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Steve Randy Waldman on Why There is Nothing Wrong Ethically with Negative Interest Rates

Summary:
Under loanable funds, trusting savers save, wise bankers intermediate, ie they invest those savings wisely. This is the bullshit we are drowning in. Banks have created new credit money ex nihilo and loaned same to asset flippers. Blame them. Fix that.

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Under loanable funds, trusting savers save, wise bankers intermediate, ie they invest those savings wisely. This is the bullshit we are drowning in. Banks have created new credit money ex nihilo and loaned same to asset flippers. Blame them. Fix that.

Miles Kimball
Miles Kimball is Professor of Economics and Survey Research at the University of Michigan. Politically, Miles is an independent who grew up in an apolitical family. He holds many strong opinions—open to revision in response to cogent arguments—that do not line up neatly with either the Republican or Democratic Party.

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