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Review of “The Production of Money: How to Break the Power of Bankers”

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Summary Ann Pettifor’s new book, The Production of Money, is an excellent contribution to the growing body of thought exposing mainstream, neoclassical economics’ poor understanding of money, banking, and finance, and how its thinking has led to a financial system that we serve, rather than one that serves us.

medialAxisI guess it won't be 1st world economies that take a lead in challenging the banks (too much vested interest IMO or too much entanglement of banks with govts), which is interesting in itself (could leave the 1st world lagging behind). Not sure how S Korea's economy is classified but they're looking a...

2 days ago

Laughing_GnomeVery good point Medial Axis. The cashless aspect had gone out of my mind. I had forgotten the hunt is on for cash and that negative interest rates are one of the likely drivers. Also getting potential visibility of all taxable activity. The reach-in and grab could also happen, but I suspect they wou...

4 days ago

medialAxisLooks like quite a few central banks are jumping on the "block chain" or at least looking to providing a Central Bank Digital Currency (CBDC) and accounts to retail customers. Some down sides might be loss of privacy, tax taken on the fly (up to you to claim it back if it's wrong) and negative inter...

4 days ago
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Eloïse SentitoGreat Zak, and thanks for the stimulating discussion last week. More anon I hope....

3 days ago

medialAxisYou can get hold of bitcoin by mining, buying from someone who's already got some or sell stuff, including your labour, for some[1]. Unlike our fiat money, no one has to go into debt for you to own bitcoin. Well, miners have to invest in hardware and electricity before they can earn (mine) bitcoin b...

2 weeks ago

SimonHow do more people get access to Bitcoin if it is getting more difficult to mine ? How can it become more widely used ? Conventional money has the advantage of being retired from the economy as debts are repaid to the bank, although the long term trend is usually an increase in the money supply and ...

2 weeks ago
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James MurraySimon,Finding a major economist who is not from the banks and in a position of power, such as Governor of a Central Bank will be very difficult.Carney at the BoE is a case in point.I listened to his talk at Liverpool Business Conference:https://www.youtube.com/wat...All he could do was describe the ...

1 weeks ago

SimonProbably Jim. I suggested to Ellen that infrastructure projects could be carefully and competitively costed and the State or Central Bank could provide interest free loans for that amount. Repaying the loans would have a deflationary effect. The fears of conventional economists about inflation are m...

4 weeks ago

James MurrayIt's puzzle.Let us imagine that Trump the politician had its Government happened upon a surprise motherload of practically pure gold on federal land, almost ready easily to be melted down and used as currency, and so without the pain of more taxes, more borrowing, a greater increase in the National ...

4 weeks ago
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OliverThis article may also be of interest: http://www.socred.org/index..., as might my 548 paged tome entitled Social Credit Economics: https://www.amazon.co.uk/So......

4 weeks ago

OliverHi Stanislas, this is a very interesting article and I am glad that you have mentioned Douglas and the Social Credit movement. Douglas' 'debt-free' dividend, which, in conjunction with a National Discount on retail goods, would be financed by money creation via a 'National Credit Office, was intende...

4 weeks ago

Stanislas JourdanHi Steve, could you clarify or point out to what this "retail discount" idea would look like? I am unfamiliar with this concept in a monetary economics context. Thanks!...

4 weeks ago
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