“Most money in the modern economy is in the form of bank deposits, which are created by commercial banks themselves… When a bank makes a loan to one of its customers it simply credits the customer’s account with a higher deposit balance. At that instant, new money is created…”
the relationship between reserves and loans typically operates in the reverse way to that described in some economics textbooks. Banks first decide how much to lend depending on the profitable lending opportunities available to them…It is these lending decisions that determine how many bank deposits are created by the banking system. The amount of bank deposits in turn influences how much central bank money banks want to hold in reserve (to meet withdrawals by the public, make payments to other banks, or meet regulatory liquidity requirements), which is then, in normal times, supplied on demand by the Bank of England
Steve Grumbine talks with NEP's L. Randall Wray for Real Progressives LIVE. Topics include MMT and Debunking AMI: Positive Money and other important and relevant economic issues that affect the progressive agenda.
Tweet Who controls the creation of new money? Many people might answer ‘the state’ or the ‘central bank’. But the hard currency printed by the Bank of England only amounts to 3% of the money in circulation in Britain today. … Continue reading →
Tweet The world’s eight richest individuals have as much wealth as the 3.6 billion people who make up the poorest half of the world, according to the latest Oxfam report. The extreme levels of inequality we see today are not … Continue reading →
Tweet Positive Money supporters have always been at the heart of our campaign for a fair, democratic and sustainable money system – helping us to reach new audiences and people in power. Now is the time in the year when … Continue reading →
Tweet Download a print-at-home version Stay in touch Please enter your name. Please check your email is valid. not in the UK? AfghanistanÅland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBolivia, Plurinational State ofBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean … Continue reading →
Stephanie Kelton and William Black are professors at the University of Missouri-Kansas City, which has a long tradition of working outside the mainstream of economic thought. It makes them something of a natural match for the senator from Vermont, a democratic socialist who promises a political revolution fought on many economic battlefields.
Tweet We are looking for Chief Economist who will work with the Positive Money team to develop and implement our research strategy. This will include researching how the current monetary system contributes to economic, social, and environmental problems, and researching Sovereign … Continue reading →
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