Posts Tagged ‘john kenneth galbraith’

John Kenneth Galbraith: Economics Majority

Posted by admin on Wednesday, November 9, 2016

John Kenneth Galbraith Money Quote saying when looking to the financial crowd to answer tough questions, count on the majority of economists to make the wrong choices. John Kenneth Galbraith said:

In economics, the majority is always wrong
— John Kenneth Galbraith

Galbraith on Economic Forecasting

Posted by admin on Tuesday, September 10, 2013

John Kenneth Galbraith Money Quotation saying predicting the future is impossible by astrologers, or economic forecasters. John Kenneth Galbraith said:

The only function of economic forecasting is to make astrology look respectable
— John Kenneth Galbraith

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 Quote
 

“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

Banks Create Cash Making Loans Headlines
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