Latest news with #Hanke
CNA
5 days ago
- Business
- CNA
Hexagon largely offsets tariff impact, but uncertainty clouds outlook
Hexagon's operating profit fell less than expected after it managed to mitigate most of the negative tariff effects in the second quarter, the Swedish maker of measurement and positioning systems said on Friday. The impact of U.S. tariffs was just over 2 million euros ($2.35 million), said Executive Vice President Norbert Hanke, talking to analysts and press on a conference call. "This headwind was mainly due to the gap between tariff impact and price increases," added Hanke, who had served as Hexagon's interim CEO during the quarter. The impact, which Hexagon had in April estimated would be up to 15 million euros before mitigation, was also offset through optimization of logistics and assembly, he said. Despite this, Hexagon warned that uncertainty related to U.S. President Donald Trump's trade policies made it difficult to forecast results for the remainder of the year. Shares of the industrial technology group rose 5.2 per cent by midday local time in Stockholm (1000 GMT). The main concern remains the tariff environment's impact on customer behaviours, Hanke said. That environment was most challenging in the Geosystems unit, which develops digital solutions used by customers in the construction sector among others, Hexagon's new CEO Anders Svensson said in the earnings statement. The company is also working on a cost improvement programme that will be implemented as soon as possible, he added. It reported a 10 per cent drop in its adjusted operating earnings to 360.6 million euros, but beat the 358.1 million euro estimate from 12 analysts polled by LSEG. "Organic growth in the second quarter was 3 per cent, as the divisions mitigated delays in customer decision making due to ongoing geopolitical uncertainty," Svensson said. That followed flat organic sales in the first quarter. Svensson also repeated the previously announced timeline for the planned spin-off of Hexagon's Asset Lifecycle Intelligence and Safety, Infrastructure & Geospatial businesses, with listing under the name Octave expected in the first half of 2026. ($1 = 0.8521 euros)
%3Amax_bytes(150000)%3Astrip_icc()%2Ftal-amazon-early-pd-travel-deals-50-tout-2e36c19f5ce647229e85d7b5aa033266.jpg&w=3840&q=100)
Travel + Leisure
05-07-2025
- Business
- Travel + Leisure
Amazon Prime Day Kicked Off Early With These 72 Incredible Travel Essentials Deals—Up to 70% Off
Amazon Prime Day kicks off July 8 and continues through July 11, marking a significant change in the retailer's normally two-day-long sale event, which will now offer four full days of savings. But for those who can't wait until Tuesday, we spotted tons of impressive early Prime deals, with up to 76 percent off travel accessories, gear, clothing, and so much more. This is a great time to stock up on travel essentials, and if you're not a Prime member, you might want to consider getting set up with a subscription. Prime membership benefits include exclusive deals, plus free delivery and much more. Bonus: You can even sign up for a 30-day free trial just in time for the big festivities! Traveler-loved: Hanke 24 Inch Checked Luggage, $165 (originally $196) Hanke 24 Inch Checked Luggage, $165 (originally $196) T+L favorite: Samsonite Freeform Hardside Expandable Carry-on 21-Inch, $136 (originally $180) Samsonite Freeform Hardside Expandable Carry-on 21-Inch, $136 (originally $180) Etronik Weekender Bag, $17 (originally $30) 76 percent off: Lexsion Felt Purse Bag Organizer Insert, $10 (originally $33) Lexsion Felt Purse Bag Organizer Insert, $10 (originally $33) PrettyGarden Women's 2-piece Shorts Set, $40 (originally $51) Arch-supporting: Skechers Women's Low-top Sneakers, $60 (originally $87) Skechers Women's Low-top Sneakers, $60 (originally $87) Rare deal: The Sak Iris Smartphone Crossbody Purse, $53 (originally $99) The Sak Iris Smartphone Crossbody Purse, $53 (originally $99) Veken 8 Set Packing Cubes, $20 (originally $30) Dreamegg Portable White Noise Machine, $19 (originally $25) Toomett Women's Hiking Pants, $37 (originally $49) Ahead, shop the 75 best travel deals we spotted ahead of Amazon Prime Day, including spacious carry-on bags, comfortable walking shoes, and much more, starting at $10. As a food and travel writer, I travel a ton for work. But summer is the time for vacations, getaways with girlfriends, and family road trips—and it's a great excuse to stock up on some snazzy new