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... which is, if it is going to function as money, flexible in how it is going to be used, how do you prevent an institution with the ability to create money from creating money to buy a used real asset or a financial asset rather than a newly created real asset?

And if there is a means of doing that, why not impose that on depository institutions? "This is the business that depository institutions can engage in", "this is the business that pure financial intermediaries can engage in".


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Sep 24th, 2008 at 10:30:56 AM EST
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