dlakelan, to Economics
@dlakelan@mastodon.sdf.org avatar

@economics@a.gup.pe

Steve Keen discusses the money creation mechanisms here https://profstevekeen.substack.com/p/why-are-economists-trying-to-hide

A thing I think he doesn't give enough attention to is the role the Fed DOES play. The Fed indirectly controls bank lending rate through a couple mechanisms. The first is whatever rules it has for declaring a bank solvent. They've eliminated reserve requirements but now it's something like a stress test or whatever. A bank can't keep lending

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+27787108807 TOP REVENGE SPELLS IN DENMARK, UK, NEWYORK, USA UAE South Africa, PHILIPPINES, Sweden, JERSEY,IN LOS ANGELES, MICHIGAN, NASHVILLE, AUSTIN, CHARLESTON, MADISON, KILL SAMETIME DEATH SPELLS IN ATLANTA....

acemaxxanalytics, to money
@acemaxxanalytics@econtwitter.net avatar

#money -- some awesome #books about how fiat money system works … (fiat money is Govt-issued currency that isn’t backed by any #commodity such as #gold)

ChrisMayLA6, to money
@ChrisMayLA6@zirk.us avatar

When the UK’s deputy foreign secretary has to admit that around 40% of all money laundered globally likely flows through London & the Crown Dependencies, you can bet that such an estimate will be on the low side.

There are many reasons that the UK's global reputation is increasingly tarnished & the work in financial services to hide & process criminal/illegal funds is contributing to that malaise.

So much for the value of financial services to the UK

https://www.theguardian.com/world/article/2024/may/14/nearly-40-of-dirty-money-is-laundered-in-london-and-uk-crown-dependenies

ChrisMayLA6, to money
@ChrisMayLA6@zirk.us avatar

Why not start the day with a little political economy

For those of you new to the idea that money is primarily the result of private credit creation in the banking sector, here's a nice (concise) summary of the position, linking the history of money, the role of the state & the importance of banks credit creation activity.

The key point, is there is no 'natural' economy, only one made from rule/laws of exchange & state interventions.

https://theconversation.com/where-did-money-come-from-229481

ChrisMayLA6, to money
@ChrisMayLA6@zirk.us avatar

Forced cashless society.

Our nearby small market town used to have 3 banks; they're all closed (taking their cash machines with them), and this week one of the two remaining cash machines was removed from the supermarket where it was located.

So, we're down to a single cash machine in an area with a radius (I'm guessing) of around 20 miles.

The cashless society doesn't represent consumer choice, its pace is being forced by financial institutions keen to charge fees on transactions!

timrichards, to australia
@timrichards@aus.social avatar

Fair point - if you're not using digital payments, you should make the effort to get used to them. Cash is (mostly) going away. (This article also contains a guide to getting started with digital.)

Cash is dead. Why are we still pretending it isn’t?

(maybe paywalled) https://www.smh.com.au/money/saving/cash-is-dead-why-are-we-still-pretending-it-isn-t-20240510-p5jcl1.html

sharina_mc1, to Finance
@sharina_mc1@ohai.social avatar

Contrary to popular belief, the financial system isn't broken; it functions precisely as intended. Inflation, often seen as a drawback, actually serves as a deliberate mechanism to discourage saving and incentivize investing.

donray, to spain
@donray@mastodon.online avatar

#ThrowbackThursday #Spain #España #currency #money

“Everything at 100 pesetas”
(Everything at a low price)

A throwback sign on a side street in Petrer, Alicante, Spain.

The peseta was Spain’s monetary unit from 1868 until 2002 when it was replaced by the euro. The original exchange rate was approximately: 166 pesetas = 1 euro.

robintw, to money
@robintw@mastodon.me.uk avatar

Really chuffed that I'm starting to get some people donating to me via https://www.buymeacoffee.com/rtwilson as a thank you for geospatial things I've created like the FreeGISData site (https://freegisdata.rtwilson.com/), British Placename Mapper (https://placenames.rtwilson.com/) and my blog (https://blog.rtwilson.com/). It's a relatively small amount of money but it puts a big smile on my face :)

mythologyandhistory, to Stoicism
@mythologyandhistory@mas.to avatar

Did you know that Jean-Paul , the literary , may have asked for money after he declined the ?

In 1964, Satre won the Nobel Prize for for his (depressing) catalogue of novels.
He declined.

His rejection caused a scandal (to Satre's chagrin), & the prize remained unawarded.

In 1975, the received a letter asking if the prize would still be available.

It isn't known if Satre or someone close to him sent it.

dougiec3, to conspiracy
@dougiec3@libretooth.gr avatar

Following the money leads to Steve Bannon.
https://www.motherjones.com/politics/2024/04/doj-filing-steve-bannon-is-a-co-conspirator-in-a-1-billion-fraud-case-guo-wengui/

appassionato, to books
@appassionato@mastodon.social avatar

How Much is Enough? Money and the Good Life by Robert Skidelsky, 2012

What constitutes the good life? What is the true value of money? Why do we work such long hours merely to acquire greater wealth? These are some of the questions that many asked themselves when the financial system crashed in 2008. This book tackles such questions head-on.

@bookstodon
#books
#nonfiction
#money
#GoodLife

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