luggage, especially on sale for Prime Day. If you want to upgrade to a full new set of luggage, the American Tourister Stratum 2.0 Expandable Hardside Luggage with Spinner Wheels is a sturdy three-piece set on sale for under $250. Or if you want just one great carry-on, the Samsonite Freeform Hardside Expandable Carry-on is under $140 right now. American Tourister Stratum 2.0 Expandable Hardside Luggage, 3-piece Set, $245 (originally $347) Samsonite Freeform Hardside Expandable Carry-on, 21-Inch, $136 (originally $180) Samsonite Omni 2 Carry-on Hardside Luggage, $113 (originally $119) Hanke 28 Inch Luggage With Cup Holder and Charger, $240 (originally $270) Coolife Expandable 3-piece Luggage Set, $160 (originally $190) Amazon Basics 26" Hardside Medium Checked Luggage, $68 (originally $73) Wrangler Astral Hardside Luggage, 20-inch Carry-on, $58 (originally $66) Travelers Club Cosmo Hardside Spinner Luggage, Carry-on 20-inch, $39 (originally $51) Hanke 24 Inch Checked Luggage, $157 (originally $196) Ukein 3-piece Luggage Set, $85 (originally $100) Nazhura 3-piece Luggage Set, $100 (originally $160) This beautiful hardside Wrangler luggage is a great deal and comes in a lovely shade of lilac, but it's also packed with features any traveler would appreciate, such as the built-in cup holder, phone holder, and USB port. It's like having a personal assistant and carry-on in one while you stroll through the airport. A full set of luggage for $100 is a steal, and this set, at 38 percent off is a great deal; it comes with large and medium checked bags and a carry-on, perfect for wherever your travels may take you! Packing for summer travels is as good as it gets, as we trade in heavy sweaters and coats for breezy, lightweight clothes that are much easier to pack. The Ouges Women's Halter Neck Floral Summer Casual Sundress is on sale for $27—a great excuse to stock up on fun color options when planning a winery tour or beachside dinner this summer. Other top picks include stylish matching sets, flowy pants, and more. Evaless Women's Summer Dress, $20 (originally $25) PrettyGarden Women's 2-piece Shorts Set, $40 (originally $51) Ouges Women's Halter Neck Sundress, $27 (originally $37) Anrabess Women's Wide-leg High-waisted Palazzo Pants, $28 (originally $36) Baleaf Women's Capri Pants, $36 (originally $40) Timeson Women's Short Sleeve Chiffon Blouse, $20 (originally $26) Baleaf Women's Sun Protection Jacket, $30 (originally $40) Balennz Athletic Shorts for Men, 5-pack, $25 (originally $44) Luvamia Wide Leg Jeans for Women, $39 (originally $47) Men's Cotton Linen Short Sleeve Shirt, $24 (originally $30) YesNo Women's Summer Boho Casual Jumpsuit, $30 (originally $40) Pretty Garden 2-piece Button-down V-neck Vest Waistcoat and Shorts, $33 (originally $49) lionstill Women's Casual T-shirt Dress, $14 (originally $20) Toomett Women's Hiking Pants, $37 (originally $49) Anrabess Women's Summer Short Sleeve A-line Midi Dress, $25 (originally $33) Organizing various wardrobe pieces into outfits when planning a trip is sometimes difficult to streamline, but when pieces start out coordinated in a set, it's a much easier process. This super cute striped shorts set is stylish and cool, for a sophisticated look even on a hot day—and at $40 for a whole outfit, it's a steal. These comfortable athletic shorts are a good choice for a run or a workout while traveling. They are quick dry and have pockets, so there'll be no issues with stashing your ID, phone, or a room key, and they'll pack like a dream. At just $25, this five-pack works out to just $5 per pair. Comfortable walking shoes are essential for travel. From running around airports trying to make connections to busy itineraries of exploring and sightseeing, it'll be a much better experience if our feet aren't battered and blistered by the end of the day. Shop comfy sandals on sale, like the Cushionaire Cork Footbed Sandals that are on sale for $35, or the Ubfen Hiking Sandals that are $40. You'll also find popular sneaker brands like Brooks and Skechers included in the discounts, with up to 48 percent off styles. Cushionaire Women's Luna Cork Footbed Sandal, $35 (originally $50) Brooks Women's Ghost 16 Neutral Running Shoe, $100 (originally $140) Nortiv 8 Mens Womens Quick Dry Water Shoes, $27 (originally $36) Adidas Women's Grand Court 2.0 Tennis Shoe, $55 (originally $70) KuaiLu Women's Arch Support Flip Flops, $14 (originally $20) Skechers Women's Low-top Sneakers, $60 (originally $87) Allbirds