In my last column, I explained how both governments and banks create money. The basics are incredibly simple—so simple, in fact, that the great non-mainstream economist John Kenneth Galbraith once commented that: The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent. (Galbraith 1975, p. 22)
How to Mangle Money
How to Mangle Money
How to Mangle Money
In my last column, I explained how both governments and banks create money. The basics are incredibly simple—so simple, in fact, that the great non-mainstream economist John Kenneth Galbraith once commented that: The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent. (Galbraith 1975, p. 22)