectations" moved to the top of the list as the cause of
inflation, as the money supply no longer played an active
role. Interestingly, "money" doesn't appear anywhere in the
latest monetarist mathematical models that advocate the use of
interest rates to regulate the economy.
Whenever there are severe economic slumps, politicians
need results - in the form of more jobs - to stay in office.
First, they watch as the Federal Reserve cuts interest rates,
waiting patiently for the low rates to somehow "kick in."
Unfortunately, interest rates never seem to "kick in." Then, as
rising unemployment threatens the re-election of members of
Congress and the President, the politicians turn to Keynesian
policies of tax cuts and spending increases. These policies are
implemented over the intense objections and dire predictions of
the majority of central bankers and mainstream economists.
It was Richard Nixon who famously declared during the
double-dip economic slumpof 1973, "WeareallKeynesians now."
Despite Nixon's statement, Galbraith's Keynesian views
lost out to the monetarists when the "great inflation" of the
1970s sent shock waves through the American psyche. Public
policy turned to the Federal Reserve and its manipulation of
interest rates as the most effective way to deal with what was
coined "stagflation," the combination of a stagnant economy
and high inflation.

6
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