Skip to main content

‘Outdated and misleading’: is it time to reassess the very concept of money?

It’s regularly being created and destroyed – and economic models that don’t reflect that fact are not even slightly useful

In the classic 1946 film It’s a Wonderful Life, depositors demand their money from a small-town building society. Its manager, George Bailey (in an unforgettable performance by James Stewart), explains that the money is not in the building society’s vault; it has been lent to other people in the town. “The money’s not there,” Bailey pleads. “Your money’s in Joe’s house … And in the Kennedy house, and Mrs Macklin’s house, and a hundred others.”

Bailey’s explanation reflects a widespread idea of how banks work.

Sign up for the fun stuff with our rundown of must-reads, pop culture and tips for the weekend, every Saturday morning

Continue reading...

from The Guardian https://ift.tt/mTBvFIz
Labels:

Comments

Post a Comment

Popular posts from this blog

England booed off after failing against Iceland once more in Euros warm-up

It was a long way from being the triumphant Euro 2024 send-off for Gareth Southgate and his England players at a sold-out and increasingly fretful Wembley. Never mind the result because it was not the main thing, however much it stirred memories of you-know-when against Iceland. It was the performance that raised the difficult questions, the worst one for quite some time and at exactly the wrong time. The home fans, thousands of whom made for the exits before the end, were forced to watch the second half – from about minute 55 onwards – through the gaps between their fingers. And it had not been great before that. Continue reading... from The Guardian https://ift.tt/4ndfQL0
Post a Comment
Read more

Manchester City in title driving seat after cruising to win at Leeds

The title stare-off becomes steelier with each week. Elland Road was at its raucous best and a highly motivated Leeds played well enough to ensure Manchester City rarely neared full stride. Nevertheless the leaders mastered the situation, showing they can win via set pieces when means of higher aesthetic merit elude them. Rodri and Nathan Aké proved the point with goals in each half, garnished later by Gabriel Jesus’ sixth in three matches and a Fernandinho daisycutter, and Pep Guardiola’s delight at the outcome was obvious. This had been a possible banana skin, with the potential leveller of such a highly charged atmosphere; instead City cruise on and Leeds, who are in genuine danger of going down, must seek more viable routes to safety. This encounter had an edge from the outset. It needed to, because the heat had been turned up on both teams. City would have expected Liverpool to achieve what was necessary at Newcastle; Leeds might not have banked on Burnley’s turnaround at Watford...
Post a Comment
Read more

Bins ‘overflowing’ in parts of England as Covid hits collections

Staff sickness in areas including London, Gloucestershire and Somerset leads to waste services being scaled back Coronavirus – latest updates See all our coronavirus coverage Bins across parts of England are reportedly “overflowing” with rubbish from the festive period due to Covid-related staff shortages. London, Gloucestershire, Somerset and Buckinghamshire are among the areas where councillors have warned that bin collections are being scaled back because of staff sickness. Continue reading... from The Guardian https://ift.tt/3qIHK0C
Post a Comment
Read more