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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 frojack on Wednesday March 26 2014, @02:58AM
The London School of Economics (LSE) is a college/university with a name that has mostly historical significance. It teaches far more than economics, just as MIT teaches far more than Technology.
It seems to one of the common training schools for those going into government in Great Britain, and not only those in economic fields.
As to why an Anthropology professor is acting all surprised and mildly outraged about Banking's role in fiscal management, instead of walking across the campus and talking to those trained in the field, I have no clue.
While your first set of Economists protested the bail out on their on volition and beliefs, I rather suspect the second set were leaned on heavily to come up with a counter-opinion.
Discussion should abhor vacuity, as space does a vacuum.