Double entry bookkeeping for central banks and banks has just outlived it’s usefulness I’m afraid. It can’t keep up with the demand for money anymore.
You know double entry bookkeeping rose with the Age of Reason, but that’s all over per Kellyanne Conway and alternative facts, so why not double entry bookkeeping too?
The foundation of Lee’s work, or Noland or others with our odd views, is the balance sheet view of the system. The mechanism. The thing is nobody cares about the balance sheet. Just show us the money. We are muddling through right now until the Fed has to do QE Infinity, because it’s demanded, by everyone. The mechanism isn't a machine. There are no rules. It's human behavior.
Meanwhile the melting snow is still roaring down the mountains in the High Sierra’s.