Yves here. While the impetus for Steve Keen’s post is the ECB’s latest pretense that it can and is doing something to combat deflation, he provides an excellent and short debunking of two widespread misconceptions about money and banking. The first myth is the money multiplier and the second is that reserves are the basis for bank lending.Naked Capitalism
Steve Keen: The ECB’s Eurozone Medicine is Nonsense
Yves Smith
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