| Bērniem! Naudiņa - no kurienes tā nāk? (AKA The Alchemy of Debt Relations) |
[May. 16th, 2013|09:34 am] |
Dažiem Ir atbildes:
"Banks extend credit by simply increasing the borrowing customer’s
current account … That is, banks extend credit [i.e. make loans] by
creating money"
Paul Tucker, Deputy Governor for Financial Stability, Bank of England. Speech: ‘Money and Credit: Banking and the Macroeconomy’
"Even before the crisis banks enjoyed various kinds of state support, including the effective right to create money."Independent Commission on Banking Interim Report, p65
"The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending.”
Martin Wolf, Financial Times, 9th November 2010
"Under the present system banks do not have to wait for depositors to
appear and make funds available before they can on-lend, or
intermediate, those funds. Rather, they create their own funds,
deposits, in the act of lending. This fact can be verified in the
description of the money creation system in many central bank
statements, and it is obvious to anybody who has ever lent money and
created the resulting book entries"
IMF Working Paper Chicago Plan Revisited, p9 "The banking system can thus create credit and create spending power – a
reality not well captured by many apparently common sense descriptions
of the functions which banks perform. Banks it is often said take
deposits from savers (for instance households) and lend it to borrowers
(for instance businesses) with the quality of this credit allocation
process a key driver of allocative efficiency within the economy. But
in fact they don’t just allocate pre-existing savings, collectively they create both credit and the deposit money which appears to finance that credit."
Adair Turner, Chairman of the FSA, Speech: ‘Credit Creation and Social Optimality’, Sept 2011
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