Rory Bremner’s One Question Quiz on Radio 4 this evening asked Where Did All The Money Go? Most of it was predictable comedy that skimmed the surface of our financial dysfunction, but they did tell us loud and clear that banks create most of our money when issuing loans, which was unexpectedly accurate. More disappointing…
Great article by John Aziz explaining why you can’t get a return on hoarded, idle, stagnant money during a recession. For an economy to thrive money has to be used to fund productive activities. Recession is caused by too much money rotting in bank accounts.
This article via Positive Money is gratifying. Looks like Frederick Snoddy came to similar conclusions as myself back in the 1920s. Especially that one of our biggest mistakes is to pretend that money = wealth. The article is also good on the utter failure of orthodox economics.
A nice clear summary from Positive Money of why the reported economic recovery is an illusion, and why we will suffer from ever-increasing debt until we change the way that money is created and used.
Here’s a very clear, easy to read analysis of the utter failure of the UK government’s current economic policy. Demonstrating, by the way, that economists are perfectly capable of talking sense in language that we can understand (thanks Ann Pettifor and Jeremy Smith).
A studiously thoughtful article from Jeremy Warner in the Telegraph about the ideological battle between followers of Keynes, Hayek, and Friedman, all of whom have been proved wrong in one way or another. When will the debate move on from dead men’s flawed theories to something pragmatic that might actually solve our problems?
Over the last couple of years I have come to the conclusion that economics, as it is taught and practised by most academics, is a load of nonsense. This article by Canadian professor Nick Rowe, in which he argues that “saving” should be abolished, is a classic example of taking an interesting idea and strangling…
This short video from Positive Money explains why the rich get richer and the rest of us get deeper in debt. There’s a lot of stuff on their website that’s worth investigating if you’re interested in understanding how our economy got into such a mess.