It has been rather odd trying to get my head around the concepts of money creation. Oddly there seems to be some debate about how the monetary system actually works. All jokes about ‘the dismal science’ aside, this surprised me. For something that impacts just about everyone in the modern world to come down to a matter of ideological debate is, to say the least, worrying.
Unfortunately, my reading of this piece would indicate that the stated ideology of the Federal Reserve chairman is, not sure how to put this… er, wrong.
“Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”
I’m failing to convince myself that anyone could live with that level of delusion, which suggests that it’s probably a belief of choice.