Posted: Sep 04, 2016 11:00 pm
ProVox wrote:I have just stumbled upon this forum and it looks interesting but this thread seems to have died. Any chance of resurrecting it?
I am a retired engineer not an economist but I have spent the last 12-13 years working out the way money is created and how the banking system works from the structure rather than in banking terminology, which I have always believed is intended to mislead.
I have just spent a couple of hours reading the thread and there are a lot of misconceptions, which 'UndercoverElephant' seems to have covered pretty well. His explanations are virtually spot on and all he has said is covered in the BoE Bulletin Q1: 2014. ‘Money Creation in the Modern Economy’ and corroborated by the following economist.
Thanks.
This man, a Professor of Economics at Southampton University, is the only person to have carried out an empirical experiment to prove exactly how money is created through the banking process. Prof. Dr.Richard Werner’s papers cover virtually everything you would need to know about money creation, its history and the all the reasons it is so misunderstood even by economists. As UE points out it is very difficult to get those who have been taught incorrectly to accept any alternative explanation.
You may find the following papers of interest.
http://www.sciencedirect.com/science/article/pii/S1057521914001434
http://www.sciencedirect.com/science/article/pii/S1057521914001070
http://www.sciencedirect.com/science/article/pii/S1057521915001477
He has also done a series of short video interviews that are fairly easy to follow but the detail is all in his papers on the subject.
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