The Ongoing Collapse of Economics
Oct 6th 2016, 10:07 pm
#31
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Re: The Ongoing Collapse of Economics
Economist Ellis Winningham being as irreverent as ever 
There is No Conspiracy: The Federal Reserve is Not a Private Banking Cartel - Ellis Winningham
"Loanable Funds Theory is dead. Of that, there can be no question. The remaining stragglers who believe in this particular banking fairy tale – the mainstream – persist with their mystical ramblings about the zero lower bound which depend on loanable funds nonsense. The credit creation model is a thing these days, because it is reality. Banks simply do not lend out customer deposits, or in other words, they do not lend out reserves. The good work that Richard Werner has done demonstrates that banks do not, in fact, lend out customer deposits. However, for all of the work Werner has done to enhance our understanding, there is another side of him; a strange side which, factually, causes one’s eyebrows to lift and one’s voice box to involuntarily utter the phrase, “OMG! HE CANNOT BE SERIOUS!” But before I get to that, let’s take a look at how banking really works."
There is No Conspiracy: The Federal Reserve is Not a Private Banking Cartel - Ellis Winningham
"Loanable Funds Theory is dead. Of that, there can be no question. The remaining stragglers who believe in this particular banking fairy tale – the mainstream – persist with their mystical ramblings about the zero lower bound which depend on loanable funds nonsense. The credit creation model is a thing these days, because it is reality. Banks simply do not lend out customer deposits, or in other words, they do not lend out reserves. The good work that Richard Werner has done demonstrates that banks do not, in fact, lend out customer deposits. However, for all of the work Werner has done to enhance our understanding, there is another side of him; a strange side which, factually, causes one’s eyebrows to lift and one’s voice box to involuntarily utter the phrase, “OMG! HE CANNOT BE SERIOUS!” But before I get to that, let’s take a look at how banking really works."
