Residental / Commercial Mortgage Backed Securities

Failing to see that commercial money creation was behind the flood of money in the new financial world, bankers and financiers congratulated themselves on the amount of money they were making.

As money markets have grown, bringing together a wide range of financial organisations including the banks, the privatised financial system is effectively creating money for itself.

Mary Melor, The Future of Money (Pluto Press, 2010), p.53