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Banks Create Money, Not Save It.

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Banks Create Money, Not Save It.

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Banks Create Money, Not Save It.
Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

2 comments

  1. I think the idea, that banks do create money, still gets money wrong.

    Money is an accounting system of debt, but not a token or whatever, which can be created.

    Therefore not banks do "create money" but the debtor going into debt. In my opinion, the idea of "money creation" lacks, where the real debt origins.

  2. If the old system was similar to scoring and record keeping a ritual type seasonal sequence of sowing, working, and reaping of harvests, then the invention of money as a scoring register, a measure of product exchange for goods and services makes MMT type provisioning sense, and so does the protection of health and wealth of the workers as Michael Hudson's analysis shows.

    Banks are all kinds of management good and bad.

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