By Mark Thornton "When people speak of 'old school economics,' they generally mean the application of economic thinking that involves what we might call 'common sense.'"
The current system operates with fractional reserves and they allowed this : Reserve Requirements
As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
So wtf they teach if a bank can lend money that they don’t have? 😂😂😂😂😂
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To a significant extent, they just don't cover this subject in education.
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"Carl Menger—an economic journalist in Vienna—is credited with founding the Austrian school in 1871." Austrian economics is what we should all strive for. All this debt is not good for anyone.
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