Men's Tree Pipers Casual Sneakers, $52 (originally $102) Clarks Women's Laurieann Kay Flat Sandal, $57 (originally $85) Under Armour Men's Charged Surge 4 Sneaker, $44 (originally $65) Eurosoft by Sofft Women's Gianetta Flat Sandal, $50 (original $70) Clarks Women's Mira Bay Sandal, $47 (originally $75) Alicegana Women's Sandals, $27 (originally $44) Ubfen Women's Hiking Sandals, $40 (originally $50) These hands-free slip-in Skechers sneakers are a dream for dealing with removal at TSA checkpoints and are lightweight with excellent cushioning for running around during our travels. On sale for $60, these are a must-have for your next trip. A good pair of hiking sandals may just become a packing staple for the greatest versatility, and these offer breathability and support while not looking too functional that they stop being cute. Not all travel calls for luggage, and sometimes we just need a good duffel or weekender bag. For those occasions, the Herschel Novel Duffle is an amazing find and is currently at $83, a rare 25 percent off. Or, check out this Bagsmart Tote that will become your new favorite spacious personal item—and is only $20. These duffels and weekenders can be used for flying, road trips, and more—and they start at just $16. Etronik Weekender Bag, $17 (originally $30) Osprey Farpoint 40L Men's Travel Backpack, $133 (originally $185) Herschel Novel Duffle, $83 (originally $110) Bagsmart Tote Bag for Women, $20 (originally $26) The Sak Iris Smartphone Crossbody Purse, $53 (originally $99) Travelon Anti-theft Signature 3 Compartment Crossbody Bag, $60 (originally $75) Topbag Travel Duffle Bag, $16 (originally $19) Matein Carry-on Backpack, $30 (originally $32) Pander Belt Bag, $13 (originally $18) Vera Bradley Women's Featherweight Original Duffel, $50 (originally $80) Samsonite Virtuosa Weekender Duffel, $68 (originally $100) Lovevook Travel Carry-on Backpack, Large 40L, $38 (originally $47) This Matein backpack is expandable and water resistant, so it's ready for the pool, camping, or a hiking adventure—and thanks to its adjustable shoulder straps and air-mesh ventilated back panel, it will be surprisingly lightweight and easy to wear. A crossbody like this Sak crossbody purse is easier to keep an eye on in a crowded tourist area than a larger purse—and it's an amazing 40 percent off now. It can convert to a wristlet when you need it and offers peace of mind, which we know, especially when traveling, is priceless. Sleep doesn't come easily to me at home, so when traveling, it gets even harder. The unfamiliar surroundings, background sounds, and hotel room lights don't help, and the bed feels different, which always takes getting used to. I rely on handy travel accessories, like a good portable white noise machine, to get some shut-eye in my hotel room, and a comfy neck pillow and eye mask to rest on flights. These and other helpful travel accessories are on sale ahead of Prime Day, including portable chargers, packing cubes, and more. Veken 8 Set Packing Cubes, $20 (originally $30) MZoo Sleep Eye Mask, $20 (originally $29) Lexsion Felt Purse Bag Organizer Insert, $8 (originally $33) Hibag Vacuum Storage Bags, $20 (originally $30) Anker USB-C Wall Charger, $30 (originally $40) Bagail Compression Packing Cubes, $19 (originally $28) Dreamegg Portable White Noise Machine, $19 (originally $25) Lewis N. Clark TSA Approved Bike Lock, $13 (originally $16) Epicka Universal Travel Adapter, $23 (originally $25) Napfun Neck Pillow for Traveling, $16 (originally $22) Jemluse Wireless CarPlay Adapter, $50 (originally $80) One of my good friends and her husband just embarked on a carry-on-only two-week trip to Portugal. Their packing secret? They used vacuum storage bags. These save so much space and meant she was able to pack a lot more cute dresses than she may have otherwise, and at $20 for 10 bags, I think she'll be stocking up on even more. Long flights, especially overnight ones when you're trying to get some sleep, can be really hard on the body, and rest feels nearly impossible. But a good neck pillow can make all the difference; at just $16, this memory foam pillow is supportive and will prevent the dreaded head bob while snoozing in your seat. It's important to be prepared to stay safe on rugged terrains and in unfamiliar surroundings, and that involves bringing the right outdoor gear to stay safe in the sun and protected in wet weather. There are deals on hiking and camping gear this Prime Day, including items like the