The Money Chronicle
23.0K views | +3 today
Follow
 
Scooped by Dai
onto The Money Chronicle
Scoop.it!

Mike Norman Economics: Rodger MItchell –MMT: To make your ...

Mike Norman Economics: Rodger MItchell –MMT: To make your ... | The Money Chronicle | Scoop.it
I ask the followers of MMT, and like-minded thinkers, to switch their primary argument from deficits, debt, taxes, money creation, banking laws and other inanimate concepts, and instead humanize our economic problems by ...
more...
No comment yet.
The Money Chronicle
Issues dealing with money reform and changes to our monetary system
Curated by Dai
Your new post is loading...
Scooped by Dai
Scoop.it!

▶ 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...
Dai's insight:

“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

more...
No comment yet.
Scooped by Dai
Scoop.it!

The truth is out: money is just an IOU, and the banks are rolling in it | David Graeber

The truth is out: money is just an IOU, and the banks are rolling in it | David Graeber | The Money Chronicle | Scoop.it
David Graeber: The Bank of England's dose of honesty throws the theoretical basis for austerity out the window
more...
No comment yet.
Scooped by Dai
Scoop.it!

Why don’t we just nationalise the banks?

Why don’t we just nationalise the banks? | The Money Chronicle | Scoop.it
Tweet If we nationalise the banks this will not change the fundamental way that money is created, when banks make loans.
more...
No comment yet.
Scooped by Dai
Scoop.it!

How the Banking System Affects Democracy - Positive Money

How the Banking System Affects Democracy - Positive Money | The Money Chronicle | Scoop.it
Tweet 1. We’ve given the power to create money to the banks, with no accountability Banks create money when they make loans, which means that they effectively control wher
more...
No comment yet.
Scooped by Dai
Scoop.it!

Could new UK Prime Minister make monetary policy fairer?

Could new UK Prime Minister make monetary policy fairer? | The Money Chronicle | Scoop.it
Tweet With Theresa May suddenly catapulted into the UK Prime Minister’s seat after Brexit and the dramatic political events that followed, exciting new opportunities have opened up for our campaign for a fair, democratic, and sustainable money...
more...
No comment yet.
Scooped by Dai
Scoop.it!

Why the cashless society? To track and control your life

Why the cashless society? To track and control your life | The Money Chronicle | Scoop.it
Here are some excerpts from an interesting article in Bloomberg: Could India Be the First to Get Rid of Cash?
more...
No comment yet.
Scooped by Dai
Scoop.it!

Time Magazine and the Big Lie in economics

Time Magazine and the Big Lie in economics | The Money Chronicle | Scoop.it
The Big Lie in economics, very simply, is: "Federal taxes fund federal spending." Nearly all the popular misunderstandings in economics devolve from that five-word statement, or rather, misstatement.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Digital Cash: Why Central Banks Should Start Issuing Electronic Money (NEW Report)

Digital Cash: Why Central Banks Should Start Issuing Electronic Money (NEW Report) | The Money Chronicle | Scoop.it
Tweet With the impending ‘death of cash’ and the rise of digital currencies (such as Bitcoin), there are strong arguments for central banks to start issuing “digital cash” – an electronic version of notes and coins.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Kelton Dismantles Schiff's Economic Myths On Sam Seder Show

Published on May 28, 2014 Prof. Stephanie Kelton points out the misinformation media spreads about the monetary system. The problem with the truth is, fact
more...
No comment yet.
Scooped by Dai
Scoop.it!

Brexit Fallout: Austerity's Toll on the U.K.

Brexit Fallout: Austerity's Toll on the U.K. | The Money Chronicle | Scoop.it
Stephanie Kelton, University of Missouri-Kansas City economics professor, discusses fiscal austerity after Brexit with Bloomberg's Joe Weisenthal on "What'd You Miss?" (Source: Bloomberg)
more...
No comment yet.
Scooped by Dai
Scoop.it!

Will the new PM make sure monetary policy works for everyone?

