‘Outdated and misleading’ is it time to reassess the very concept of money?
almost 2 years in The guardian
It’s regularly being created and destroyed – and economic models that don’t reflect that fact are not even slightly usefulGet our weekend culture and lifestyle emailIn the classic 1946 film It’s a Wonderful Life, depositors demand their money from a small-town building society. Its manager, George Bailey (in an unforgettable performance by James Stewart), explains that the money is not in the building society’s vault; it has been lent to other people in the town. “The money’s not there,” Bailey pleads. “Your money’s in Joe’s house … And in the Kennedy house, and Mrs Macklin’s house, and a hundred others.”Bailey’s explanation reflects a widespread idea of how banks work.Sign up for the fun stuff with our rundown of must-reads, pop culture and tips for the weekend, every Saturday morning Continue reading...
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