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Jim Nickola's avatar

It would be nice if you, Rohan, or Warren could reach out to Stewart and get on his show to straighten things out.

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Nick Estes's avatar

Stewart has good instincts, which is not surprising, but he doesn't have a clue how all this works. Almost no one does. He says he understands how banks work, but then explains that banks get money from their depositors and loan it to borrowers at a higher interest rate. I guess, like most ordinary people, Stewart would be blown away to learn that banks create the money when they make a loan. People are so used to the idea that money is something almost tangible that is just "out there" so that banks have to "get their hands" on some to make a loan and that governments have to get their hands on some through taxes or borrowing to spend. The truth, as explained by MMT, is not widely understood., to say the least. So I hope an MMTer will go on the show to explain how the financial system really works.

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