My New Book · Rebel Economist (Free)

My New Book

Fellow Rebels, my 300+ page book with 30+ charts on our Dual Ledger Circuit Monetary Operating System is out now on Amazon for $10 digital on kindle, $20 paperback & $30 hardcover:

https://www.amazon.com/Everything-think-about-money-wrong/dp/B0FRZQY4P4

It’s my first book, and I never realized how much work it is, and how vulnerable you feel! I very much appreciate anyone’s and everyone’s support who buys it. Thank you, thank you, THANK YOU! 🙏

As many of you know, I focus on the Forensic accounting of our Dual Ledger Circuit Monetary Operating System, and chart transactions using .xls. (ravel soon if anyone wants to help me!). My book was written to be accessible to anyone of any knowledge level, but it also has something new for everyone! It turned into a labor of love, and later chapters grow in complexity, discussing some of the hardest subjects that effect the money supply such as cross border payments using Vostro and Nostro accounts.

I did not have an editor, and the average person who reads it probably cannot see errors as easily as my fellow Rebels, so if you happen to read it I’d appreciate emailing me if you spot any typos or potential mistakes, or to challenge me if you think I just got something wrong. Thank you in advance! My personal email, please do not share: wunderwood11@gmail.com

If you want to discuss any of the topics in the book or on the monetary system, I am happy to discuss on a post here, or by email, podcast, whatever!, just let me know. Thx!

Here’s the back story for anyone interested…

I was watching Jeff Eder of Progressive Money Canada and his presentation on the explosion of the money supply during Covid. He explained that he thought the cause was the banks were printing deposits and buying UST Bonds with them. I appreciated his data, but said to him I wondered if the bank deposits were causative or correlated? If banks can create money, which we know they do, can they issue new money to buy new bonds at auction?

I was discussing with Joe Polito, and was reviewing the BoE quarterly journal article PDF on Modern money mechanics, and in example three the balance sheet of the bank of the home seller shows BOTH and increase in reserves and an increase in deposits. And that looks like the buyer is paying twice, once in reserves and once in deposits, and that made no sense to me or Joe. And that’s what really lit a fire under me.

I had read the BoE pdf 10 years earlier and many other times, but never saw what I suddenly saw with the help of Paul Lebow from AFJI: reserves are their own circuit, the Fed’s Ledger, and this is not interoperable with bank ledgers or the bank ledger circuit.

This led me to the big realization: bank deposits are bank Liabilities, not bank Assets, so banks cannot pay other banks or the U.S. Treasury for banks by presenting bank Liabilities, to settle payment banks need to transfer Assets. And that’s what the Fed’s Second Circuit does, it helps banks settle payment.

And that meant Jeff Eder’s Data showed that the fed was buying bonds via Primary Broker Dealers, not banks, and then when the US Treasury spent those new reserves, the Gov Payee’s banks ended up with new reserves and the Payee’s then ended up with new deposits, which is why bank deposits skyrocketed during COVID. Jeff’s data was correlation, not causation. And of course, we should have known this because deposits are bank Liabilities, not bank Assets. This highlights a strange fact: in 2024, the total amount of bank deposits sent to complete payments to other banks, the Fed or the Treasury was $0.

More importantly, I broke through in my understanding of the Dual Ledger Circuit Monetary Operating System, so I wrote it down with sources, and I ended up writing the book I wish someone else had written!

In service to the greater good, I hope you enjoy it!

And very sincerely, thank you for your support.

Jon

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