https://keenlens.substack.com/p/the-bank-of-england-admitted-in-2014
'I see everyday
#politicians repeat like parrots
#economic propositions they don't even start to understand, defending a model that a central
#bank admitted was wrong over twelve years ago. ... The
#Greens propose actual structural change and get labelled "communist" by people who have never read a balance sheet or a
#Lenin text. The heterodox approach
#predicted #2008, predicted the
#housing #crisis, and predicted the current private
#debt trap. The orthodox models predicted none of it ...'
'The orthodox model was declared wrong by the Bank of
#England in 2014. Their paper “
#Money Creation in the Modern Economy” stated plainly:
#banks do not lend out deposited
#reserves in a multiplier chain. Banks create
#deposits when they make
#loans ...'
(NZ's Social Credit Party got a Court to agree five decades earlier.)
'The consequences are not theoretical or academic. When you worship the wrong model, you can’t do anything else than design the wrong
#policy. You pretend not to see the
#monopoly extracting over 6 billions from a
#mortgage market they control 87% of. You don’t see that raising rates shift
#income from
#borrowers to banks and does not touch the supply of housing stock. You end up believing the
#household metaphor is literal — that the Crown pockets are empty — when
#NZ’s
#Crown debt is 44% of
#GDP...'
(The OECD average is about twice that.)
'...
#Galileo was almost burned at stake for simply asking the
#Inquisition #judges to look in the telescope. Same old, same old.'
'.....
'Gentlemen, it is clear cut
#class #warfare, and the
#vested interests are so encrusted in
#society that they are winning. Remember that their main weakness is in numbers, they are damaging and literally
#robbing the majority of us, of the New Zealand society and brainwashing many trees to think that voting for the axe is the
#prudent,
#family sensible thing to do. The only chance you have is when numbers talk. The
#election is coming...'
