Demythologising the economy
Not a pot of money
in The pound and the fury
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Chapter 5 gives the lie to the myth by dealing with some fundamentals of how our economy actually works. It shows what is wrong with the visions of the economy exposed in the previous four chapters, before concluding on a hopeful note, showing how it is possible to achieve a better future if we are able to dispel the paralysis of myth. It does this through first outlining the process of credit creation, to show that the economy is not a finite pot of money, but largely dependent on the creation of money by private banks. It then draws on some insights from modern monetary theory and other heterodox economic writers to show how the state could wrest control of the creation and allocation of credit away from the private sector and put it to use in order to create a greener and fairer economy.

The pound and the fury

Why anger and confusion reign in an economy paralysed by myth

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