<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><SPAN><BR class=yui-cursor></SPAN></div>
<div><BR></div>
<DIV style="FONT-FAMILY: times new roman, new york, times, serif; FONT-SIZE: 12pt">
<DIV style="FONT-FAMILY: times new roman, new york, times, serif; FONT-SIZE: 12pt">
<DIV dir=ltr><FONT size=2 face=Arial>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> Dirk Bezemer <d.j.bezemer@rug.nl><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> gang8@yahoogroups.com <BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Thursday, 12 July 2012, 11:46<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> [gang8] the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory<BR></FONT></DIV><BR>
<DIV id=yiv1509313868>
<DIV><SPAN style="DISPLAY: none"> </SPAN> <!--~-|**|PrettyHtmlStartT|**|-~-->
<DIV id=yiv1509313868ygrp-mlmsg>
<DIV id=yiv1509313868ygrp-msg><!--~-|**|PrettyHtmlEndT|**|-~-->
<DIV id=yiv1509313868ygrp-text>
<div>good stuff:<BR><BR><A href="http://andrewlainton.wordpress.com/2012/07/11/the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory/" rel=nofollow target=_blank>http://andrewlainton.wordpress.com/2012/07/11/the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory/</A><BR><BR>-- <BR>Dirk J Bezemer<BR><BR>Associate Professor,<BR>Faculty of Economics& Business<BR>University of Groningen<BR>www.rug.nl/staff/d.j.bezemer<BR><BR></div></DIV><!--~-|**|PrettyHtmlStart|**|-~-->
<DIV style="HEIGHT: 0px; COLOR: #fff">__._,_.___</DIV>
<DIV style="WHITE-SPACE: nowrap; MARGIN-BOTTOM: 10px; COLOR: #666; CLEAR: both; PADDING-TOP: 15px" id=yiv1509313868ygrp-actbar>
<DIV><A style="PADDING-RIGHT: 0px; MARGIN-RIGHT: 0px" href="mailto:d.j.bezemer@rug.nl?subject=Re%3A%20the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory" rel=nofollow target=_blank ymailto="mailto:d.j.bezemer@rug.nl?subject=Re%3A%20the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory"></SPAN>Reply to <SPAN style="FONT-WEIGHT: 700">sender</A> | <A href="mailto:gang8@yahoogroups.com?subject=Re%3A%20the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory" rel=nofollow target=_blank ymailto="mailto:gang8@yahoogroups.com?subject=Re%3A%20the-transition-of-lending-power-between-banks-in-endogenous-monetary-theory"></SPAN>Reply to <SPAN style="FONT-WEIGHT: 700">group</A> | <A
href="http://groups.yahoo.com/group/gang8/post;_ylc=X3oDMTJxNDFwMmVpBF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBG1zZ0lkAzE2Njg2BHNlYwNmdHIEc2xrA3JwbHkEc3RpbWUDMTM0MjA5MDAyMA--?act=reply&messageNum=16686" rel=nofollow target=_blank></SPAN>Reply <SPAN style="FONT-WEIGHT: 700">via web post</A> | <A style="FONT-WEIGHT: 700" href="http://groups.yahoo.com/group/gang8/post;_ylc=X3oDMTJlcmNtYm40BF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBHNlYwNmdHIEc2xrA250cGMEc3RpbWUDMTM0MjA5MDAyMA--" rel=nofollow target=_blank>Start a New Topic</A> </DIV><A href="http://groups.yahoo.com/group/gang8/message/16686;_ylc=X3oDMTM2b2dscGVrBF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBG1zZ0lkAzE2Njg2BHNlYwNmdHIEc2xrA3Z0cGMEc3RpbWUDMTM0MjA5MDAyMAR0cGNJZAMxNjY4Ng--" rel=nofollow target=_blank>Messages in this topic</A> (<SPAN style="FONT-WEIGHT: 700">1</SPAN>) </DIV>
