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Had too look around a bit but indeed chapter 10 on banks and credit talk about how commercial banks effectively print money as they extend loans. Just wish the
by digi_owl 9y ago
Had too look around a bit but indeed chapter 10 on banks and credit talk about how commercial banks effectively print money as they extend loans.
Just wish they would drop the whole "patient and impatient agents" stuff. I fear this will be another Keynes where over time orthodox economists will find a way to warp of redefine the text into something that simply restate their old beliefs.