Money as Debt [video] (video.google.com)

These are pretty much the standard arguments for our current monetary system. I think this video is a bit out there but for different reasons that Krugman might suggest. What Krugman fails to realize is that the divide between rich and poor has grown a lot since the floating currency system proposed by Friedman. That Keynes was part of the group that designed the Brenton Woods agreement isn't brought up by Krugman or that the U.S. survived many recessions without expanding the money supply. There was a very severe recession that started in the early 20s and the government did nothing and we never read it about because it ended quickly. Considering that our financial system has never been less stable than it is today it's so funny hearing people still suggest that the conventional understanding of monetary policy is in any way correct.