<DIV style="PADDING-BOTTOM: 10px; BACKGROUND-COLOR: #e0ecee; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; FONT-FAMILY: Verdana; MARGIN-BOTTOM: 10px; FONT-SIZE: 10px; PADDING-TOP: 10px" id=yiv1509313868ygrp-vital><SPAN style="TEXT-TRANSFORM: uppercase; COLOR: #333; FONT-WEIGHT: bold" id=yiv1509313868vithd>Recent Activity:</SPAN>
<DIV style="COLOR: #1e66ae; CLEAR: both; PADDING-TOP: 2px"><A style="TEXT-DECORATION: none" href="http://groups.yahoo.com/group/gang8;_ylc=X3oDMTJlcjloYTNxBF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBHNlYwN2dGwEc2xrA3ZnaHAEc3RpbWUDMTM0MjA5MDAyMA--" rel=nofollow target=_blank>Visit Your Group</A> </DIV></DIV>
<DIV style="PADDING-BOTTOM: 15px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-FAMILY: Verdana; FONT-SIZE: 12px; PADDING-TOP: 15px" id=yiv1509313868ygrp-grfd>The gang8 list is devoted to Creditary Economics.<BR>To unsubscribe, email: gang8-unsubscribe@yahoogroups.com<BR><BR></DIV>
<DIV style="PADDING-BOTTOM: 0px; MARGIN-TOP: 5px; PADDING-LEFT: 0px; PADDING-RIGHT: 2px; FONT-FAMILY: Arial; CLEAR: both; FONT-SIZE: 11px; PADDING-TOP: 0px" id=yiv1509313868ft><A style="FLOAT: left" href="http://groups.yahoo.com/;_ylc=X3oDMTJkZm5iNWx1BF9TAzk3MzU5NzE0BGdycElkAzEyMTA1NTMEZ3Jwc3BJZAMxNzA1MDAxOTkwBHNlYwNmdHIEc2xrA2dmcARzdGltZQMxMzQyMDkwMDIw" rel=nofollow target=_blank><IMG style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" alt="Yahoo! Groups" src="http://l.yimg.com/a/i/us/yg/logo/us.gif" width=137 height=15></A>
<DIV style="FLOAT: right; COLOR: #747575">Switch to: <A style="TEXT-DECORATION: none" href="mailto:gang8-traditional@yahoogroups.com?subject=Change Delivery Format: Traditional" rel=nofollow target=_blank ymailto="mailto:gang8-traditional@yahoogroups.com?subject=Change Delivery Format: Traditional">Text-Only</A>, <A style="TEXT-DECORATION: none" class=yiv1509313868margin-rt href="mailto:gang8-digest@yahoogroups.com?subject=Email Delivery: Digest" rel=nofollow target=_blank ymailto="mailto:gang8-digest@yahoogroups.com?subject=Email Delivery: Digest">Daily Digest</A> • <A style="TEXT-DECORATION: none" href="mailto:gang8-unsubscribe@yahoogroups.com?subject=Unsubscribe" rel=nofollow target=_blank ymailto="mailto:gang8-unsubscribe@yahoogroups.com?subject=Unsubscribe">Unsubscribe</A> • <A style="TEXT-DECORATION: none" href="http://docs.yahoo.com/info/terms/" rel=nofollow target=_blank>Terms of Use</A></DIV></DIV></DIV>
<DIV style="MARGIN: 0px 0px 25px; WIDTH: 160px; BACKGROUND: #fff; FLOAT: right; CLEAR: none" id=yiv1509313868ygrp-sponsor>
<DIV id=yiv1509313868ygrp-reco></DIV></DIV>
<DIV style="COLOR: #fff; CLEAR: both; FONT-SIZE: 1px">.</DIV></DIV><img src="http://www.mailscanner.info/images/1x1spacer.gif" width="1" height="1" alt="Web Bug from http://geo.yahoo.com/serv?s=97359714/grpId=1210553/grpspId=1705001990/msgId=16686/stime=1342090020/nc1=4507179/nc2=5741393/nc3=3848643" /> <BR>
<DIV style="HEIGHT: 0px; COLOR: #fff">__,_._,___</DIV><!--~-|**|PrettyHtmlEnd|**|-~--></DIV><!--~-|**|PrettyHtmlStart|**|-~-->
<STYLE type=text/css>
<!--
#yiv1509313868 #yiv1509313868ygrp-mkp {
border:1px solid #d8d8d8;font-family:Arial;margin:10px 0;padding:0 10px;}
#yiv1509313868 #yiv1509313868ygrp-mkp hr {
border:1px solid #d8d8d8;}
#yiv1509313868 #yiv1509313868ygrp-mkp #yiv1509313868hd {
color:#628c2a;font-size:85%;font-weight:700;line-height:122%;margin:10px 0;}
#yiv1509313868 #yiv1509313868ygrp-mkp #yiv1509313868ads {
margin-bottom:10px;}
#yiv1509313868 #yiv1509313868ygrp-mkp .yiv1509313868ad {
padding:0 0;}
#yiv1509313868 #yiv1509313868ygrp-mkp .yiv1509313868ad p {
margin:0;}
#yiv1509313868 #yiv1509313868ygrp-mkp .yiv1509313868ad a {
color:#0000ff;text-decoration:none;}
#yiv1509313868 #yiv1509313868ygrp-sponsor #yiv1509313868ygrp-lc {
font-family:Arial;}
#yiv1509313868 #yiv1509313868ygrp-sponsor #yiv1509313868ygrp-lc #yiv1509313868hd {
margin:10px 0px;font-weight:700;font-size:78%;line-height:122%;}
#yiv1509313868 #yiv1509313868ygrp-sponsor #yiv1509313868ygrp-lc .yiv1509313868ad {
margin-bottom:10px;padding:0 0;}
#yiv1509313868 a {
color:#1e66ae;}
#yiv1509313868 #yiv1509313868actions {
font-family:Verdana;font-size:11px;padding:10px 0;}
#yiv1509313868 #yiv1509313868activity {
background-color:#e0ecee;float:left;font-family:Verdana;font-size:10px;padding:10px;}
#yiv1509313868 #yiv1509313868activity span {
font-weight:700;}
#yiv1509313868 #yiv1509313868activity span:first-child {
text-transform:uppercase;}
#yiv1509313868 #yiv1509313868activity span a {
color:#5085b6;text-decoration:none;}
#yiv1509313868 #yiv1509313868activity span span {
color:#ff7900;}
#yiv1509313868 #yiv1509313868activity span .yiv1509313868underline {
text-decoration:underline;}
#yiv1509313868 .yiv1509313868attach {
clear:both;display:table;font-family:Arial;font-size:12px;padding:10px 0;width:400px;}
#yiv1509313868 .yiv1509313868attach div a {
text-decoration:none;}
#yiv1509313868 .yiv1509313868attach img {
border:none;padding-right:5px;}
#yiv1509313868 .yiv1509313868attach label {
display:block;margin-bottom:5px;}
#yiv1509313868 .yiv1509313868attach label a {
text-decoration:none;}
#yiv1509313868 blockquote {
margin:0 0 0 4px;}
#yiv1509313868 .yiv1509313868bold {
font-family:Arial;font-size:13px;font-weight:700;}
#yiv1509313868 .yiv1509313868bold a {
text-decoration:none;}
#yiv1509313868 dd.yiv1509313868last p a {
font-family:Verdana;font-weight:700;}
#yiv1509313868 dd.yiv1509313868last p span {
margin-right:10px;font-family:Verdana;font-weight:700;}
#yiv1509313868 dd.yiv1509313868last p span.yiv1509313868yshortcuts {
margin-right:0;}
#yiv1509313868 div.yiv1509313868attach-table div div a {
text-decoration:none;}
#yiv1509313868 div.yiv1509313868attach-table {
width:400px;}
