Written by John Lounsbury
The Monetary Institute’s “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference was held in Zurich, Switzerland on 05 February 2018. This documentary is a Q&A session with participants: Richard Werner, Larry Kotlikoff, William White, and William Dunkelberg addressing questions from the audience.
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The participants:
- Richard Werner, Chair in International Banking, University of Southampton, England
- Larry Kotlikoff, Professor of Economics, Boston University, former Senior. Economist, US President’s Council of Economic Advisers
- William White, former Chief Economist, Bank for International Settlements
- William Dunkelberg, Chief Economist, National Federation of Independent Business, former Chair, Economics Department., Temple University
This discussion is very interesting because the participants, though civil, have contentious disagreements. There does not even seem to be agreement on just what banking is, or how the banking system operates. From my point of view, there are three (at least) problems (or loose ends) resulting from this discussion:
- Failure to distinguish between “shadow” banking and “official” banking by some of the participants
- Confuscation arises from different definitions of the predominant operational structure in money and banking (intermediation vs. credit creation)
- Failure to specify the functional differences between sovereign debt and private sector debt
Tempted as I am to write an essay clarifying these issues, I will leave it to the reader to see how these develop in the video. The discussion is quite transparent regarding the issues so please pay attention to identify when they occur. The session is just under 30 minutes in length.
Source: YouTube.
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