A bit of economics I’ve not heard before

Plus, in the commentary there is the claim that banks manage people’s savings and lend money: the implication is very clearly that they are intermediaries when the Bank knows this is not true.

Banks are not intermediaries? Who knew?

3 comments on “A bit of economics I’ve not heard before

  1. I liked this one today. Translates as “I’m desperate to appear relevant again”.

    Jane Roberts says:
    April 30 2018 at 7:31 am
    very disappointed to see that the letter attacks MMT. You should know better than to write that tax pays for public services.

    Richard Murphy says:
    April 30 2018 at 7:56 am
    With respect, pedantic purity will get us nowhere

    I live in the real world where compromises are necessary

  2. In years to come, the Ely school of Murphonomics will be spoken of in the same reverential tones as the Chicago and Austrian schools of economics are today.

  3. Banks don’t manage people’s savings and lend money? Who did I get my mortgage from then?

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