Finally got around to listening to this and it is excellent. The discussion of the community reinvestment act you never realized you needed.
What I especially appreciated about @rmarchiel's analysis is it shows why a digital fiat currency is politically so important. A point that strangely @BCoeure made with @TheStalwart @tracyalloway on oddlots.
That is, people's ideas about what money is and what they can demand of money design, in the absence of intense historicized monetary education, is often determined by the immediate materiality of money. When money is a bank deposit, it is seen as inherently private.
The only claim that @rmarchiel's CRA activists thought they could make was as depositors. They "deposited" community funds, and thus there should be community lending. This was a limited political vision, destroyed by volcker.
If instead they encountered the currency as simply a government liability and banks as franchises delegated the authority to authorize the creation of new digital fiat currency, their experience would be completely different even without the deeply historicized monetary education
This is why "it would work the exact same way" misses the point completely. Even if it were true, which it's not, that fact is politically important. The pedagogy of money matters to the democratization of money. @rmarchiel's work is part of that growing scholarly tapestry.
And ofc- read my colleagues @RaulACarrillo @rohangrey on fintech and public options for money as well as digital fiat currency.

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More from @NathanTankus

7 Oct
Something I've been thinking a lot about lately is people have kept on looking for some "replacement" for the dollar. First the Euro, then the Yen, sometimes some gold-backed (or oil backed?) middle eastern currency. Sometimes Bancor/SDRs, nowadays the Yuan (a decade ago BRICs).
but replacing the dollar doesn't make sense without the political shift to a new hegemon and for all the talk (both real and imagined) of the U.S.'s relative decline there's just nothing like it. Moreover, we DON'T WANT a New Hegemon. That would suck.
Equalizing the world will mean actually moving to a world without a hegemon. But it won't look "multipolar" in the sense of the early 21st century of multiple "major currencies". It will be a world of more distributed power- a world of swap lines as alliance politics.
Read 6 tweets
2 Jul
I really appreciate this very, very generous profile from @petercoy but I do want to disagree with the headline, which is reinforced by the article. I do have a credential- the intersection of my whiteness, maleness and cisness. 1/N
That I'm a white cis male who dresses in dress shirts and dress slacks(and have done so since I was 19)has given me a passport into conferences,events and more.I crashed conferences without paying during high school that I would have been barred from if I looked any other way 2/N
IN 2010 I attended a mainstream economics PhD students conference where students presented their job market papers and I asked basic questions about their assumptions and methodology. That would not have been tolerated if I didn't have all those "credentials" 3/N
Read 21 tweets

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