by Summary:
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Steve Keen considers the following as important:
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Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
Banks don’t actually create money in lending. They create a claim on it, while they credit the lent sum to the borrower. The loan asset is not cash, but a contract for stream of payments over a set period of time. That asset is not something they can lend against, they have to sell the contract or some other asset (even to the CB) to do so.
Like economics, finance is filled with definitions mathematicians would call.. what’s term of art? Ah yes, crap.
Read more about Richard Werner! You sound unknowledgeable
@Felix Ayenor the more closely i read the boe or other CB materials, the more i have arrived at this. the issue, and i have my snarky mathematician hat on here, is “money” is sloppily and absurdly loosely defined. in other readings, say of the definition of the money supply (richmond fed), m0 is a tautology. i now understand why Creutz was at pains to define money in the money syndrome in the first chapter.
Jesus is LORD only by His blood are we saved repent and believe in the gospel
An excellent summary of how money works by the world's foremost economist. Unfortunately, all too many still hold the view that debt comes from other people's deposits. If that were the case, ATMs would sometimes deny our withdrawal requests with a message saying, "Sorry – your money is currently being loaned out." ?