Michael Hudson on Banking

Executive Summary

• This quote explains how private banks seek to keep money creation from the government.

Introduction

“That’s because the condition of being appointed to a central bank in the government is that you’re working for the financial interest of the banks, not for the government. The banks would love governments to borrow from the banks in the financial sector and pay them interest because then they get to tell the government what to do. If the government can just print its own money then it can decide what voters wanted to do and of course, that would be democracy and that it’s not exactly what the vested interests are for.”

Source: Michael Hudson

https://michael-hudson.com/2020/12/jubillee-perspectives-with-steve-keen/