tag:blogger.com,1999:blog-2761684730989137546.post6288067214473517162..comments2024-03-29T02:19:19.866-04:00Comments on Mike Norman Economics: Poetic truths from a leading economist: 'from crisis stems great renewal' — James Nasonmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2761684730989137546.post-3948037958804231802020-05-20T20:47:08.544-04:002020-05-20T20:47:08.544-04:00"No"
AA everybody here already knows th..."No"<br /><br />AA everybody here already knows that...Matt Frankohttps://www.blogger.com/profile/11082502216984169113noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-48886187122203072182020-05-20T15:24:20.696-04:002020-05-20T15:24:20.696-04:00and we’re going to give the banking system cash an...<i>and we’re going to give the banking system cash and the banks can lend out that,</i><br /><br />No, not unless the banks lend out actual physical fiat, coins and paper Central Bank Notes, which they don't normally do.<br /><br />Instead, the banks create additional liabilities for fiat (bank deposits) when they "lend".Andrew Andersonhttps://www.blogger.com/profile/14296407661618321637noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-8720116615355432122020-05-20T14:07:28.976-04:002020-05-20T14:07:28.976-04:00Except fiat creation has to compete with the priva...Except fiat creation has to compete with the privately created deposits of a government-privileged usury cartel for real resources.<br /><br />Yes, a monetary sovereign can always outbid the private sector but at the cost of unnecessary price inflation.<br /><br />Or is allowing the banks and the so-called "credit worthy" to steal from the poorer price deflationary via productivity gains?<br /><br />That's the theory but it ignores the externalities inherent in injustice which ultimately could result in some VERY expensive consequences (e.g. France 1793).Andrew Andersonhttps://www.blogger.com/profile/14296407661618321637noreply@blogger.com