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Stephen ButlerI'm glad PM is starting to be heard by mainstream operators who can implement reforms. I have a few comments: The charging of interest should be abolished. Unearned income based on owning money you don't need is unfair. It's exploitive. It's a drag on the economy. Money is a social utility not a co...

January 2017

Stephen ButlerAnthony:I agree the charging of interest is a problem because it can only be paid if the economy grows perpetually, which it cannot do. Also interest is unfair. It is unearned. It is exploitive. We need a system that can stop growing, and even shrink in a managed way. I don't agree that paying debt ...

January 2017

Jeff MowattCreating money from thin air means that wealth has accumulated in the hands of a minority which leads to social unrest. https://www.linkedin.com/pu......

January 2017
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Jim MI read the paper and am not much the wiser for it. There is a lot of talk about how modern banking works and a small section at the end on sovereign money but no real comparison to full reserve. Having read Andy's books and now this paper it would appear that both are very similar systems with the m...

December 2016

PJMJim, the Sovereign Money proposal outlined in this paper is not a "full reserve" system. Rather, it is a "no reserve" system. Here is the URL for a paper by Prof. Joseph Huber, who is perhaps the world's leading expert on Sovereign Money, explaining the difference:http://www.sovereignmoney.e...Prof....

December 2016

Jim MAndy Anderson's books "currency" and "moving On" both go into this is good detail. They show how a full reserve currency in a state controlled bank could create full employment as it did in the past, before fractional banking and the tories took charge giving the banks free reign to print money....

December 2016
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SimonWell done for this year, and all the best to Ben, who was one of the founders of Positive Money, in his new job at the Bank of England. This should hopefully make the B of E more responsive to monetary innovation, and devise policies that work for all, rather than large commercial banks and big inve...

December 2016

James MurrayHi PM,Can I congratulate you on the year you have all had - well done....Can I also congratulate you on adding the extra tabs to the top of the PM web pages.I am just working my way through the 'Videos' tab for those I have not yet seen yet and the 'Publications' tab similarly for the several PDFs I...

December 2016
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To be made sick by medicine: Quantitative easing and inequality after the financial crisis

Screenshot 2016-12-12 13.34.40

The sustenance of economic systems often relies on delicately balancing two perilous extremities. When looking at inequality, for instance, one finds that the lack of it will lead to an economy’s atrophy, while its excess may lead to unsustainable tensions. Since the end of the most recent financial crisis, developed countries have been inclined towards the latter scenario.

RahaMistake or deliberate, that's the question. Who benefitted from the crisis ? Who got all the real estate that people could'nt pay, who benefitted from the massive debt payments before the collapse, who got the bail-out money after the collapse? Not the average citizen and not the bank clerk, for sur...

March 2017

Luca MonetaVery stimulating indeed, Giulio. It eventually brings up a number of issues: are wealth and "r" (and their effect on inequality) comparable among advanced economies? What happens to mid-term investment choices made by the wealthiest ten percent in a continuous negative interest rate scenario? In mor...

February 2017

SimonAnd the banks themselves were increasing house prices by extending more credit. Eventually the system collapses as people cannot repay. At the height of the mania in 2004, I could have an auction in my front room, as people were desperate to buy my fairly ordinary house. Every property at the local ...

December 2016
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HowardRight joebhed, it is the money that needs to be nationalized not the friggin banks. The current system is a system of usury that should be ended before it ends us all. A few self-interested, profit oriented uncompassionate 'a'-holes should not be in control of what should be a critical public util...

4 weeks ago

joebhed"Wealth, Virtual Wealth and Debt", by Dr. Frederick Soddy, the gentleman who brought the thinking of money as a 'systemic' science together with his understandings of natural science. Informed Simons, Fisher, Friedman and others.I'm pretty sure the W,VW &D book is available online for reading, w...

December 2016

joebhedTo clarify, I never said that the banks “should” make allthe rules, just that they “do”.Which you have just confirmed, along with its associatedproblems.I agree with everything you wrote, perhaps except that beingthe major cause for emigrations.Anyway....

December 2016
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