S1E89 - Proving conventional economists wrong in 12 mins: Top Economist

Learn 50+ Years of Economics in Only 7 Weeks: apply at https://www.stevekeen.com

(Bonus: accepted students who join get Ravel — the double-entry, macro visualization tool used in this video.)

Banks don’t “lend out” your deposits, they create money when they lend.

In this video, Steve Keen dissects the classcial economist's fractional-reserve story, responds to critics, and uses Ravel to show why the classic money-multiplier only “works” if loans are made in cash. Once you enforce real double-entry bookkeeping, the narrative collapses — and the real mechanics of bank-originated money and debt come into...