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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: 3, Interesting) by bucc5062 on Tuesday March 25 2014, @09:08AM
"Every single country in the world is in massive debt, silly question, to whom?"
that that silly a question at all. The old phrase is 'follow the money', so when Greece gets the screws turned to pay it back, pay it back to whom? And what happens when they don't? If banks own the debt can they not just foreclose? Take over the country or is that the end game?
The more things change, the more they look the same