By Dan Kervick
I appeared today on The Attitude with Arnie Arnesen to talk about my recent post “Do Banks Create Money from Thin Air?” But we ultimately veered into discussion of financial stability, where I tried to make the point at the end of the segment that – in my view – the problem of financial instability is not due so much to bank “money creation”, but is a much broader problem of the leveraging of debt with debt that is built into the nature of capitalist finance, and is a persistent danger that can only be met with a permanently vigilant, clean and independent regulatory apparatus – unlike the one we have! Lot’s of good MMT and Bill Black themes in this discussion.
The Attitude is broadcast by WNHN 94.7 in Concord, New Hampshire.
