Jul 29, 2021How Banks Create Money When They LendThe prevailing theory of banking for the past century holds that banks function as intermediaries, collecting deposits from depositors and lending them out for interest. This view is maintained, with minor differences, by all neo-classical schools of economic thought regardless of ideological bent. Austrians, Monetarists, and Neo-Keynesian economists alike operate…Economics11 min read
Apr 20, 2019You Don’t Understand the DebtSo-called “fiscal responsibility” is one of the most enduring sacred cows of American politics. Politicians across the spectrum work hard to protect their image as sound fiscal stewards. Republicans have tried (and failed) to pass several balanced budget resolutions to ensure the Federal Government’s revenues match or exceed its expenditures…16 min read
