21 Nov '11, 10am

Let's not pussyfoot around with the banks | Tony Greenham

Let's not pussyfoot around with the banks | Tony Greenham

I really don’t know why, because it is merely a description of how fractional reserve banking allows banks to expand “broad money”, or bank deposits, when they create new credit. This is really the whole point of fractional reserve banking. Indeed, the ability to create new money in this way to finance investment and growth in consumption was arguably a major factor behind the successful industrialisation of nations, the UK being first and foremost among them.

Full article: http://www.neweconomics.org/blog/2011/11/21/lets-not-puss...

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