Taxonomy of a Conceptual Inheritance
It is not so much what sits at the top of a monetary hierarchy and more which liabilities the state chooses to guarantee.
Logically the payments system should be separate from bank credit creation.
Much muddle comes from not recognizing this.
The next part in the series is up. Think this one is what you refer to.
Thanks for your feedback, I did put greater emphasis on the separation.
Bank credit creation depends on monopolization of the payments system.
I think the reality of government spending always creating new money is concealed because if people knew they would be more likely to try to avoid paying tax.
It is not so much what sits at the top of a monetary hierarchy and more which liabilities the state chooses to guarantee.
Logically the payments system should be separate from bank credit creation.
Much muddle comes from not recognizing this.
The next part in the series is up. Think this one is what you refer to.
Thanks for your feedback, I did put greater emphasis on the separation.
Bank credit creation depends on monopolization of the payments system.
I think the reality of government spending always creating new money is concealed because if people knew they would be more likely to try to avoid paying tax.