#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
The Liability of the Banking Sector
Augustoame amenim is one of the few human beings who can speak in perfectly formed paragraphs. He wrote a paper called the the monetary theory of production. Its i's pretty much open source now. And what he said is, what distinguishes a monetary economy from a bather economy? So with money, money is a triangular transaction. There is one commodity. I want to buy that can of drink off you a two people. The price that is worked out ends up being in a transfer between the promises to pay the bank that the buyer has and the promises paid by the seller.
00:00
Transcript
Play full episode
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
