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Is full-reserve banking really that hard to understand? (A reply to John Aziz)

The week_response

It's been a busy week for journalists and economists criticising our proposals without bothering to a) read them or b) understand them. Jeremy Warner in the Telegraph claims we're in favour of allowing politicians to  "print money to their hearts' content", when we've clearly stated that we wouldn't trust politicians to be responsible with the power to create money than we would trust banks. But John Aziz's blog in The Week is this week's worst offender for inaccuracies and misconceptions.

Ruud HarmsenDoes this site have a Like or Favourite option? If not: here's my Like/Favourite for Dantey's contribution hereabove....

August 2014

Ruud Harmsen==This is in contrast to the current catch 22, where we're required to encourage households to go further into debt in order to keep the economy growing.==That has nothing to do with the mechanism of money creation as such, and is not an argument against it....

August 2014

Ruud Harmsen==But reserve requirements are real, and banks have to abide by them by law.==True. Moreover: the reserve requirement isn't the only limitation to money creation / credit granting, and nowadays not the most important one. See articles #8 and 9 of my series, http://rudhar.com/economi/mony... ....

August 2014
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OzziecoinIn my view, Krugman is hurting those he claims to be helping by condoning the excessive build up of leverage. The fact that he rightly identifies that leverage is a problem yet condemns 100% reserves reveals him for the kind of person he is. Should he not say that 100% reserves is only part way to f...

June 2014

OlegYes, this is different "currency" but this was not my main concern. Commercial papers or mortgage backed securities can grow without growth of bank money in demand deposits, which I mean by M1....

May 2014

CrispyThere is an exchange rate between corporate debt and actual money. Thus they are separate. Corporates creating huge amounts of paper will not cause house prices to rise in Sterling.I don't even know what you mean by M1 since there is no such official measure in the UK....

May 2014
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Laurence RenshawI can see some huge benefits of this proposal, but I can't see how it would encourage more 'good lending' and less 'bad lending' (e.g. to finance property bubbles), unless the government or BoE takes over much of the commercial banks' lending function. Can you explain?...

October 2014

Mike Riverowow did you miss the point. Re-read the article - slowly....

October 2014

bilejones"The state, not banks, would create all money"And the bullshit never ceases, does it?"money" is that thing that meets three needs:1. Universal acceptance as a means of exchange,2. A store of value.3. A unit of account.The buffoon here confuses "money" with "currency"...

October 2014
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Economics textbooks teach a “mythological” story about what banks do, claims former bank regulator Lord Adair Turner (Full transcript)

Turner Toronto

Lord Adair Turner, who was the chairman of the UK Financial Services Authority from 2008-2013, gave a brief but hard-hitting speech last week, where he claimed that university textbooks were teaching a 'mythological' story about what banks do. Speaking on a panel at the INET "Human After All" conference in Toronto, he made a number of strong points:

joebhedLOL...

4 weeks ago

Todd B. MarshallFine. Your usefulness tapped out way before this. Over this entire conversation you punched not a single hole in what I wrote. Rather, you just pointed to where it didn't agree with the thinking you were vested in. I'm not inclined to change my thinking just because it doesn't align with those you w...

4 weeks ago

joebhedNo. I don't....

4 weeks ago
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Bryn2Bit coin is just another Ponzi scheme, or Pyramide game. Those who dont follow this judgement do not understand basic centralbank theory, and basic macroeconomics. All said.For those who will not understand; Just exchange your USD or GBP into Bitcoins. And wait until it all collapses....

3 weeks ago

darren kishe means this article is garbage, the author is either an idiot or has a hidden agenda....

September 2014

darren kisit's a payment network amongst other things, do your research....

September 2014
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