The truth is out: money is just an IOU, and the banks are rolling in it The Bank of Englands dose of honesty throws the theoretical basis for austerity out the window. Why did the Bank of England suddenly admit all this? Well, one reason is because its obviously true. The Banks job is to actually run the system, and of late, the system has not been running especially well. Its possible that it decided that maintaining the fantasy-land version of economics that has proved so convenient to the rich is simply a luxury it can no longer afford. But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it. David Graeber theguardian/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity
Posted on: Fri, 18 Apr 2014 11:51:45 +0000
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