Bank of England Credit Creation

In the first couple of chapters, i look at the history of how this mess started. And you call this a government sponsor financial alchemy, which i thought was such a brilliant way to put it. I think all central banks work, to an extent, engaging in this, because they were all from this ability to trade for their citizens,. Which allowed them to issue more money than their citizens had been entrusted with. It did work out fine for decades, you know, that ius kept on. But of course, this is kind of self defeating and self destructive as well. The more unbacked liabilities you issue, the more flimsy it becomes., he says.