Tag Archives: money creation

David Graeber and the Bank of England. Lars P. Syll’s BlogHow money is createdLars P. Syll | Professor, Malmo University

It would be a shocking scandal if it came to light that the professions of medical science had, for decades, known about an easy to treat, underlying cause of cancer—but conspired to obfuscate and suppress the information to protect their participation in a medical industry raking in hundreds of billions a year to treat the disease. Professional standings, tenures, licenses would be in tatters. Lawsuits would abound. Outrage would march on every city hospital and medical college in the...

Read the comments, too. Just like most economists, Bitcoin fans overlooked transaction costs.Wolf StreetBitcoin Proves You Cannot Have Your Digital Cake and Eat it Too Nathan McDonald, Sprott Moneyalso The EU is targeting bitcoin anonymity, saying the measure is needed to tackle tax evasion and other crimes. Anonymity of the cryptocurrency holders is a built-in feature that the EU hopes to undermine.The new rules concerning cryptocurrency passed on Friday by the European Parliament and the...

Shock data shows that most MPs do not know how money is created. Responding to a survey commissioned by Positive Money just before the June election, 85% were unaware that new money was created every time a commercial bank extended a loan, while 70% thought that only the government had the power to create new money.The results are only a shock if you didn’t see the last poll of MPs on exactly this topic, in 2014, revealing broadly the same level of ignorance. Indeed, the real shock is that...

As I said, Italy, is now experimenting with paying for public services with tax credits. Presumably, this is happening because Italy doesn’t possess enough Euros to pay its citizens to provide all the goods and services needed to maintain and run the public sector of its social economy. And Italy can’t “create” the additional Euros it needs because that prerogative is the exclusive right of the EU Central Bank which Italy, even as a sovereign member of the EU, has no control over. But, as...

Another thing that the mainstream gets backwards.Ellis Winningham — MMT and Modern MacroeconomicsFederal Taxpayers Do Not Fund the Federal Government; The Federal Government Funds Federal TaxpayersEllis Winningham

The latest iteration in the controversy over theory of money, money creation, and historical origins of money use.Social Democracy For The 21St Century: A Post Keynesian PerspectiveLarry White on the Origins of Coined Money: A CritiqueLord Keynes