“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
I’ve just come back from the annual Institute for New Economic Thinking conference in Paris, where the President of INET Rob Johnson is infamous for opening every session he chairs with an apt set of lyrics from the 1960s.
On May 14, 2015, Richard V. Reeves writes on Brookings: Whose fault is poverty? Is it the fault of the poor themselves, who should be working harder, making better decisions, and committing to their own futures?
Tweet Britain is facing a mounting housing crisis amid a shortage of supply that the country’s new government will have to address as a priority, according to the Royal Institution of Chartered Surveyors.
On May 16, 2015, Steven Rosenfeld writes on AlterNet and Salon: A new report written by scores of progressives economists has laid out an detailed agenda to dismantle, reverse and fix how the laws and policies governing the American economy are...
My Phd research, was in part, exposing the myths in conventional or mainstream economics arguments that claim that structural imbalances in the labour market arise independently of the economic cycle and hence, aggregate spending.
Credit: Kristian Hammerstad On May 11, 2015, Barbara Ehrenreich writes in The New York Times: In the late 20th century, while the blue-collar working class gave way to the forces of globalization and automation, the educated elite looked on with...
Tweet “Fundamental reform of the monetary system must be considered.” Says head of Iceland Parliament’s Committee for Economic Affairs Frosti Sigurjonsson, Member of the Parliament of Iceland and Chairman of the Committee for Economic Affairs and...
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