@GuerillaOntologist@Hoss@sun your degree is MMT propaganda, Keynes was wrong about everything, the problem is that under a system this complex it can take decades for consequences to rear their ugly heads.
> While I was taught banks simply intermediate between savers and borrowers, transferring $ from one to the other, that's not how banks actually work.
if that's literally all they taught you we're in serious trouble. so they didn't even cover money creation and destruction, the difference between wholesale money vs retail money, how reverse repo market works, the fact that bank customer deposits are a liability not an asset, the entire reason money market accounts were created in the 80s (scam scam scam), how the Federal Reserve fucked up so badly and now they don't even know how many dollars are in circulation anymore...
Things are so dire that in 2020 the lunatics changed policy to allow CMBS to be used as eligible collateral for loans through TALF. The entire system is being held up by toothpicks and duck tape. And guess what's about to fall apart? That collateral: commercial real estate.
Modern econ degrees are just investment/commercial bank propaganda. It has no connection to reality IMO. Economic theories cannot model the economy or human behavior, only supply and demand can when there's natural price discovery.
source: son of a banker, brother of a banker, i'm the austrian economics retard of the family