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This angle of the banking system has actually been discussed for many years by leading experts: “The process by which banks create money is so simple that the mind is repelled.” – Economist John Kenneth Galbraith “[W]hen a bank makes a loan, it simply adds to the borrower’s deposit account in the bank by the amount of the loan. It is the most important subject intelligent persons can investigate and reflect upon.
It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.
Looking at the timing of economic variables, they found that credit money was created about 4 periods before government money. Eccles) said: If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. We are completely dependent on the commercial Banks.The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system. And there’s an overwhelming amount of additional proof …. But what is important is that the president of the First National Bank of Montgomery apparently admitted that his bank created money by simply making an entry in its book.For example, 2 Nobel-prize winning economists have shown that the assumption that reserves are created from excess deposits is not true (via Steve Keen): The model of money creation that Obama’s economic advisers have sold him was shown to be empirically false over three decades ago. The manufacturing process to make money consists of making an entry in a book. Moreover, although it is counter-intuitive, virtually all money is actually created as debt.*** Why did conventional economists not see this crisis coming, while I and a handful of non-orthodox economists did [?] Because we focus upon the role of private debt, while they, for three main reasons, ignore it: *** They believed that the level of private debt—and therefore also its rate of change—had no major macroeconomic significance: *** Finally, the most remarkable reason of all is that debt, money and the financial system itself play no role in conventional neoclassical economic models.
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take money seriously, and only a handful of them—including myself (Steve Keen, 2010; model money creation in their macroeconomics.