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Forum Post: galbraith on money

Posted 2 years ago on Sept. 19, 2012, 6:45 a.m. EST by flip (7101)
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J.K.Galbraith (1908-2006) : “The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent."

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55 Comments


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[-] 3 points by TommyNYC (730) 2 years ago

I not sure what point you're trying to get at exactly. As I've heard it stated, the real problem with the Federal Reserve is that "regional Feds are partly governed by the very banks they're supposed to police".

http://www.huffingtonpost.com/2010/03/03/stiglitz-nobel-prize-winn_n_484943.html

I believe that our currency and monetary policies are fairly convoluted, however I do not believe that the very structure of our currency is at the root of our problems.