18 December 2009
One misconception about the mechanics of money that I mentioned in my last post is the idea that banks can hoard their reserves at the central bank* rather than lending them out.
Here I will explain why this idea simply does not make sense, but no more casinos and gaming chips. No more senior croupiers and [...]
Read the full article →
11 December 2009
Over the last couple of years as the global financial crisis unfolded, a subject I have spent a lot of time thinking about is the nature of money. I have been planning a blog post on the topic and the time has finally come.
The catalyst for finally writing this post was attending last week’s 16th [...]
Read the full article →