HomeBooks, Movies and MusicBusiness & FinanceBusiness & EconomicsWhere Does Money Come From?: A Guide To The UK Monetary
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This book aims to firmly establish a common understanding that commercial banks create new money. There is no deeper mystery, and we must not allow our mind to be repelled. Only then can we properly address the much more significant question: Of all the possible alternative ways in which we could create new money and allocate purchasing power, is this really the best?
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Highly educational, and has gone straight to a high position in my list of 'books I wish everyone would read'.
In summary, most of us have two simple ideas of how banking works in the UK:
1) The Bank of England creates the money, and it gets distributed out from there.
2) Banks take in savings on the one hand, and lend out on the other.
Turns out both of these are wrong. 97% of money in the UK is created by commercial banks through the simple act of lending. It happens electronically: a few button presses creates an asset on the bank's books, a liability on the borrower's books, and a credit balance which can be spent elsewhere in the economy. The vast majority of this money will never be converted into banknotes - it will stay purely as credit balances.
In summary, most of us have two simple ideas of how banking works in the UK:
1) The Bank of England creates the money, and it gets distributed out from there.
2) Banks take in savings on the one hand, and lend out on the other.
Turns out both of these are wrong. 97% of money in the UK is created by commercial banks through the simple act of lending. It happens electronically: a few button presses creates an asset on the bank's books, a liability on the borrower's books, and a credit balance which can be spent elsewhere in the economy. The vast majority of this money will never be converted into banknotes - it will stay purely as credit balances.
Specifications
- SKU: JU704BM69JB25NAFAMZ
- Product Line: Sunshine Books
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Where Does Money Come From?: A Guide To The UK Monetary
₦ 19,800
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