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HOW DOES MONEY WORK?
We approach macroeconomic issues as legal realists, asking two critical questions: What is money? and How does money work? Our symposia and learning materials promote the insight that the US Government, along with other governments with fiat currencies and floating exchange rates, cannot “go broke.” That is, such governments face price stability constraints, but not solvency constraints per se. Thus there is no macroeconomic reason for current austerity measures.