“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
Taking over the Fed is the missing element needed to move humanity back from the brink of economic destruction and nuclear disaster, away from a future dominated by fraud, ugliness and warfare, toward a world of justice and beauty. Who gets the power to create money is the question that's at the heart of monetary reform, and this power is awesome, at times stronger than the executive, legislative and judicial powers combined.
On March 25, 2015, Noah Smith writes on Bloomberg View: Perhaps the biggest question in American political economy right now is why middle-class wages have been falling. There are three main hypotheses.
The UK Chapter of the International System Dynamics Society invited me to speak about my Minsky software at its annual conference on March 26. This is my talk, where I poked some fun at economists and their ignorance of system dynamics.
Entrevista a Randall Wray The full interview with NEP’s Randy Wray by EKO de Público TV in Spain. This is the complete interview. Questions from the interviewer are in spanish. Randy’s responses are subtitled in spanish.
This week has been very busy, but mostly because we’re preparing for upcoming events, notably the annual Rally, this year stressing “Own or Be Owned”: if you do not own capital, you soon become owned as capital — what they used to call “slavery”...
Tweet You are invited to the meeting of CAMBRIDGE Positive Money local group. Agenda: Discuss two more videos from the PM resources page of the web site with pauses for discussion whenever a point needs illumination.
In recent postings we’ve seen what can happen when an economy shifts from a uniform and stable asset-backed reserve currency, to one that is worth what the government says (or hopes) it is worth, and changes the standard to meet political needs,...
Get a cup of coffee. This important post gives an in-depth analysis that helps explain how bad conduct was covered up or glossed over by the FCIC, and how much of the media fell in line with the official, sanitized story.
Max Walsh's column on Japan's debt understandably omits to note that Japan has broadly pursued the economic principles of Social Credit since C H Douglas lectured there circa 1930 ("How Japan could still throw off the shackles of debt", AFR March 25).
Tweet It is time for the European Central Bank and eurozone central banks to bypass the financial system and work with governments to inject newly created money directly into the real economy, reads the letter in Financial Times, 26th March … Continue...
On March 23, 2015, Filip Karinja writes on InfoWars: You know things are getting bad when your government begins to stick its hand into retirement accounts just so that it can remain solvent for a few more months.
One of the strengths of Modern Monetary Theory (MMT) is that it provides a clean analytical framework for the analysis of "modern" economies (economies with a free-floating currency and which controls its central bank).
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