Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called “Money Creation in the Modern Economy“, co-authored by three economists from the Bank’s Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such asOccupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.

TS IMPERIAL - BANKING NEWSLETTER

The truth is out: money is just an IOU, and the banks are rolling in it

The Bank of England’s dose of honesty throws the theoretical basis for austerity out the window
David Graeber
British banknotes – money
‘The central bank can print as much money as it wishes.’ Photograph: Alamy

Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn’t know how banking really works, because if they did, „there’d be a revolution before tomorrow morning“.

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About LillyT

:))) Rođena između hipi pokreta i panka; odrasla u socijalizmu zastićena od vremena i prostora. Bila i ostala buntovnik i isterivač "djavola" ničim izazvana. Jos se nije umorila od svog životnog puta hodanja po žici, što joj je bilo i ostalo pretežno zanimanje u večnom opiranju pokusajima drustva da je oblikuje

2 responses »

  1. Boba Nedeljkovic kaže:

    Molim vas ne mojte mi vise slati beleznicu. Hvala

    Sviđa mi se

    • Lilly Tatic kaže:

      niko ne moze da vam salje osim ako sami ne posaljete zahtev. Takodje, ako ne zelite da dobijate poruke morate na mailu koji dobijete da se odjavite, to jest da kliknete na opciju da ne zelite da vam stizu obavestenja sa Beleznice. To je jedini nacin. Sve radite sami i prijavljujete se i odjavljujete (ako ne znate, zamolite nekog da vam pomogne). Srecno🙂

      Sviđa mi se

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