tag:blogger.com,1999:blog-2761684730989137546.post1538105997245405162..comments2024-03-18T19:09:18.510-04:00Comments on Mike Norman Economics: Eric Tymoigne — Money and Banking—Part 18 (A) & (B)mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2761684730989137546.post-84966665514225235412017-05-30T20:30:55.777-04:002017-05-30T20:30:55.777-04:00What accounting course did you ever take where the...What accounting course did you ever take where they went over "sham liabilities"?<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-18472024067717570232017-05-30T20:29:41.899-04:002017-05-30T20:29:41.899-04:00It's cheaper for the govts to avoid the 200B b...It's cheaper for the govts to avoid the 200B banks spend on just tech annually, avoid hiring millions of employees, etc...<br /><br />https://infogr.am/how-much-do-banks-spend-on-it<br /><br />The govt farms it out...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-76605421674851758722017-05-30T12:51:01.574-04:002017-05-30T12:51:01.574-04:00In doing so, an emphasis is put on the fact that a...<i>In doing so, an emphasis is put on the fact that a balance sheet must balance and that double-entry accounting rules cannot be denied.</i> Eric Tymoigne<br /><br />But they ARE denied in that the liabilities of the banks toward the non-bank private sector are largely a sham in that the non-bank private sector (i.e. the rest of us) may not even use their Nation’s fiat except for grubby, insecure, inconvenient physical fiat, a.k.a. “cash.”<br /><br />So how can we have honest accounting with sham liabilities? And how can we be so foolish as to expect a dishonest system to be stable?<br /><br />The solution? Allow all citizens to have accounts at their respective central banks and abolish all other privileges for depository institutions, e.g. why should government insure private liabilities, including privately CREATED (“Bank loans create bank deposits”) liabilities?<br /><br />Andrew Andersonhttps://www.blogger.com/profile/14296407661618321637noreply@blogger.com