Now it is again the savers who need to save money and then deposited and that is then lent out by the banks. There's no money creation. So in other words, he progressed away, regressed. Thank you. So with each successive theory, [John Maynard Keynes] obscured the role of the banks ever more. Now, interestingly, his financial wealth increased proportionately and by the last stage, people have. Stayed this long in the conversation. This is a really interesting. And you're a great explainer by the way. (31:25–31:31)
CLAIM
Claims that John Maynard Keynes progressively obscured the role of banks in his economic theories.
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