Money
Steve Keen says 2014 Bank of England paper challenged textbook banking model
Tom Bilyeu Impact Theory
The Economist Who Called 2008 Says The Debt Crisis Warning Is A Myth — We Had To React
What was said
"“Banks are not intermediaries. Banks create money by creating debt. And that argument has only been made by critics of the economics for Decades, but in 2014, the Bank of England actually came out and said that critics like me are right and the textbooks are wrong.”"
Economist Steve Keen says banks create money by issuing debt, not by merely intermediating deposits. He argues a 2014 Bank of England publication supported this view over standard textbook accounts.
Verification status
Attributed speaker claim
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Source and context
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- Programme
- Tom Bilyeu Impact Theory
- Episode
- The Economist Who Called 2008 Says The Debt Crisis Warning Is A Myth — We Had To React
- Clip time
- 17:21
- Original source
- Watch the source segment →
From this episode
Tom Bilyeu Impact Theory