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Book cover for Makers and Takers: How Wall Street Destroyed Main Street
One of them is a decrease in lending, and another is an increase in trading—particularly the kind of rapid-fire computerized trading that now makes up about half of all US stock market activity.13
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Robert Skidelsky
“The state has only a limited incentive to guarantee the value of money. The reason is that it can always produce the money necessary to defray its expenses, either by debasing the coinage when money is metal or by printing more of it when it is paper.”
Robert Skidelsky, Money and Government: A Challenge to Mainstream Economics

Ben S. Bernanke
“Low-quality mortgages ended up imperiling the entire financial system—not so much because of the direct losses on the mortgages themselves, which were significant but likely manageable, but because of the securitization boom, which carved those mortgages into securities that became a ubiquitous form of currency and collateral throughout the system.”
Ben S. Bernanke, First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis

Robert Skidelsky
“Unlike the quantity theory of money, which is a ‘supply of money’ story, the credit theory of money is a ‘demand for loans’ tale. The amount of money fluctuates with the demand for loans and the creditworthiness of borrowers; and both fluctuate with the state of business.”
Robert Skidelsky, Money and Government: A Challenge to Mainstream Economics

Ben S. Bernanke
“And while the FDIC had emergency authority to wind down failing commercial banks in a swift and orderly fashion, no one had the authority to step in to avoid a chaotic bankruptcy of a major nonbank, to inject capital into a nonbank, or to guarantee its liabilities.”
Ben S. Bernanke, First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis

Robert Skidelsky
“Economists whose common sense had not been completely destroyed by their theories rejected the drastic cure of destroying the existing economy in order to rebuild it in the correct proportions.”
Robert Skidelsky, Money and Government: A Challenge to Mainstream Economics

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