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There's a tremendously important debate being waged across a bunch of different websites, including Paul Krugman's at The New York Times, about how banking really works.

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Paul Krugman and Steve Keen have been debating endogenous versus exogenous money - as well as some other issues - for the past few days. The debate appears to have drawn to close, so here I offer a summary for those who can't see the wood for the trees.

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Millions of dollars have flowed to journalists in speaking fees in recent years.

Is this a scandal, a dark and an indelible stain on journalism, or really not such a big deal? What does Wall Street, which is all about the bottom line, after all, get from such engagements? Is this a matter of journalism ethics? Not surprisingly, what may at first seem a simple judgment call turns out to be a bit more complicated.

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US non-financial corporate cash holdings rose to $1.24 trillion at the end of 2011, reflecting the strength of companies' operations in emerging markets and the negative tax consequences of repatriating cash to the US, according to a new report from Moody's Investors Service. Apple Inc., Microsoft, Cisco, Google and Pfizer held the largest amounts of cash, says the report.

Those five cash kings have $276 billion, or 22% of the total non-financial corporate cash balances, up from $207 billion, which represented 17% of the total in 2010, says Moody's. The top 50 holders of cash account for $749 billion, up 13% from $665 billion in 2010.

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The Citizens United decision was so bad that the campaign finance reform movement has had to start talking about a constitutional amendment to eliminate corporate personhood -- a process that could take decades -- because there are so so few options for reform.

So what do we do in the meantime?

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Iceland appears to be increasingly open to adopting the Canadian dollar as its official currency, with Prime Minister Johanna Sigurdardottir warning over the weekend that the country's own extremely volatile currency system "can't remain unchanged."

"The choice is between surrendering the sovereignty of Iceland in monetary policy by unilaterally adopting the currency of another country, or become a member of the EU," Ms. Sigurdardottir said in a speech delivered at a Social Democrat Alliance party convention Saturday in Reykjavik.

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old 'metallist' view of money is superstitious, and Dr. Bendixen trounces it with the vigour of a convert. Money is the creation of the State; it is not true to say that gold is international currency, for international contracts are never made in terms of gold, but always in terms of some national monetary unit; there is no essential or important distinction between notes and metallic money; money is the measure of value, but to regard it as having value itself is a relic of the view that the value of money is regulated by the value of the substance of which it is made, and is like confusing a theatre ticket with the performance.

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A German-led faction at the European Central Bank is leading a riposte against the bank's unprecedented loosening of lending policy and may be pushing at an open door this time after a string of setbacks that left the ECB deeply divided last year.

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In and of itself, money — the token — has no value. And this is largely why a fiat monetary system can work. The monetary unit doesn’t need to be a ‘valuable’ piece of metal. It’s who guarantees the token that matters. In modern times, that means the state.

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A five-page article in the Washington Post by Dylan Matthews over the weekend, finally thrust the theory of Modern Monetary Mechanics into the mainstream.All in all, we have to say, the article did a good job, at least when it comes to explaining the origins and basics of the theory. As a primer it worked well.

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Professor Charles Goodhart is right when he says that the value of a currency depends on the confidence people have in the issuer. It is easy to trade US dollars or Swiss francs because of the stability of the US and Switzerland. There will always be valuable goods you can buy with these currencies and the relevant governments will not mess you around. But it is increasingly hard to deal in euros in Greece because no one can be confident any longer that the basis on which they trade will not be changed tomorrow.

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There’s very little overlap between those hurt by low interest rates and those truly in need, writes MoneyShow.com senior editor Igor Greenwald.

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Crucially, the signal that persistent zero interest rates sends is a negative one: The economy remains on life support. So there is a risk they backfire, leading to higher savings, less consumption and less risk appetite, the opposite of the desired short-term result.

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