Back in the 1930s, Henry Ford is supposed to have remarked that it - TopicsExpress

Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didnt know how banking really works, because if they did, thered be a revolution before tomorrow morning. Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called Money Creation in the Modern Economy, co-authored by three economists from the Banks Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall St. are correct. In doing so, they have effectively thrown the entire theoretical basis for #austerity out of the window. theguardian/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity

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