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Given that central banks / governments can issue infinite amounts of money, I'm baffled as to what the point of letting private banks issue money / liquidity is: particularly since (as correctly pointed out by Diamond) private banks can't create or issue money without risking runs, instability, credit crunches, etc.
Moreover, private banks act in a PRO-CYCLICAL manner: that is, they exacerbate booms and recessions - which central banks and governments have to counter with publicly created money. Witness the HUGE increase in the stock of base money over the last few years resulting from interest rate cuts and QE.
Adding more periods to the Diamond Dybvig Model; fear of illiquidity not insolvency
David Andolfatto has a very good post on "Monetary Policy Implications of Blockchain Technology". In passing (it's not a central point of his post), David says: "However, it's worth pointing out that the leading economic theory of bank sector fragility, the Diamond and Dybvig model, does not rel...
All pretty irrelevant. Far and away the biggest act of racism by any British political party ever was the Labour Party (assisted by the Tories) taking part in the slaughter of a million Muslims in Iraq for no good reason.
Labour's antisemitism problem
Just 12 months ago, Labour had a Jewish leader. Today, we’re told, it has a problem with antisemitism. How can this be? It might be useful to distinguish between two forms of racism: verbal, and structural. Although the two often go together, they need not. For example, you’ll hear far more raci...
So what was wrong with Surbiton in 1955 - referred to by Jeremy Gilbert in his non “thought provoking” piece? Of course there’s the point (referred to a long time ago by George Orwell) that many lefties cannot do much more than trash their own country and culture. That’s one motive for the above “anti-Surbiton” drivel. Second, if Surbiton was indeed boring in 1955, that was partially or largely explained by the poverty brought by WWII.
Why not full employment?
In a thought-provoking piece, Jeremy Gilbert writes: Hardly anyone looks back to the epoch of full employment as one which seems remotely culturally attractive. We might entertain time-travel fantasies of visiting Harlem in the 20s, Haight-Ashbury in 1967, or Paris at various points in the 19th...
Lefties just love long important multi-syllabic words, even if it’s totally unclear what they mean. Neoliberal is one. Multiculturalism is another.
Over-estimating neoliberialism
George Monbiot says that the left hasn’t come to terms with “neoliberalism.” His piece shows why. It might be that “neoliberalism” is not so much a coherent intellectual project as a series of opportunistic ad hoc uses of capitalist power. To see this, consider two paradoxes. Paradox one is that...
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Apr 17, 2016
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