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A crash course in changing the world.
Some crucial facts that you are not supposed to know
Some crucial facts that you are not supposed to know
http://labancaperbene.be/
* There is no such thing as a bank loan.
* A loan is when the use of something is handed over to someone else.
* If I lend you my car, I can’t also use it myself.
* When banks ‘lend’ money, they are not extending loans.
* What they do is much more important – the single most important fact about how economies actually work.
Banks create money – out of nothing
With a reserve requirement of 2%, and a deposit of 100 euros, a Bank can extend 4,900 euros in credits. Where do the 4,900 euros come from?
From nowhere.
What makes banks special? They create 98% of our money
Their role as the economy’s accountants AND their ability to individually create credit makes banks special (MacLeod 1855; Schumpeter 1912)
- The textbook representation is incorrect: banks are not merely financial intermediaries. They are special, because they create new money ‘out of nothing’ = credit creation
- This is how 95-98% of our ‘money’ is created – by commercial enterprises.
- In other words: the creation of the money supply has been in private, commercial hands for a long long time.
The fundamental cause of banking crises:
The privatised creation and allocation of money
* Banks are profit-seeking institutions.
* They do not consider the macroeconomic or social welfare implications of their creation and allocation of money.
* They do not even consider how their actions might affect themselves in the long-run
* Banking has been an industry oblivious to sustainability considerations for centuries.
* This system has been put in place by interested parties without any public debate about it.
Some features of the credit market
- Banks ration credit to maximise profits (Stiglitz and Weiss, 1981) (as loan demand > supply, equilibrium rates would be too high)
- The credit market is rationed and supply-determined
- There is no indication that their selection of projects/firms to give newly created money to is the best possible for the economy as a wh***.
• Given the reality of credit creation, the quantity of credit is the key budget constraint on activity and thus determines growth, asset prices and should be used for policy.
Extracted from the Professor Richard A. Werner PowerPoint presentation at the Danish Institute for International Studies (DIIS), here:
Central Banking and the Governance of Credit Creation (17 March 2009)
http://www.diis.dk/graphics/_Staff/eba/Werner%20Copenhagen%20DIIS%2...
See also: TAXES FOR REVENUE ARE OBSOLETE - by Beardsley Ruml, Chairman of the Federal Reserve Bank of New York, 1946
http://home.hiwaay.net/~becraft/RUMLTAXES.html
References:
- Werner, Richard A. 2005. New Paradigm in Macroeconomics (pp 174 to 180)
- Schumpeter, Joseph A. 1912. The Theory of Economic Development
- Macleod, Henry Dunning. 1855. The Theory and Practice of Banking
http://labancaperbene.be/
* There is no such thing as a bank loan.
* A loan is when the use of something is handed over to someone else.
* If I lend you my car, I can’t also use it myself.
* When banks ‘lend’ money, they are not extending loans.
* What they do is much more important – the single most important fact about how economies actually work.
Banks create money – out of nothing
With a reserve requirement of 2%, and a deposit of 100 euros, a Bank can extend 4,900 euros in credits. Where do the 4,900 euros come from?
From nowhere.
What makes banks special? They create 98% of our money
Their role as the economy’s accountants AND their ability to individually create credit makes banks special (MacLeod 1855; Schumpeter 1912)
- The textbook representation is incorrect: banks are not merely financial intermediaries. They are special, because they create new money ‘out of nothing’ = credit creation
- This is how 95-98% of our ‘money’ is created – by commercial enterprises.
- In other words: the creation of the money supply has been in private, commercial hands for a long long time.
The fundamental cause of banking crises:
The privatised creation and allocation of money
* Banks are profit-seeking institutions.
* They do not consider the macroeconomic or social welfare implications of their creation and allocation of money.
* They do not even consider how their actions might affect themselves in the long-run
* Banking has been an industry oblivious to sustainability considerations for centuries.
* This system has been put in place by interested parties without any public debate about it.
Some features of the credit market
- Banks ration credit to maximise profits (Stiglitz and Weiss, 1981) (as loan demand > supply, equilibrium rates would be too high)
- The credit market is rationed and supply-determined
- There is no indication that their selection of projects/firms to give newly created money to is the best possible for the economy as a wh***.
• Given the reality of credit creation, the quantity of credit is the key budget constraint on activity and thus determines growth, asset prices and should be used for policy.
Extracted from the Professor Richard A. Werner PowerPoint presentation at the Danish Institute for International Studies (DIIS), here:
Central Banking and the Governance of Credit Creation (17 March 2009)
http://www.diis.dk/graphics/_Staff/eba/Werner%20Copenhagen%20DIIS%2...
See also: TAXES FOR REVENUE ARE OBSOLETE - by Beardsley Ruml, Chairman of the Federal Reserve Bank of New York, 1946
http://home.hiwaay.net/~becraft/RUMLTAXES.html
References:
- Werner, Richard A. 2005. New Paradigm in Macroeconomics (pp 174 to 180)
- Schumpeter, Joseph A. 1912. The Theory of Economic Development
- Macleod, Henry Dunning. 1855. The Theory and Practice of Banking
Views: 29
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Comment by Ethan Walden on April 26, 2010 at 6:01pm
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The day the general population understands this, I wouldn't want to be a banker.
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Comment by A.V.Koshy on April 26, 2010 at 6:03pm
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your posts are among the best on here
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what is the relation between this and the World Bank?
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Comment by Michele Saba on April 26, 2010 at 7:09pm
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The new banking paradigm:
seigniorage sharing
By sharing a portion of seigniorage (Effective Monetary Rent - not the Apparent Monetary Rent) under guise of BASIC INCOME given directly to the citizens, the World Bank can pretend to exercise monetary sovereignty in the name of the citizens themselves...by having bought the right to exercise monetary sovereignty...how terrific! But bankers are too stupid to understand that they can reduce moral hazard by lawfully buying that right... Bankers have bought all - but they left out the most important thing: the lawful authorization from the public.
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:)
are they stupid or smart - they know the public is not going to bay for their blood becasue the public wants to remain oblivious to such facts as long as they get their two per cent interest and their loans and their money kept 'safe' etc.... all of which things they think are partly a service being done for/to them
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No my dear. Nothing is more appealing that a "free lunch". By giving a Basic Income to all you can obtain a good bargain between unlimited welfare and predatory banking. Furthermore, a Basic Income is economically sound because it correct the economic model favouring the demand-side of the equation. Who accept the Basic Income must surrender the management of the monetary rent to banking authority and this will kill the moral hazard bubble on monetary derivatives (i.e. official - private - money and banknotes). A very good stimulus (helicopter Friedman) and a counterinsurgency instrument that may stop the rebellion against the current moron bankers.
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Maybe.
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wouldn't it be a counter-counterinsurgency?
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do you know any bank that lawfully buys the right - authorization from the public - to monetary rent?
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Comment by Daniel Pisani on April 26, 2010 at 8:00pm
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Why else there constant inflation of money and constant debt?
Brilliant.
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The exchange works directly for state and public workers and servants. It gives them credit in exchange for the amount of public work they contribute to the community. The more constructive they are based off a base rate the more credit they recieve.
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