Strypey (strypey@mastodon.nzoss.nz)'s status on Monday, 08-Jun-2026 01:53:14 JST

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@hakui
> if banks are competing to try to lend out money it's easy to start new ventures

This OTOH is neoclassical dogma. Dreamed up (at least promulgated) by by Friedmanites, as an excuse to transfer control of the money supply from democratic governments to unaccountable corporations. A project that also included the repeal of Glass–Steagall (directly causing the GFC) and bank deregulation in general.

The dogma is not only not supported by evidence, it's directly contradicted by it.