“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 A study recently commissioned by the Icelandic prime minister, Sigmundur Gunnlaugsson, and written by Frosti Sigurjonsson, displays an accurate analysis of how banks create money and endorses Sovereign Money proposals.
Tweet Our current financial system has left us with the highest personal debt in history, unaffordable housing, worsening inequality, high unemployment and banks that are subsidised and underwritten with taxpayers’ money.
Presentation at the Korean Development Institute Conference on Global Financial Safety Net and Regional Financial Arrangements - Seoul, June 22-23 2015 Currency swaps are quickly becoming an additional layer of an already multilayered global...
Tweet Some economists and commentators have claimed that Positive Money’s proposals for a sovereign money system, in which banks are not permitted to create money, would leave the economy with a money and credit supply that is rigid, inflexible and...
We realize we’re completely out of touch with reality by ignoring such controversies as whether the Greek debt crisis should make the stock market go up or down (or down or up, or even sideways), or whether to have fish, or beans and rice for...
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