“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 In 2010 the government cancelled a program to rebuild 715 schools, because they’d run out of money. But at the same time the Bank of England had created £375 billion of new money through a program called Quantitative Easing.
There is an adage in politics that you should never put anything to the vote unless you are sure of the outcome beforehand. On that front, the referendum Greeks will vote in this Sunday is a mistake, because the vote could go either way.
This past week the stock market has soared like an eagle and dived like a turkey. As a result, even more “experts” are sticking out their necks and predicting a crash in the near future. What remains puzzling is the fact that so few of the...
The myth of inequality-driven economic growth and how to achieve real prosperity for all This article was published on August 1, 2015 by Basic Income: “Economics, as it has been practiced in the last three decades, has been positively harmful for...
InvestmentNews Stephanie Kelton comes to Washington after ruffling feathers in adviser community InvestmentNews Stephanie Kelton, an economist whose controversial views on government spending has made her a hot-ticket item on the adviser conference...
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