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Thrilled to be on the op-ed page of the @FT! word limit was very tight (my 714 cut down to 615) so here follow a few explainers, expansions, further thoughts... 1/x
I was asked to write about mini-BOTS and assignats. Some would say they're complete opposites: assignats "backed" by land, #miniBOTs by nothing. But what gives money value isn't what's "behind" it but what's ahead--who will take it, for what 2/x
If #MiniBots are introduced, they will be circulate as a quasi-currency in parallel w euros. The anti-EU League Party is making vague #MMT anti #Austerity noises, but DO NOT BE FOOLED. A "parallel" voluntary money will not be good for ordinary people 3/x
