John Rogers: Banks Create Money
on Saturday, December 24, 2022Meaning of John Rogers Money Quote: saying A Bank is a profit-making business that operates in the interest of shareholders. John Rogers said:
“Banks do not create money for the public good. They are businesses owned by private shareholders. Their purpose is to make a profit” — John Rogers
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John Rogers is criticizing the view that banks act for the benefit of the general public when creating money. He argues that banks are private, profit-driven businesses owned by shareholders, not public institutions. Therefore, according to Rogers, banks do not generate money through lending and other financial activities with the goal of helping society or furthering the common good.
Rather, their main objective as private companies is to earn profits for their owners. Rogers’ quote suggests we should not see banks as entities that create money supply primarily for public welfare reasons, but rather to advance their own commercial interests of maximizing returns for investors and shareholders.