John Kenneth Galbraith: Banks Create Money

John Kenneth Galbraith Money Quotation shows he is offended by the ease with which financial institutions manufacture money and wishes for some complexity to it
 

 

“The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent” — John Kenneth Galbraith

 
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When banks extend loans to their customers, they create money by crediting their customers’ accounts. Mervyn King, Governor of the Bank of England

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Categories: finance Tagged:banksjohn kenneth galbraithmystery