Tuesday, May 03, 2011

Congratulations Scott Pelly

CBS: Scott Pelley named anchor of "CBS Evening News"

From Scott Pelly's interview with Federal Reserve Chair Ben Bernanke:
Asked if it's tax money the Fed is spending, Bernanke said, "It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed. It's much more akin to printing money than it is to borrowing."

"You've been printing money?" Pelley asked.

"Well, effectively," Bernanke said.

That, right there, captures the essence of Warren Mosler's book and Modern Monetary Theory. With any luck, Pelley will have a chance to develop that on CBS Evening News.

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