Where does money come from?

Banks getting to create money out of thin air given out as loans which of course need to be paid back with interest for which the money doesn't exist. All money essentially being somebodies loan from their bank. And then a small amount being the government's loan from the federal reserve. And there not mathematically being enough money for everyone to pay it back. The fed getting to control the money supply. Fractional reserve lending. Nothing to back up the money. Bitcoin. Are these interesting things to think about?

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  • Murray Levy
    commented 2016-09-15 23:38:24 -0400
    I’ll check it out. Thanks for the suggestion!!
  • Paul Lebow
    commented 2016-09-15 19:53:04 -0400
    Yes, I don’t understand why Prof. Wolff leaves this out of the discussion. Democratization of the money supply should go hand-in-hand with democratization of the work place. Co-ops are not a silver bullet that can be effective without other measures as well. See, for instance, the Positive Money effort in GB where they have laid out a concise process for putting the creation of money back into the hands of the people.
  • Paul Lebow
    tagged this with Important 2016-09-15 19:53:03 -0400
  • Murray Levy
    published this page in Ask Prof. Wolff 2016-08-31 16:08:02 -0400