Why does the author believe that graphs and mathematical models are not necessary for understanding economics?

The text provided does not directly relate to private currencies. However, it does touch upon aspects of economics that could indirectly relate to private currencies. For instance, the author's belief in Keynes Economics suggests a preference for markets to self-regulate without government intervention. This could potentially extend to the concept of private currencies, which operate independently of a central bank. Furthermore, the mention of the Federal Reserve, which controls the supply of money in the U.S., could be seen as a contrast to private currencies, which are not controlled by any central authority. Nonetheless, without explicit mention or discussion of private currencies, it's difficult to draw a direct connection based on the provided content.

The text provided does not directly address the concept of private currencies. However, it does mention the author's belief in Keynes Economics, which advocates for minimal government intervention in the economy. This could potentially support the idea of private currencies, as they represent a form of economic activity that is not directly controlled by the government. However, the text also mentions the importance of the Federal Reserve, which is a government institution that controls the national currency. This could be interpreted as an argument against private currencies. Ultimately, the text does not provide a clear stance on the issue.