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L. Randall Wray - Money and credit in capitalist economies (1990)

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The true order of events shows that orthodoxy clearly has reversed the process through which investment is funded. Banks do not begin as intermediaries which accept deposits of 'savers' and then make loans to 'investors', for this would assume that the public has already developed the 'banking habit'. This habit is the end result of public experience with short term bank liabilities which have been created as banks extend short term credit to finance working capital expenses.

L. Randall Wray

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What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

L. Randall Wray

L. Randall Wray

Born: June 19, 1953 (age 71)
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