Most people think that money is created by the state or the central bank. But central banks only issue the cash we use, which is about 10% of the total money supply. Only a fraction of money has its origin in the state, namely notes and coins. By contrast, around 90% of the money supply […]

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Modern Money Theory (MMT) essentially proposes an excessive and unlimited expansion of national debt in order to combat recession. Thus the economy can be re-stimulated at any time – in a Keynesian fashion – in order to avoid looming deflation and recession. In contrast to the attitude of liberal and conservative economists, promoters of this […]

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