Hiearcool Waterproof Phone Pouch to protect your phone and the Welly First Aid Kit to address any small cuts from the trail. There are also gadgets to keep you comfortable outdoors, like the FrSara Neck Fan, which is only $27 (originally $34) and a smart investment. I don't have an air conditioner and I even have one I use in my own apartment, but it's such an asset when exploring the outdoors on those hot and humid summer days. FrSara Neck Fan, $27 (originally $34) Welly First Aid Kit, $14 (originally $15) Yuzonc Camping Sleeping Pad, $30 (originally $50) Jackery Explorer 1000 v2 Portable Power Station, $449 (originally $799) Coleman Sundome Camping Tent, $90 (originally $118) Rodcirant 20x25 Binoculars, $27 (originally $40) Newraturner Portable Clothesline With 12 Clothespins, $10 (originally $18) Hiearcool Waterproof Phone Pouch, 2-pack, $12 (originally $14) Anker Soundcore 2 Portable Bluetooth Speaker with Stereo Sound, $30 (originally $40) Nuovoware Water Bottle Carrier Bag, $13 (originally $20) Running out of power—or having no access to power—is scary enough at home, but it's a nightmare on the road. At $449 (originally $799), this portable power station is a must for campers, as it can power anything from air conditioners to fridges, but it can also keep your phone and other devices charged, which can literally save your life in dangerous situations. If you're camping, you're probably going to want to hang your wet clothes at some point. This is also true if you are at the beach or the pool and don't want to pack wet swimwear. This portable clothesline is a bargain at $10 (originally $18) and just what you need to come home without wet, mildewy-smelling luggage. Love a great deal? Sign up for our T+L Recommends newsletter and we'll send you our favorite travel products each week.
Business Insider
26-06-2025
- Business
- Business Insider
Steve Hanke tells BI investors are shrugging off serious risks — and Trump is causing historic uncertainty
Investors are brushing off the Iran-Israel conflict as another brief distraction on the road to fresh highs. Steve Hanke thinks their complacency could prove costly. The professor of applied economics at Johns Hopkins University told Business Insider that Israel has been directly or indirectly tied to seven of the 19 major geopolitical events since 1950. Only one of those incidents — the Arab-Israeli War in 1973 — caused "lasting damage" that still weighed on stocks a year later, he said. "So, what's happening now suggests that investors believe that history is a guide," Hanke said. "They see signs of danger, but somehow think that they will escape, as they have in the past. I'm not so sure that they are right." The flagship US stock index, the S&P 500, has rallied almost 2% since June 13, the day that Israel attacked Iranian nuclear and military sites. It closed at nearly 6,100 points on Wednesday, putting it within touching distance of a record high. The rebound came despite the US bombing three Iranian nuclear facilities on Sunday, and Israel and Iran accusing each other of breaking a Trump-brokered ceasefire this week. Hanke, a former economic advisor to President Ronald Reagan, was the president of Toronto Trust Argentina when it was the world's best-performing market mutual fund in 1995. He co-authored a book published in May titled "Making Money Work: How to Rewrite the Rules of our Financial System." The veteran economist and commodity trader flagged several risks that investors appear to be shrugging off. Middle Eastern conflicts and the Russia-Ukraine war were still "up in the air," and neo-conservatives "have their sights aimed at China," he said. "If that wasn't bad enough, the Trump administration is engaged not only in a tariff war but in a multitude of dramatic policy changes that have created what I termed ' regime uncertainty,'" Hanke said. Hanke was describing a situation where individuals, investors, businesses, and other entities are so unsure of regulations, future government policies, and how the economy will fare that they delay long-term planning or investment. "We have not witnessed regime uncertainty since Franklin Delano Roosevelt and the New Dealers in the 1930s," Hanke said. "So, the current context is quite different than the other 19 geopolitical crisis episodes." Put differently, investors should be wary of assuming the stock market will swiftly rebound from this geopolitical shock as it has from many others, given just how uncertain the world is right now.
