Banks are not part of the real economy – they don’t produce any new wealth – but
they do play a key role in the capitalist economy. Basically, they are financial
intermediaries, accepting money originally generated in production from business
and individuals who don’t want to spend it immediately (but to “save” and spend
later) and lending most of this to fund some business project or purchase. The role of banks under capitalism is to ensure that as little as possible of the purchasing power generated in production remains idle.
This pamphlet tackles some of the myths and misconceptions perpetuated and prevelant in today’s political discourse.
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