\”He doesn\’t say that moving things about isn\’t wealth creation. He says that moving money about isn\’t wealth creation.\”
Which is a blindingly stupid thing to say.
Moving the short term deposits in our bank accounts (the little amounts that vary over the month in our current accounts for example) into long term investments in mortgages, companies and other investments: you know, fractional reserve banking and maturity transformation, this is very much creating wealth.
Like, for example, banks using the money in our accounts to lend it to Rolls Royce so they can make jet engines?