I don't understand why he's against privatizing institues and companies, what does that have to do with the creation of money ? Is he just another closet commie in disguise ?
These people should get out of their little stuffy academic offices and go to the real business world to learn how the economy actually works.
They treat people and businesses like numbers and they completely forget the psychogical effect and motivators for economic growth.
The money supply has never, in the UK, been fully created by the central bank. Ever. It was never "privatized"; it was private from the beginning of history.
Also, bank lending is only the last step of the creation of money. What is really important is cash balances and asset prices.
That said, it's refreshing to see a British economist (most of whom are illiterate with regard to monetary economics) actually talking about money and regarding it as an important part of monetary economics!
This stuff should be taught to al school children (and adults!), it is so fundamental to the world that we live in.
antielectrons 3 months ago
I don't understand why he's against privatizing institues and companies, what does that have to do with the creation of money ? Is he just another closet commie in disguise ?
These people should get out of their little stuffy academic offices and go to the real business world to learn how the economy actually works.
They treat people and businesses like numbers and they completely forget the psychogical effect and motivators for economic growth.
seppsters 6 months ago
The money supply has never, in the UK, been fully created by the central bank. Ever. It was never "privatized"; it was private from the beginning of history.
Also, bank lending is only the last step of the creation of money. What is really important is cash balances and asset prices.
That said, it's refreshing to see a British economist (most of whom are illiterate with regard to monetary economics) actually talking about money and regarding it as an important part of monetary economics!
Myndir 7 months ago
cool... at 3:42 he says what I've been saying to Ron Paul supporters for a year now... lol. Thanks so much for pointing this out.
etzel33 9 months ago