Costless Money and Costly Credit

Ann Pettifor

Chapter 2 in The Coming First World Debt Crisis, 2006, pp 56-83 from Palgrave Macmillan

Abstract: Abstract Money and its link to debt-creation is not well understood. However, the link is fi rmly established. By creating money at virtually no cost, charging high real rates of interest on loaned money, and then adding additional ‘charges’, banks and creditors: extract assets from the productive sector in a manner that can fairly be described as parasitic; transfer assets from those without, to those with assets; make a claim on the future; build up exponentially rising levels of debt, which are unlikely to be repaid in full.

Keywords: Interest Rate; Central Bank; Credit Card; Commercial Bank; Internet Banking (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1057/9780230236752_3

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