Comments by "Tony Wilson" (@tonywilson4713) on "Reform wants to destroy the UK by destroying its money and its economy" video.

  1. RICHARD I know your an economics professor and that you know your stuff. I'm an engineer who's been informally studying economics for a couple of years. I have listed to many podcasts and regularly participate in the Steve Keen & Friends. You, Steve, Stephanie Kelton all know your stuff and can explain the crap out of almost anything on economics. HOWEVER - YOU ALL SUCK at explaining money creation because you all think we took basic money theory. MMTers like Yourself and Steph Kelton explain quite well that NATION STATES are toe sole provider of currency. Seve Keen and others explain quite well that BANKS create money through loans. What all of you DO NOT realise it that it confuses a lot of people because they here 2 halves of the story. Nation States produce EXOGENIC money Banks produce ENDOGENOUS money Wikipedia has a great opening paragraph on the page for Endogenous Money. it reads: "Endogenous money is an economy’s supply of money that is determined endogenously—that is, as a result of the interactions of other economic variables, rather than exogenously (autonomously) by an external authority such as a central bank." Nation States produce EXOGENIC money when they have their assigned institution (treasury or central bank) either print new currency or put money into accounts. Steph Kelton explains that well. Banks produce ENDOGENOUS money by placing 2 equal numbers into their ledgers AS A LOAN. One number is in their assets and the other is in the account of the customer. Steve Keen explains that well. What you have explained well is that ITS THE NATION STATE that decides the VALUE of CURRENCY. YOU GUYS ALL NEED TO EXPLAIN THAT BETTER Instead of in pieces.
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