“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
EREP has just published its quarterly update review of the UK economy, taking on board the results of the 4th Quarter (Q4) GDP 2015 data. It builds on and complements the EREP annual report, published in December, “The Cracks Begin to Show”. John Weeks has written an article entitled Finance Rules Britain: what the numbers tell us. Ann Pettifor appeared on Al Jazeera to discuss the possibility of another financial crash. Watch the full discussion here.
I wrote this to Michael Hudson just recently. I thought it would be okay for here. But to start with here's the interview that Stefan Molyneux did with Paul Craig Roberts who totally demolished Stefan’s libertarian arguments.
This newsletter is one of Canon Peter Challen's regular email - long standing monetary reformer and organiser of the London Global Table - in the spirit of the Forum for Stable Currencies: MATTERS IN THE AIR: February 3rd 2016: in which all may share...
Tweet We’ve just published a new report arguing that the Bank of England should start issuing ‘digital cash’ – essentially an electronic version of the physical notes and coins we use every day. You can read the summary and download … Continue reading →
For convenience, I have put the balance sheet of the Fed below. A previous post examined the balance sheet and another one provided important information about the meaning of reserves and other basic concepts and their relation to the b
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