The Big Mystique: Central Banks and Banking
William Davies, 2 February 2017
Early in 2014, the Bank of England put out a quarterly bulletin entitled ‘Money Creation in the Modern Economy’ which put to bed one of the most persistent – and false – claims in the history of economics. According to orthodox economists as far back as Adam Smith, money originates in the need to exchange one good for another. I have produced more bread than I need,...