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Re: Four Horsemen

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  • roy_langston
    ... 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 is
    Message 1 of 90 , Jan 16, 2013
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      --- 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 certain
      > basics, erected an edifice on them and are not prepared to relearn from the beginning which may mean shattering the edifice.

      That's true; but in the case of money, the error they've learned is that government creates money.

      > 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
    • roy_langston
      ... Inflation is shorter and more descriptive. ... Having a label and definition for the concept helps people share information about it. ... Maybe that s
      Message 90 of 90 , Feb 1, 2013
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        --- 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
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