The Banking System

Richard D'Ana: I find what's interesting about his views is it seems to be a blend of, and I guess is why he's distinct, a few different schools of thought. He was critical of the sort of like aggressive fiscal approach, which is the Richard Koo approach or many people we've talked to. But also his views on banking and where money comes from is clearly a break from this sort of like classical orthodox view that banks are just financial intermediaries. And then culminates in his idea that the answer is a structurally different banking system banks that serve the real economy more as opposed to the financial economy.