GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Friday, March 21, 2014

Steve Keen: "Loans create deposits!" aka No One Understands Banking

Our lead story: Erin talks net neutrality. Netflix CEO Reed Hastings called for rules that ensure that big broadband providers like Comcast can't charge companies like Netflix a fee to connect directly to their networks. What do you think? Erin gives you the details.

For our interview today, we invite economist Steve Keen to talk about some bold assertions made by the Bank of England about how money is created. Turns out that your economics textbook on banking was wrong: there is no money multiplier in this story.

To round out the week, check out Edward Harrison and Erin's discussion of the viewer feedback, or "Accrued Interest," the Boom Bust team has received over the week.

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