Economic text books sell vain hypotheses. Based on assumption and driven by ‘simple’ models, texts do not give a clear picture about the workings of money, credit and banking.
Backed by unrealistic money models, economics fails to predict crises. These crises will continue until either the empire of debt collapses, or better monetary systems are evolved. Central bank response to the last financial crisis seems to indicate the debt status quo will be preserved at any cost.
Economic texts will not be revised, any time soon. For the status quo to be maintained, these redundant economic philosophies cannot be thrown away. The tri-unity of money, credit and banking will continue in baffling both student and policy maker.
