In our earlier article “Can Banks really Create Money When they Want?” we looked at how we are part of a system where privatised bodies – i.e. the banks – are the main ones creating the money for our society. And we also came to the conclusion that money is all illusory. We learnt that […]
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To understand what went on in 2008 it is useful to have some background about the UK financial system. In 1850, to avoid having a run on the bank (à la Northern Rock in 2008) banks tended to maintain a self-imposed 60% of eligible liabilities as liquid assets – this is called the liquidity reserve […]
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