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Anonymous Coward writes:
"http://www.theguardian.com/commentisfree/2014/mar/ 18/truth-money-iou-bank-of-england-austerity
Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, 'there'd be a revolution before tomorrow morning.'
Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window."
(Score: 2) by mendax on Tuesday March 25 2014, @01:55AM
Strictly speaking, economics is really nothing more than a peculiar kind of psychology which can have a lot of math mixed in with it. But as I recall, a recent Nobel Prize winner for economics has never published a single equation in his journal articles or books. If you understand why people make decisions to buy and sell things, either it's with money or barter, you understand economics.
It's really quite a simple choice: Life, Death, or Los Angeles.