The money knowledge revolution

Like a lot of people I have only really started paying attention to how money really works the past few years. There is so much content online these days. But it‘s worth remembering this is a very new state of affairs. Two quotes from recent podcast illustrate the point. First we have Richard Werner, who apparently invented Quantitive Easing. He was on the Liz Truss podcast [9:22]: And of course the money creation is driven by bank credit, bank credit creation, that’s the more detail, the more precise way of looking at it. Of course that’s not by accident, they are not entirely uninformed at the Bank of England. For example when I published...well I was about to publish my first proof that banks create money out of nothing when they give a loan, each individual bank will create new money. Until then it was controversial. It was debated for a whole century its been debated. Is this true, is this not true. Well let’s do an empirical test, that’s the scientific thing to do. So I did an…