Aleksey Polukeyev

“Under the reign of William III, the charging of interest was soon allowed and bank-friendly laws were introduced. Given the previous repeated defaults by indebted kings and a raid on the national mint; Parliament and creditors of the state (namely the merchants and goldsmiths) lobbied for the creation of a privately owned Bank with public privileg

Unproductive credit creation (for non-GDP transactions) will result in asset price inflation, bursting bubbles and banking crises as well as resource misallocation and dislocation. In contrast credit used for the production of new goods and services, or to enhance productivity, is productive credit creation that will deliver non-inflationary growth

Increasing ugliness isn’t just an aesthetic issue.

Banks decide where to allocate credit in the economy. The incentives that they face often lead them to favour lending against collateral, or existing assets, rather than lending for investment in production. As a result, new money is often more likely to be channeled into property and financial speculation than to small businesses and manufacturing

Little Fly,

Thy summer’s play

My thoughtless hand

Has brushed away.

Am not I

A fly like thee?

Or art not thou

A man like me?

For I dance

And drink, and sing,

Till some blind hand

Shall brush my wing…

William Blake