Yahoo
30-05-2025
- General
- Yahoo
Seals playing a video game reveal how they find their way
The world's harbor seals (Phoca vitulina) are masters in seeing through the cloudy coastal waters they call home. Equipped with dexterous whiskers, these pinnipeds use a suite of senses to navigate their surroundings with ease. Harbor seals may also use an important part of their vision to determine which direction they are moving, even with such an opaque view of the world. Now, we might know a bit more about how they can tell which direction they are heading. New research involving a simulated swim finds that the particles in cloudy water moving across the retina at the back of the seal's eye can tell them which way they are moving. The findings are detailed in a study published May 29 in the Journal of Experimental Biology. Harbor seals are commonly found along the eastern and western coasts of the United States. Adult harbor seals are about five to six feet long and they 'haul out' (aka rest) on various rocks, reefs, beaches, and glacial ice when not at sea. This coastal lifestyle means they must navigate in some very busy and murky waters in order to survive. [ Related: Arctic seals have special noses. ] 'We wanted to know whether harbour seals can determine their heading from optic flow fields – the pattern of motion on the retina generated as a seal moves past visible objects, including particles in the water, in their surroundings,' Frederike Hanke, a study co-author and neuroethologist at the University of Rostock in Germany, said in a statement. To examine this, Hanke and the team essentially set up an arcade for seals with a gaming challenge. They designed three different computer simulations to show three captive seals. One simulated moving through the open sea, with dots streaming towards the viewer out of the screen. The second used a plane of dots rushing towards the viewer to simulate the seabed passing below. The third emulated the surface of the sea flowing above the viewer's head using another plane of dots. The team then trained three seals–Nick, Luca, and Miro–to shuffle into place in front of a large screen and showed them the simulations. They were encouraged to indicate which side they were moving towards while watching the simulations (left or right) by touching a red ball with either side of their heats. In return, they were given sprats as a reward. According to Hanke, Nick and Luca were gaming veterans and picked up this new task with ease. Miro was a novice, but he was reportedly a very open-minded seal, and 'coped with all new situations easily.' Once the seals were comfortable with the game, the team kept track of the animals' choices as they watched the dots in the simulations. The simulations appeared to show that the seal was heading in a direction that was 22, 18, 14, 10, 6 or 2 degrees to the left, or in similar positions to the right. The team then plotted the animals' successes and mistakes, as the seals indicated which direction they believed they were travelling in during the simulations. 'These are living animals, not robots,' said Hanke. 'Errors are most likely due to inattentiveness or sometimes a drop in motivation.' When the team plotted the seals' successes, it was clear the animals were capable of determining which direction they were travelling based on the dots streaming in their view, the way that particles would look while they were really swimming. Even in faint lights, the seals appear to be able to use their vision to take advantage of cloudy water to determine which direction they are travelling based on the motion of objects and particles in the water going past their eyes. In future research, the team is hoping to find out whether they use this same visual effect to determine how far they have travelled.
Yahoo
23-05-2025
- Business
- Yahoo
A new book makes the case for putting money supply at the center of the U.S. economy and re-empowering commercial banks
In the path-breaking book 'Making Money Work,' a pair of leading economists present a manifesto for fixing the financial regime that took America on a careening post-COVID ride through rampant inflation, ballooning values of homes and stocks, and spiking income inequality. In a rush to reverse course and tame prices, the pair argues, a clueless Fed clamped down much too hard, and doesn't even know it. To make matters worse, heavy-handed regulation has hamstrung the commercial banking system, slowing the flow of credit just as the central bank's throttling back. The upshot: These dual, wrongheaded policies are already saddling the U.S. with tepid growth, and could easily trigger an unnecessary, self-inflicted recession. Their solution: Putting the long-ignored 'money supply' at the center of U.S. economic policy. To make that happen, the authors say, Washington must recharge the weakened players that create the flow of dollars––the commercial banks––to move this nation back where we should and can be once again: on a path of stable prices and strong, sustained economic growth. The authors are Steve Hanke, founder and professor at the Johns Hopkins Institute of Applied Economics, Global Health and the Study of Business Enterprise, and Matt Sekerke, a fellow there. Hanke's renowned as a hardcore 'monetarist' who won the nickname 'the money doctor' by advising Estonia, Lithuania, Bulgaria, and Bosnia-Herzegovina on establishing currency boards, and Montenegro and Ecuador on dollarization. Those reforms helped successfully smash inflation and establish stability. The book is an extremely intensive, data-rich work of economic analysis, and a must read for anyone interested in how our economic policy has gone rogue since the Global Financial Crisis. For this review, I conducted an in-depth interview with Hanke where he cuts through the details, and highlights the broad sweep of his and Sekerke's template for reform. I also refer specifically to passages in 'Making Money Work,' which I read carefully. But unless otherwise noted, the capsule summary of its themes come from my talk with Hanke. So what is this book all about? 