#deposits — Public Fediverse posts

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...'

#GDP figures don't reflect real situation
"GDP accts r unaudited & #NESDC is not an independent organisation. This article will qn the #reliability of NESDC.. Bank of #Thailand attempted to counter e contracting #credit situation.. Some THB610bil new #liquidity was released in Sep-Oct. Unfortunately, #banks kept THB550bil of it in #deposits & used the rest to buy #government #bonds.. 🇹🇭 monetary #policy is now officially #ineffective, ie, e #economy is in a #liquiditytrap"
https://www.bangkokpost.com/opinion/opinion/2927321/gdp-figures-dont-reflect-real-situation

FDIC chair, ‘architect of Operation Chokepoint 2.0’ Martin Gruenberg to resign Jan. 19 - Martin Gruenberg is set to exit as FDIC Chair, with Representative Tom E... - https://cointelegraph.com/news/fdic-chair-operation-chokepoint-2-architect-resign-jan-19 #federaldepositinsurancecorporation #congressionalhearing #workplaceculture #martingruenberg #niccarter #deposits