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The Center of the Universe » Blog Archive » Cliff notes

The Center of the Universe » Blog Archive » Cliff notes | The Money Chronicle | Scoop.it

I haven’t written much this week because I haven’t seen much to write about.

 

Still looks like both the economy and the markets are discounting the cliff. And still looks to me like ex cliff GDP would be growing at about 4% this quarter, with the Sandy-cliff related cutbacks keeping that down to maybe 2.5%. And going over the full cliff is taking off maybe 2% more, leaving GDP modestly positive.

 

Which is what stocks and bonds seem to be fully discounting.

As previously discussed, the housing cycle seems to have turned up, which looks to be an extended, multi year upturn with a massive ‘housing output gap’ to be filled. And employment is modestly improving as well, also with a large output gap to fill. Car sales are back over 15 million, and also with a large output gap to fill.

 

The way I see the politics unfolding, the full cliff will be avoided, if not in advance shortly afterwards, as fully discussed to a fault by the media. That means GDP growth head back towards 4% (and maybe more)

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▶ Money creation in the modern economy - Quarterly Bulletin article - YouTube

For the Bulletin article on money creation, see: www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf Film...
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“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

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How the current process of money creation is causing a rise in poverty, instability and inequality (Video) - Positive Money

How the current process of money creation is causing a rise in poverty, instability and inequality (Video) - Positive Money | The Money Chronicle | Scoop.it
Tweet Ben Dyson, founder of Positive Money presenting at Meaning Conference 2014 on 18th November in Brighton. He got into the nitty gritty of how the current process for money creation is causing a rise in poverty, instability and inequality.
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Tweet Sign the petition! Tell the future Prime Minister of the UK that money creation should only be used in the public interest. We need to know your name. Please check your email is valid. not in the UK?
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1933 Banking Act - Wikipedia, the free encyclopedia

1933 Banking Act - Wikipedia, the free encyclopedia

The Banking Act of 1933 ( Pub.L. 73-66, 48 Stat. 162, enacted June 16, 1933) was a statute enacted by the United States Congress that established the Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the Glass-Steagall Act, after its Congressional sponsors, Senator Carter Glass ( D) of Virginia, and Representative Henry B.

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▶ Princes of the Yen: Central Banks and the Transformation of the Economy - YouTube

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The Guardian: Change to UK's money system could solve our long-term economic problems - Positive Money

The Guardian: Change to UK's money system could solve our long-term economic problems - Positive Money | The Money Chronicle | Scoop.it
Tweet Oh, at long last the monetary reform movement gets a long overdue platform in the Guardian.
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▶ Renaissance 2.0 - Financial Empire - Full Length - Damon Vrabel - YouTube

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▶ DOJ Misses Another Opportunity to Go After Banks - YouTube

Bill Black: Obama administration quietly gave a $57 million award to a whistleblower regarding the Countrywide and Bank of America mortgage scandal
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Nomadic Thor on Twitter

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Banks create money outta thin air. They dont take in Deposits and Savings and then Loan it out #PositiveMoney #Bank pic.twitter.com/qVjGG2wBGL
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Queue Politely, the producers of the monetary reform documentary “97% Owned” have produced a new documentary: “Princes of the Yen” is film about the power of central banks and the transformation of the economy, based on the book of the same …...
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Chapter 42 — For a Better Understanding of Social Credit

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bank lending down big

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Banks getting hurt as feared.
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