What is Monetary Realism (MR)?
Monetary Realism (MR) is a set of understandings that help to describe how the monetary system functions (see here for our full primer). This sytem is deep, complex and often misunderstood. We hope to bring balance and objective insights to the discussion in order to clarify many of the misconceptions about money, economics and the monetary system. Our goal with MR is to focus on the core operational realities of the economy while any policy ideas are entirely peripheral to MR.
Our mission here is to provide an unbiased and apolitical (as best that can be achieved!) perspective of the monetary system. We want to educate the public so that they can obtain a better understanding of the system and make more informed decisions. In keeping with this educational approach we hope the reader will not be afraid to offer their own policy ideas, critiques of MR and utilize the comments for furthering education.
MR was established in 2011 by Cullen Roche, Michael Sankowski, Carlos Mucha, Brett Fiebiger and JKH (who can’t be named for professional reasons). We are primarily market practitioners who have come to the conclusion that most economists just don’t understand the financial world as well as most people think. Through our extensive real-world understanding in banking, futures markets, law and investment management we have developed an “in the trenches” view of the monetary battle field. We have developed MR in large part to try to develop a more realistic and pragmatic view of the monetary system and the world of money by viewing it thru the lens of operational understandings as opposed to the theoretical and often flawed perspective that economists teach.
To obtain a better understanding of Monetary Realism we recommend the following reading (some of which is quite advanced):
* Some of these documents use the term MMR to refer to MR. These were published prior to the official name as MR.