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Re the business enterprise of banks lending first and finding reserves later, a month in which to find reserves they now have, which is than it used to be much longer. Quoted Marx about financial capital ruining industrial capital. He was part accountable for easing “originating the term” quantitative. It originated by his thinking up a phrase to spell it out the process that might be acceptable to the Japanese (who he was advising at that time).
The Japanese phrase then got translated into English as QE. However, following speakers remarked that QE was applied generations ago first. Textbook description of how banks work is nonsense. The Asia crisis was triggered by extreme reliance on banking institutions as opposed to other types of finance. 97% of profit circulation is privately created, and central banks make an effort to conceal the known reality. Quoted Donald Kohn’s attack on neo-classical economics. Banks are not financial intermediaries: these are creators of money. They’re both, aren’t they? If newly created money / credit is utilized rather than fund asset purchases productively, inflation is lower.
The activities of credit unions in Britain are limited, so the activities of large private banks also needs to be restricted: in particular, directed towards to something better than bumping up asset prices. Small local banks in Germany play a much bigger role than in Britain. Local currencies are a good idea.
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A recent survey showed that about 80% of the population think money is created by government authorities / central banking institutions. The interviewees were biased for the more educated section of the population, so an authentic amount would be over 80%. 90% were against letting private banks create money. Money created by banks (forget whether she was discussing central or private banks) should be allocated to specific purposes, e.g. environmentally responsible investments. Private banks have displaced central banks as it pertains to credit / money creation.
The rise in private sector personal debt has been more significant than general public-sector debts. The crises were sparked off by the best rise in interest rates in the five roughly years prior to the crunch plus de-regulation. Debt has been cut but slowly and chaotically. Roosevelt as of 1933 had made a good job of dealing with the recession.
Rogoff and Reinhart’s ideas are flawed. The European union does not have any basic idea what it does. Another crisis is coming. From then on, everyone will be so fed up with the private bank industry that Draconian controls will be imposed. She is thinking about the so called “golden age” of banking: 1945-71. Then today This was a period where there were much tighter settings on banking. Those of us who want a better bank operating system need to organize politically, but at the moment we are in a muddle as to exactly what we want. THE BRAND NEW Economics Foundation has had plenty of help from the lender of England with research to back the NEF’s unconventional ideas on banking.
The regular view of how banks work has gone out of date: private banking institutions lend first, look for reserves then. And if there aren’t enough reserves available, the central bank is forced to supply them. Most bank or investment company lending goes to the asset rich, not too successful industries. The fact that privately created money or credit is backed by the government means arguably that such money is in effect publicly created. The time taken for the average household to repay their home loan has approximately doubled during the last 20 years. Private banks have in effect bought out seigniorage from government authorities / central banks, a year in Britain and the benefit from this activity is around £2bn.