Listen to this BBC Radio 4 program on the failure of academic economics to reform itself after the Crash of 2007.
Where does money come from? Printing it yourself, unsurprisingly, is illegal. But in today's digital society, creating money has less and less to do with the printing of notes or minting of coins, reads the article in Deutsche Welle, 28th November 2014.
Abandon helicopters. Use bombers. Bomb Germany, France, Italy, Greece, the entire eurozone. Bomb them with banknotes, cash, anything to boost demand. The money must go straight to households, not to banks. Banks have had their day and miserably failed to spend, argues Simon Jenkins in the Guardian, 26th Nov 2014
Sir, Simon Ward (Letters, November 13) states that Adair Turner’s proposal to fund government spending with newly created money “would involve the creation of more Bank of England reserves, which represent a liability of the state and bear interest”. But there is no reason that the new liability would have to bear interest, since it could be issued as zero-coupon irredeemable bonds, reads the letter by Fran Boait in Financial Times, 16th Nov 2014.
"Greater regulation of banks does not offer any meaningful solution. Regulation ignores the larger issues at play. As we’ve seen in the limited scope of reforms since the crisis, what happens is that you get thousands of pages of complex regulation. But the bank lobby has huge resources, millions of pounds, to spend on lawyers to water down these changes. And there’s nobody fighting that battle on the side of society", argues Fran Boait, Positive Money's Executive Director in the interview in Cherwell, 8th November 2014