Bank of England admits that money comes out of thin air and loans are outright lies -- money is created as it is loaned by publishing evidence of deposits Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called Money Creation in the Modern Economy, co-authored by three economists from the Banks Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.
Posted on: Tue, 01 Apr 2014 14:27:04 +0000
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