[Scientific Macroeconomics & The Quantity Theory of Credit](https://www.oenb.at/dam/jcr:63a2b07f-1ef8-48cb-8e28-ef36698a8d19/werner_richard.pdf) Prof. Richard A. Werner
> Theories of Banking and the Economy
> 1. The Financial Intermediation Theory
> 2. The Fractional Reserve Theory
> 3. The Credit Creation Theory
[Can banks individually create money out of nothing? — The theories and the empirical evidence](https://www.sciencedirect.com/science/article/pii/S1057521914001070) yes
## to happen after 2020 in USA after coronavirus shock?
the demand shock&drop leads to deflation
[the oil already collapsed/deflated](https://en.wikipedia.org/wiki/Price_of_oil#2020_oil_prices)
following into footsteps of [the Lost decadeS in Japan???](https://en.wikipedia.org/wiki/Lost_Decade_(Japan))
- [generational inequalitities and economy - coronavirus 2020](https://www.dropbox.com/s/lm4pg6aah3rnrqu/MGM_0420_02.pdf?dl=0)
- starts with DEBT deflation, then leads to the drop in Equities??
[see tweetstorm form Raoul Pal](https://twitter.com/RaoulGMI/status/1254112604072611842)
