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Justïn Wood | slava Ukraini 🇺🇦 JinJiyanAzadi Profile picture
Justïn Wood | slava Ukraini 🇺🇦 JinJiyanAzadi
@justinwood
climate/energy/env policy | degrowth + climate justice is the way out | complexity + #MMT + post-Keynesian in the Doughnut 🇦🇺in🇳🇿 | antifascist | #NAFO
Feb 1, 2023 • 6 tweets • 4 min read
RBNZ bulletin confirming banks create deposits when issuing loans, showing a balance sheet double-entry accounting operation.

No loanable funds.
No money multiplier.
Reserves (settlement cash) not a constraint on lending.

Well well well. #MMT

rbnz.govt.nz/-/media/518b01… Further, I think fair to say the paper also states paying taxes deletes money (reduces settlement cash) while gov spending creates it (increases settlement cash).