In the process of doing so they entirely missed the point that without deposits, a bank has no meaning. Holding deposits is it essential purpose.
Two weeks back we were being told that banks don’t even need deposits. Now they’re the very purpose of them?
The name for something that simply holds deposits is “a safe”.
Both resonate with me. I will never be the world’s greatest theoretician. I might not even be an outstanding theoretician. But I think I hear the music of political economy, without the need for any ‘ism’ but pragmatism, tinged with empathy. The condition of the person dismissed too often as ‘ordinary’ is what matters to me, and not the promotion of any ideology.
He’s now declaring himself to be the Mozart of political economy. Ho Hum.