John Kenneth Galbraith: Banks Create Money

Posted by admin on Saturday, July 24, 2010

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

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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