Satyajit Das on What Went Wrong With Finance ? naked capitalism

Mr. Das says banks lend money. That is misleading. Banks create money as they loan (?loans create deposits?). So much for banks being honest, they are not. Furthermore, the interest charged for those loans does not even exist in aggregate unless it is lent into existence too, leading to ever increasing private debt or if the interest comes from government deficit spending, ever increasing government debt (under the current system). So much for economic stability.

I see little difference between banks and drug pushers. The more one uses their ?product?, the more one has to use their product or crash.

Source: http://www.nakedcapitalism.com/2011/12/satyajit-das-on-what-went-wrong-with-finance.html

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