The process by which banks create money is so simple that the mind is repelled.
About this quote
- What does it mean?
- Banking money creation is mechanically straightforward but psychologically unsettling.
- In plain terms
- Making money out of thin air is simple yet hard to accept.
- What can you take from it?
- Understand how money enters the economy beyond physical cash.
Where it applies
Putting it to work
Questions to consider
- How much do you trust banks?
- What is money really?
Another view
Not all money creation is equally transparent or regulated.
More from John Kenneth Galbraith
If all else fails immortality can always be assured by adequate error.
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