Mervyn King: How Do Banks Create Money

Posted by admin on Thursday, October 22, 2015

Mervyn King Money Quote confirming something that John Kenneth Galfbraith called so simple the mind is repelled, with something so important a deeper mystery seems only decent. Mervyn King Governor of the Bank of England said:(PDF page 3, paragraph 3)

When banks extend loans to their customers, they create money by crediting their customers’ accounts
— Mervyn King

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