Is There a Need for More Small Businesses?

The main thing is to ensure that there are many small banks, because small banks lend to small firms. The US used to be uniquely well endowed on this front in the whole world - only 10, 15 years back, America had 12,000 banks. And in the last decade they've fallen to, you know, from 12,000 to only barely 5,000 Banks. So what, how do you make policies that tilt the new money creation more towards real activity as opposed to money going into speculative asset? Yes, exactly.