by Summary:
Banking Sector: The Real Problem?
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Banking Sector: The Real Problem?
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| Banking Sector: The Real Problem? |
Capitalism needed banks to become the dominant and economic ideology. But capitalism has reached its end game. Businesses now make everything everyone everywhere needs-cars, phones, computers. People don’t want for anything. So banks can’t lend to businesses. How have they responded? Lending on houses and shares. Show me a million dollar house and I’ll show you a half million dollar house with a half million dollars of debt. Banks create nothing because the credit they create is offset by an equal and opposite debt. A pity Newton wasn’t aware of this because he might have created a fourth law – conservation of value. In a closed system value is neither created nor destroyed, it just changes form.
Greens in shades of Grey without greenwashing at all might be a less useless choice than the destruction promised by the rest.