Top Economist Steve Keen explains why UK “debt doom” stories keep missing how money is actually created. Using double-entry accounting and Ravel demos, Steve shows the flaw at the heart of scary long-run projections: a textbook model where banks are mere intermediaries. Switch to the real-world model, banks create deposits when they lend, and those exponential debt paths flatten, without freezing pensioners or gutting public services.
Credit to : ProfSteveKeen