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AGelbert

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Re: Money
« Reply #495 on: December 17, 2018, 02:33:41 pm »



Mon, 12/17/2018 - 13:40


Quote
Batman11
What goes wrong with free markets?  ???

They worked it out in the 1930s.

Henry Simons and Irving Fisher supported the Chicago Plan to take away the bankers ability to create money, so that free market valuations could have some meaning.

The real world and free market, neoclassical economics would then tie up.



1929 Inflating the US stock market with debt (margin lending)

2008 Inflating the US real estate market with debt (mortgage lending)

Bankers inflating asset prices with the money they create from loans.

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf

What was the transmission mechanism from FED QE into the markets?

The FED QE went into bank reserves and they used margin lending to get it into the markets.

Bankers inflating asset prices with the money they create from loans
 
The lazy little sods in the Mont Pelerin Society just went back to 1920s neoclassical economics and lost everything they had learnt in the 1930s.
« Last Edit: December 17, 2018, 04:27:59 pm by AGelbert »
Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12

 

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