#yiv1509313868 div.yiv1509313868file-title a, #yiv1509313868 div.yiv1509313868file-title a:active, #yiv1509313868 div.yiv1509313868file-title a:hover, #yiv1509313868 div.yiv1509313868file-title a:visited {
text-decoration:none;}
#yiv1509313868 div.yiv1509313868photo-title a, #yiv1509313868 div.yiv1509313868photo-title a:active, #yiv1509313868 div.yiv1509313868photo-title a:hover, #yiv1509313868 div.yiv1509313868photo-title a:visited {
text-decoration:none;}
#yiv1509313868 div#yiv1509313868ygrp-mlmsg #yiv1509313868ygrp-msg p a span.yiv1509313868yshortcuts {
font-family:Verdana;font-size:10px;font-weight:normal;}
#yiv1509313868 .yiv1509313868green {
color:#628c2a;}
#yiv1509313868 .yiv1509313868MsoNormal {
margin:0 0 0 0;}
#yiv1509313868 o {
font-size:0;}
#yiv1509313868 #yiv1509313868photos div {
float:left;width:72px;}
#yiv1509313868 #yiv1509313868photos div div {
border:1px solid #666666;height:62px;overflow:hidden;width:62px;}
#yiv1509313868 #yiv1509313868photos div label {
color:#666666;font-size:10px;overflow:hidden;text-align:center;white-space:nowrap;width:64px;}
#yiv1509313868 #yiv1509313868reco-category {
font-size:77%;}
#yiv1509313868 #yiv1509313868reco-desc {
font-size:77%;}
#yiv1509313868 .yiv1509313868replbq {
margin:4px;}
#yiv1509313868 #yiv1509313868ygrp-actbar div a:first-child {
margin-right:2px;padding-right:5px;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg {
font-size:13px;font-family:Arial, helvetica, clean, sans-serif;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg table {
font-size:inherit;font:100%;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg select, #yiv1509313868 input, #yiv1509313868 textarea {
font:99% Arial, Helvetica, clean, sans-serif;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg pre, #yiv1509313868 code {
font:115% monospace;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg * {
line-height:1.22em;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg #yiv1509313868logo {
padding-bottom:10px;}
#yiv1509313868 #yiv1509313868ygrp-mlmsg a {
color:#1E66AE;}
#yiv1509313868 #yiv1509313868ygrp-msg p a {
font-family:Verdana;}
#yiv1509313868 #yiv1509313868ygrp-msg p#yiv1509313868attach-count span {
color:#1E66AE;font-weight:700;}
#yiv1509313868 #yiv1509313868ygrp-reco #yiv1509313868reco-head {
color:#ff7900;font-weight:700;}
#yiv1509313868 #yiv1509313868ygrp-reco {
margin-bottom:20px;padding:0px;}
#yiv1509313868 #yiv1509313868ygrp-sponsor #yiv1509313868ov li a {
font-size:130%;text-decoration:none;}
#yiv1509313868 #yiv1509313868ygrp-sponsor #yiv1509313868ov li {
font-size:77%;list-style-type:square;padding:6px 0;}
#yiv1509313868 #yiv1509313868ygrp-sponsor #yiv1509313868ov ul {
margin:0;padding:0 0 0 8px;}
#yiv1509313868 #yiv1509313868ygrp-text {
font-family:Georgia;}
#yiv1509313868 #yiv1509313868ygrp-text p {
margin:0 0 1em 0;}
#yiv1509313868 #yiv1509313868ygrp-text tt {
font-size:120%;}
#yiv1509313868 #yiv1509313868ygrp-vital ul li:last-child {
border-right:none !important;
}
-->
</STYLE>
<!--~-|**|PrettyHtmlEnd|**|-~--></DIV><BR><BR></DIV></DIV></div></body></html>