As of midnight, Tuesday morning, the American Government goes into (partial) shutdown. This has had to happen due to the fact that the law that funds the government ‘ran out’ it expired – like the focus on Iraq – Poof, and it’s gone. 667 more words
Tags » IOU
- Money ($, £, or € etc) is the same thing as a Government IOU. These IOUs can be held by anyone other than the issuing government. 76 more words
If the title of this posting is Googled there will be many hits suggesting that banks are able to do just this.
For instance according to Michael Kumhof Deputy Division Chief, Modeling Unit, Research Department, International Monetary Fund “The key function of banks is money creation, not intermediation.” 872 more words