Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.
Thursday, 10 January 2013
Video explaining how private money creation works.
This is about the best and simplest explanation as to how private money creation (by private banks) works. It's by Michael Reiss - a physicist. Hat tip to Positive Money.