KANSAS CITY, Mo. – It’s not something Dr. Randall Wray wanted to be right about.
“When you have your own currency, you have sovereign power,” said Wray, a professor at the University of Missouri Kansas City.
But when it came to predicting Europe’s financial downturn, the economics professor was spot on.
“We developed a different way of looking at money and currency sovereignty,” he explained. “We use it to analyze the way the EMU [Economic and Monetary Union] was being formulated. We could see it had fundamental problems.”
He wrote about that theory in his book Understanding Modern Money. That was in 1998, years before Greece even joined the European Union and a decade before Europe’s fiscal problems came to a head…
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