• An Economic Reform Proposal
  • MIA ΟΙΚΟΝΟΜΙΚΗ ΠΡΟΤΑΣΗ
  • ENGLISH
  • ΕΛΛΗΝΙΚΑ

Economic Reform

~ Public borrowing places a burden on future generations.

Economic Reform

Monthly Archives: June 2015

ENCYCLICAL LETTER ON CARE FOR OUR COMMON HOME

19 Friday Jun 2015

Posted by Kostas Vogias in ENGLISH

≈ Leave a comment

Tags

ΕΙΔΗΣΕΙΣ, NEWS, PROPOSALS, THEORY

ENCYCLICAL LETTER ON CARE FOR OUR COMMON HOME

«Η Ελλάδα δεν έχει τίποτα να χάσει αν πει όχι στους δανειστές της»

19 Friday Jun 2015

Posted by Kostas Vogias in ΕΛΛΗΝΙΚΑ

≈ Leave a comment

Tags

ΕΙΔΗΣΕΙΣ

Με αυτόν τον τίτλο δημοσιεύεται το άρθρο του αναλυτή των FT, Wolfgang Münchau, με το οποίο αναλύεει τις επιπτώσεις στην περίπτωση που η Ελλάδα δεν αποδεχτεί τις προτάσεις των δανειστών.

Η Καθημερινή

Advertisement

06 Saturday Jun 2015

Posted by Kostas Vogias in ENGLISH

≈ Leave a comment

Tags

THEORY

It follows then that what enables banks to create credit and hence money is their exemption from the Client Money Rules. Thanks to this exemption they are allowed to keep customer deposits on their own balance sheet. This means that depositors who deposit their money with a bank are no longer the legal owners of this money. Instead, they are just one of the general creditors of the bank whom it owes money to. It also means that the bank is able to access the records of the customer deposits held with it and invent a new ‘customer deposit’ that had not actually been paid in, but instead is a re-classified accounts payable liability of the bank arising from a loan contract.

Whether the Client Money Rules were designed for this purpose, and whether it is indeed lawful for banks to reclassify general ‘accounts payable’ items as specific liabilities defined as ‘customer deposits’, without the act of depositing having been undertaken by anyone, is a matter that requires further legal scrutiny, beyond the scope of this paper.

from: “How do banks create money, and why can other firms not do the same? An explanation for the coexistence of lending and deposit-taking ” by Richard A. Werner 

Subscribe

  • Entries (RSS)
  • Comments (RSS)

Archives

  • December 2017
  • October 2017
  • June 2015
  • May 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014

Categories

  • ENGLISH
  • ΕΛΛΗΝΙΚΑ

Meta

  • Register
  • Log in

Create a free website or blog at WordPress.com.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • Economic Reform
    • Already have a WordPress.com account? Log in now.
    • Economic Reform
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar