MMTer Bill Mitchell on Endogenous Money

        I have no objection to major reforms of the financial system
        as specified below but I also consider there is nothing
        intrinsically wrong with private credit.  The private sector
        should be able to borrow and banks create credit under the
        strict conditions noted below.

        The debt explosion that has brought the World economy to
        its knees was not the fault of endogenous money creation. 
        It was the result of lax regulation; criminal activity;
        and a neo-liberal obsession that national governments had
        to run surpluses (and hence squeeze private sector
        liquidity and wealth).