Top 2 Michael Kumhof Quotes (2025 Update)

Michael Kumhof Quote: “The key function of banks is money creation, not intermediation.”

1. “The key function of banks is money creation, not intermediation.”

2. “A key impact of recent events was a very persistent, if not permanent shock in the oil supply. This was caused as the oil industry hit geological boundaries, which meant that it could no longer maintain the historic growth rates in petroleum extraction.”

— Michael Kumhof

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