Steve Keen at INET (Video)

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Below is Steve Keen’s latest talk, given at the INET (Institute for New Economic Thinking) conference in Germany over this last weekend:

Steve Keen is one of the few professional economists with a solid understanding of money creation by private banks and the impact this has on the economy. In this talk he explains how the idea that the Fed or Bank of England controls the money supply is simply wrong.

For any university students who are studying economics, this 25 minute talk will be more accurate than your typical 3 year degree course in money and banking.

Meanwhile over at the NEF blog, Josh Ryan-Collins (author of Where Does Money Come From?) comments on Steve Keen’s recent run in with Paul Krugman.

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  • Tby12

    In the video at 7.20 Steve talks of loans and banks reserves – he does state that banks make loans and then look for the reserves – but he also goes onto state that the money is there.

    If banks create brand new money – broad money – how can there always be enough available as resrves?

    • Ted Carron

      The bank of England will always lend reserves to commerce banks at an advertised rate. When the commercial banks go ‘chasing’ reserves they just got to the BOE and borrow them.

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