“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
Europe Tilts East Towards China (1/2) Michael Hudson Report: Britain, German, France and Italy are among those who joined Asian Infrastructure Investment Bank in an expression of their discontent over World Bank polices that force developing...
In The American Republic (1866), Orestes Augustus Brownson (1803-1876) framed the Civil War as a struggle between the agrarian capitalism of the South, and the industrial and commercial capitalism of the North, which he characterized as “two...
My last post supporting the use of nonlinear models (“You Do Need A Weatherman”) generated some thoughtful responses, mainly along the lines of this post by Ari Andricopoulos entitled “A View on the Economic Model Debate from a Non-economist (but...
NEP’s Randy Wray’s interview in el Diario For our Spanish speaking friends… Randy has an interview in the Spanish publication el Diario where he is talking about employment guarantee programs. You can view it here.
Transcript of podcast: Karl: Welcome to the Renegade Economists with your host, Karl Fitzgerald. This week we’re stepping back in time, way back some 10,000 years BC into the world of archaeology, Egyptology and Assyriology.
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