'It's about getting the money supply back into the game. The Fed does not adhere to the quantity theory of money,' says Hanke. The central bank, he charges, incorrectly focuses only on controlling interest rates. He insists that it's really growth in broad money that determines the levels of economic expansion and inflation, just as an altimeter regulates the altitude of an aircraft. 'The Fed's been using post-Keynesian models that ignore the money supply and hence put us on a rollercoaster,' he says. In our conversation and in his book, Hanke argues that the Fed's easy money policies post-COVID hugely inflated all asset prices including land, real estate, and stocks, and eventually created near-double digit inflation. Those policies penalized the middle class and made the wealthy far richer. 'In January of 2020, billionaires held 14% of the wealth in America as a share of GDP,' he says. 'Today, it's 21.1%.' He and Sekerke argue that to get the money supply growing at the correct, steady speed, policymakers need to render commercial banks once again the centerpiece of the financial ecosystem. They point out that these lenders, not the Fed, are the real elephant in the room. About 80% of broad money in the financial system has been produced by commercial banks via their lending to businesses and households. The book takes a new, holistic view of monetary policy as a three-legged stool. Traditionally, the field's narrowly focused on the Fed. But Hanke and Sekerke emphasize and integrate the roles of two key players that typically get left out of the picture: bank regulation and fiscal policy. 'Bank regulation and the Fed are the two most significant legs,' he adds, with fiscal policy still potentially playing an important role. Following the GFC, Hanke argues, the rules went haywire on banking. Two reforms hit the banks hard: Dodd-Frank legislation and the Basel III international regime both forced lenders to hold far higher reserves as a cushion. 'As a result, the banks became strangled and sharply cut back loans,' says Hanke. After going negative in the months following the GFC, loan growth only gradually recovered, but Hanke and Sekerke argue that it's still much too low. 'Banks are not creating enough money,' Hanke told me. 'The growth of their loan books remains relatively anemic, at rates lower than their levels prior to the GFC.' The authors propose two fixes to get the U.S. back on track for steady prices and steady robust growth. The first: dismantling the 'universal bank' model by 'divorcing' the lending business from investment banking. 'The rates of return are higher in investment banking than lending, so the capacity to make loans at the universal banks gets sucked away,' explains Hanke. Second, Hanke and Sekerke avow that Dodd-Frank and Basel III went much too far by imposing onerous 'risk weightings' that mandate excessive and discriminatory reserves, on different kinds of loans. 'The weightings are too high,' says Hanke. 'They're not fine-tuned. The banks should be given much more leeway in determining the reserves. They know much more about their business than the bureaucrats in Washington and Basel.' One such regulation that the book contends greatly increased the burden on banks is the 'Supplementary Leverage Ratio,' enacted in 2014 as part of the extensive post-GFC reforms. It mandates extra reserves on top of the Dodd-Frank and Basel III requirements that impose relatively high weights for holding even super-safe assets such as Treasuries. Secretary of the Treasury Scott Bessent has called SLR reform 'a top priority,' and it's strongly favored by such banking titans as JPMorgan's Jamie Dimon. In 'Make Money Work,' Hanke and Sekerke assert that the SLR 'binds' loan growth, and that reforming it would fit their prescription for unshackling bank lending. By pursuing policies that undermine and distort lending, Hanke and Sekerke insist, the Fed and Congress are curtailing an overlooked gift embodied in the banking system. When folks invest in stocks, bonds or real estate, that 'savings' is channeled through investment banks and other non-bank financial institutions. Those savings are money the investors aren't spending on consumption––that's not going to groceries, cars or vacations. But when banks provide credit, as Hanke puts it, 'they create money out of thin air' in the form of loans. That money doesn't come out of new savings that forces investors to forego buying stuff. 'It's the magic no one understands,' says Hanke. Or as the book puts it: 'The ability of banks to create deposit money out of nothing is one of the great forgotten facts of monetary economics.' 'The banks act as a type of phantom savers that enable good bankable projects to be financed without having to forego consumption,' Hanke says. 'Making Money Work' writes a new chapter in money and banking, and mounts a compelling case for learning from the post-GFC mistakes, letting the money supply rule by putting the banks back in charge. Because to paraphrase the great bank robber Willie Sutton, 'that's where the money comes from.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
