It is possible to conceive of a world where fractional reserve banking is understood by both banker and depositor and involves no deception or fraud. But in that world, deposits cease to be money and become complex credit securities.
The good news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever. The bad news is that Stephanie Kelton has written a book on MMT that is very readable and will strike many readers as persuasive and clever.
The Left believes that we need the state to force people to act in line with "social justice." This means that somebody must force compliance with state edicts, even if those people aren't called "police."
The massive bailout of indebted sectors that already had overcapacity and were in process of obsolescence may also drive the largest wave of malinvestment in decades. If the previous recoveries came with poor wage and capital expenditure growth and high debt, the next one will likely be even...
Now, more than ever, we're in uncharted waters when it comes to central banks and monetary policy. Economist Brendan Brown takes a look at where we are and what the future might hold for central banks' race to the bottom.