Is this just a part 1 or did you stop the session after this? I think Steve's work is phenomenal and exactly the antidote to the dogma-based economics that is practiced by our mainstream economics "experts". Steve's work boils down to double entry bookkeeping rules while conventional economics always ends somewhere where "it is the way it is because I say so". While the bookkeeping approach might seem intimidating at least it is factual. If you want an explanation for the Regular Joe you might want to invite L. Randall Wray who wrote the excellent little book "Money for beginners: An Illustrated Guide"