“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
Tweet With Theresa May suddenly catapulted into the UK Prime Minister’s seat after Brexit and the dramatic political events that followed, exciting new opportunities have opened up for our campaign for a fair, democratic, and sustainable money...
Tweet With the impending ‘death of cash’ and the rise of digital currencies (such as Bitcoin), there are strong arguments for central banks to start issuing “digital cash” – an electronic version of notes and coins.
Tweet The Cambridge Journal of Economics (probably the leading journal of Post-Keynesian economics) has published an entire special issue on “Cranks and brave heretics: Rethinking money and banking after the Great Financial Crisis”, inviting a range...
Tweet Mr Podsnap was well-to-do and stood very high in Mr Podsnap’s opinion. Beginning with a good inheritance, he had married a good inheritance, and had thriven exceedingly in the Marine Insurance way, and was quite satisfied.
The Big Lie in economics is: Federal Taxes Fund Federal Spending Unlike state and local governments, whose taxes do fund spending, the federal government is Monetarily Sovereign. It has total sovereignty over the dollar.
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