Will the new PM make sure monetary policy works for everyone? | The Money Chronicle | Scoop.it
Tweet With Theresa May suddenly catapulted into Number 10, the world of finance is trying to calculate what the new government means for the management of the UK economy.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Banking 101 (Video Course)

Banking 101 (Video Course) | The Money Chronicle | Scoop.it
Tweet Stay in touch Please enter your name. Please check your email is valid. not in the UK?
more...
No comment yet.
Scooped by Dai
Scoop.it!

How the Rothschilds Became the Secret Rulers of the World | Humans Are Free

How the Rothschilds Became the Secret Rulers of the World | Humans Are Free | The Money Chronicle | Scoop.it
Power and Wealth: The Origins of the Rothschild Family We are all aware of how the majority o
more...
No comment yet.
Scooped by Dai
Scoop.it!

End fractional reserve banking and fix the economy

End fractional reserve banking and fix the economy | The Money Chronicle | Scoop.it
Tweet When you ask the man in the street how money works, they will suggest that it’s a system of tokens that circulate forever. That system is called full reserve banking. Money could work like that.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Our response to critics in the Cambridge Journal of Economics

Our response to critics in the Cambridge Journal of Economics | The Money Chronicle | Scoop.it
Tweet The Cambridge Journal of Economics (probably the leading journal of Post-Keynesian economics) has published an entire special issue on “Cranks and brave heretics: Rethinking money and banking after the Great Financial Crisis”, inviting a range...
more...
No comment yet.
Scooped by Dai
Scoop.it!

Turn That Frown Upside Down: A Heartwarming Tale of Debt and Deficits in the Modern Economy

Dr. Stephanie Kelton's keynote address to the students, faculty, and visitors at Augustana College's (Sioux Falls, SD) Undergraduate Research Symposium o
more...
No comment yet.
Scooped by Dai
Scoop.it!

Desperate Financiers Under Zero Interest Rates | Michael Hudson

Desperate Financiers Under Zero Interest Rates | Michael Hudson | The Money Chronicle | Scoop.it
Prof Michael Hudson on the Keiser Report - how to remove the parasitical financiers from the economic structure.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Keynesian Deficit Doves vs. MMT Deficit Owls | Corrente

Keynesian Deficit Doves vs. MMT Deficit Owls | Corrente | The Money Chronicle | Scoop.it
In a comment on another post of mine, Kelly Canfield, a blogger and commenter at FDL, asked me for the following.
more...
No comment yet.
Scooped by Dai
Scoop.it!

How Banks Create Money

How Banks Create Money | The Money Chronicle | Scoop.it
97% of money in the modern economy is created by banks when they make loans. The government only create 3% of money.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Who is the whole world in debt to Positive Money

A short video from the wonderful people at Positive money that had no soundtrack so i added one. I hope they don't mind.
more...
No comment yet.
Scooped by Dai
Scoop.it!

The Wilful Ignorance of Political Leaders

The Wilful Ignorance of Political Leaders | The Money Chronicle | Scoop.it
Tweet   Mr Podsnap was well-to-do and stood very high in Mr Podsnap’s opinion. Beginning with a good inheritance, he had married a good inheritance, and had thriven exceedingly in the Marine Insurance way, and was quite satisfied.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Economic Risks beginning to crystallise: Solution – encourage more private debt!

Economic Risks beginning to crystallise: Solution – encourage more private debt! | The Money Chronicle | Scoop.it
Tweet The Bank of England says evidence is emerging that risks it identified related to Brexit are beginning to crystallise. One of the risks the Bank identified is high levels of household debt.
more...
No comment yet.
Scooped by Dai
Scoop.it!

Steve Keen on Monetary Reform and Economic Stability

Pete Young of EconomicStability grabbed this interview with Australian Economist Steve Keen, of the blog Debtwatch, in Chicago, October 2, 2010, where Kee
more...
No comment yet.
Scooped by Dai
Scoop.it!

You understand The Big Lie. You just don’t know it, yet.

You understand The Big Lie. You just don’t know it, yet. | The Money Chronicle | Scoop.it
The Big Lie in economics is: Federal Taxes Fund Federal Spending Unlike state and local governments, whose taxes do fund spending, the federal government is Monetarily Sovereign. It has total sovereignty over the dollar.
more...
No comment yet.