The State as Shadow Bank Post author By Stephen Kinsella Post date April 15, 2016 Fascinating argument from Daniela Gabor and Jacob Vestergard here. Categories In Uncategorized 2 Comments on The State as Shadow Bank By Stephen Kinsella Senior Lecturer in Economics at the University of Limerick. View Archive → ← Odds on Brexit → Maintenance & Upgrade Time 2 replies on “The State as Shadow Bank” I just read the first page and already it is really clear that BAU for economics is FUBR given the failure of monetarism in neoliberalism ‘s orgy of debt. 1. The issuing of money was made acceptable by bank regulation, LoLR and deposit insurance ..consider the Eurozone now which has none. And consider why the Eurozone has none. 2. Second point relates to money Ness. You get all your money back. And NIRP? ??? Uncharted waters when the Base memes are Incoherent. Monetarism is more like a cargo cult than a rational system. A pity there aren’t more comments. It is fascinating to read academic articles these days and note what is taken as bleeding obvious and has become Incoherent. ZIRP has done a lot of damage to the commonsensical. Comments are closed.