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😱A scary development which I explored on @CommonsTreasury: Britcoin could enable a dramatic increase in state control of our lives.
The article contains an error on bank lending. Via @bankofengland,
"Money creation in practice differs from some popular misconceptions -"...
The article contains an error on bank lending. Via @bankofengland,
"Money creation in practice differs from some popular misconceptions -"...
"- banks do not act simply as intermediaries, lending out deposits that savers place with them, and nor do they ‘multiply up’ central bank money to create new loans and deposits."
More:
bankofengland.co.uk/-/media/boe/fi…
More:
bankofengland.co.uk/-/media/boe/fi…
There's a huge amount wrong with our current monetary system but giving even more power to central banks to intervene in our lives is not the right answer.
Monetary socialism of this kind was a factor in getting us into this mess. It would be good to have a market solution.
Monetary socialism of this kind was a factor in getting us into this mess. It would be good to have a market solution.
