A lot of you know Warren Mosler as the MMT guy. He was the first one to understand the “monetary operations”–the coordination between the Fed and Treasury–and thus to recognize that sovereign treasuries really do not “borrow” back their own currency in order to spend. Bond sales by Treasury or by Fed are “a reserve drain”; you can think of these bonds as an “IRMA” (interest rate maintenance account) to prevent budget deficits from driving interest rates to zero. That was a brilliant insight.
But Warren is a major innovator in other areas, too: Cars, Delivery Vans, and Yachts.
Here’s a moving Warren Mosler retrospective on building cars: