My blogs

The Free Lunch

Blogs I follow

Mark Wadsworth

sophie robins mosaics

About me

Location	United Kingdom
Interests	A late developer in understanding banking and some economic matters. I once thought that a bank was only able to lend out what it had in from depositors! I learnt that banks actually create the money that they lend out, ‘create’ meaning ‘make out of nothing (not even a deposit)’. I once also thought that the importance of land in the economic system was very minimal. Even having been through a house price boom and bust a couple of times it still took a while to realize that it is the land prices that race up and down and not those of the mere bricks and mortar prices. Would anyone now deny that the results of excessive credit creation by banks and the land speculation involved in every sub-prime mortgage had no effect in producing the nasty world financial outcome we now have? I am committed to communicating essential economic and associated social truths that are mostly ignored to the permanent detriment of all, and especially of course of the poor. Don’t read my book The Free Lunch – Fairness with Freedom if you prefer to keep a blinkered view on life. But as its message is becoming even more meaningful than when it was first published in 2002, you may be missing something important. I am a director of Local First CIC which in in the business of promoting local banks.

Location

United Kingdom

Interests

A late developer in understanding banking and some economic matters. I once thought that a bank was only able to lend out what it had in from depositors! I learnt that banks actually create the money that they lend out, ‘create’ meaning ‘make out of nothing (not even a deposit)’. I once also thought that the importance of land in the economic system was very minimal. Even having been through a house price boom and bust a couple of times it still took a while to realize that it is the land prices that race up and down and not those of the mere bricks and mortar prices. Would anyone now deny that the results of excessive credit creation by banks and the land speculation involved in every sub-prime mortgage had no effect in producing the nasty world financial outcome we now have? I am committed to communicating essential economic and associated social truths that are mostly ignored to the permanent detriment of all, and especially of course of the poor. Don’t read my book The Free Lunch – Fairness with Freedom if you prefer to keep a blinkered view on life. But as its message is becoming even more meaningful than when it was first published in 2002, you may be missing something important. I am a director of Local First CIC which in in the business of promoting local banks.