“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
The Express Tribune The Iceland plan for monetary reform The Express Tribune Along time ago, Ibn Khaldoon noted the tendency of conquered nations to unthinkingly imitate the conquerors in all dimensions of life.
Iceland Monetary Reform Half-Right The Market Oracle Patrick Barron writes: The prime minister of Iceland recently commissioned a report by Frosti Sigurjonsson to recommend a better money and banking system for Iceland.
“Walter Reuther, President of the United Auto Workers, expressed his open-mindedness to the goal of democratic worker ownership in his 1967 testimony to the Joint Economic Committee of Congress as a strategy for saving manufacturing jobs in America...
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Tweet The Director General of Britain’s primary business lobby group, Confederation of Business Industry CBI, says that the next government should invest in infrastructure, but without further borrowing.
Recently — over the past couple of centuries or so — the idea has grown up that ownership of capital is justified on the grounds that it is the best way to optimize the possibility of an adequate and secure income. As a bonus, property (the right...
On May 22, 2015, Dan Bigman writes on Forbes: The world’s third-richest man weighed in on the national debate over rising levels of income disparity in the United States yesterday, saying that while the gaps between the country’s haves and have...
Tweet Over 12,000 people have signed our petition calling on the Prime Minister to ensure money creation is only used in the pubic interest. Next Tuesday, we are going to Downing Street to hand in the petition.
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