... We ve been through this ad nauseam. Banks indisputably create money. ... No, it only requires a willingness to know the fact that money is what isMessage 1 of 90 , Jan 16View Source--- In LandCafe@yahoogroups.com, "harrypollard" wrote:
> Although it's an idea worth looking at, banks don't create money.We've been through this ad nauseam. Banks indisputably create money.
> However, this requires looking afresh at the concept of money,No, it only requires a willingness to know the fact that money is what is generally accepted in exchange. Demand deposits are generally accepted in exchange. Banks create demand deposits. Therefore, banks create money. QED.
> something it's probably impossible to get economists to do. They've been taught certainThat's true; but in the case of money, the error they've learned is that government creates money.
> basics, erected an edifice on them and are not prepared to relearn from the beginning which may mean shattering the edifice.
> I don't altogether blame them, but it forces monetary discussion along paths that may be completely incorrect.Like blaming government for inflation. Right.
-- Roy Langston
... Inflation is shorter and more descriptive. ... Having a label and definition for the concept helps people share information about it. ... Maybe that sMessage 90 of 90 , Feb 1View Source--- In LandCafe@yahoogroups.com, "harrypollard" wrote:
> So why not say they are changing systematically?"Inflation" is shorter and more descriptive.
> How does calling rising prices inflation help to "understand how, when and why"?Having a label and definition for the concept helps people share information about it.
> Whereas inflation in its original meaning indicates that the money issuer has done something.Maybe that's part of it: the apologists for bankster privilege want to conceal the fact that it is private commercial banks that are issuing the money, not government.
-- Roy Langston