Excellent Commentary on Equilibrium (Neo-Classical) vs. Instability (Minsky) theory, as well as the relationship between base money and credit money.
Some very interesting points, which are backed by empirical data:
Base money does not lead credit money via the money multiplier effect. It is the other way. Credit money leads base money.
Deposits do not create loans. Loans create deposits (which is of course HyperTigers point)
His skewering of Bernanke is also excellent…