Dr. Murphy gives us a succinct lesson in the history of money, how it works mechanically, money and credit creation by central banks and treasuries, applications like business cycle theory, and he challenges the orthodox views.
Bacevich criticizes the outsized role of American intervention overseas, but he goes a step further and questions the old conventional narratives going all the way back to World War I. We cannot understand the modern world without knowing its precedents. Bacevich earns Gordon’s praise for a degree of revisionism, and for proposing a far more realistic and restrained US presence abroad.
