In 2023, following the economic upheavals of the Corona pandemic, the question of a coming financial crisis is once again becoming more urgent. There is now even talk of “polycrises” that go far beyond the financial sphere. In a polycrisis, …
It is evident, when the system is viewed against the backdrop of the logic of financial capital in the context of the U.S. boom-bust-bailout economy alone, that it requires the ad hoc intervention of states and central banks for its …
Banks earn their money, among other things, by transferring debts to money capital, i.e. by endowing their solvency with means of payment covered by the legally secured power to incur debts, which in turn arises from the special nature of …
“Die Prognosen der OECD sind nicht vielversprechend. Für den Zeitraum von 2020 bis 2030 rechnet der Klub der Industrieländer nur mit geringen Wachstumsraten”, schreibt Daniel Stelter in seinem Blog. Hinzu kommt die Inflation, die die MMT wie erwartet unterschätzt hat, …
published by Palgrave The world economy is still in a phase of secular stagnation with persistently low growth rates of real gross domestic product.[1] The postwar litanies of boundless economic growth repeatedly preached by the representatives of capital and the …
Among other things, we try to establish a connection between the credit creation of private banks (and the central bank), general indebtedness and economic growth under capitalism, and all this with the inclusion of a critique of Modern Money Theory.This …
Credit Creation, Debt and the State with Special Reference to and Critique of Modern Money Theory.
Recently, the writings of Suzanne de Brunhoff (1929-2015), largely unknown at least in the German-speaking world, have again been mentioned by some Marxist economists and philosophers. Tony Norfield refers to Brunhoff in his book “The City” in a footnote in …
As early as 400 years ago, English goldsmiths began to create paper money by administering their customers’ gold coins and issuing a kind of certificate on them (indicating the amount of gold they had stored) and then lending it as …
In ihrer Anfangsphase konzentrierten sich die Geschäfte der privaten Banken hauptsächlich auf den Ankauf von Gold, Wechseln, Aktien und Anleihen, dem die Ausgabe von Kontokorrentkrediten, Krediten und Darlehen gegenüberstand. Historisch geschah dies oft zuerst in der Form des Wechsels; im …