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What type of monetary framework should the Greeks adopt if they were to part ways with the Eurozone?

grexit

The "Grexit" might be just around the corner. Wall Street bets on 75% chance of Greek default. Greek prime minister escalated his defiance towards the country’s official creditors, with a pointed attack on the International Monetary Fund, saying the IMF bears “criminal responsibility”. Greeks are withdrawing cash from banks in fear of Grexit. And the Greece's central bank has warned for the first time that the country could be on a "painful course" towards default and exit from the eurozone.

RJThis is not correct. There will still be reserves (but maybe called a different name) And productive capacity of the people is fairy land stuff.These reserves will be backed by Govt debt (not T bonds though but reserves) as it is at present. That is these reserves can be used to pay tax. That's what...

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RJPositive money want to just use reserves as both the banks and treasuries money (they use reserves to settle with each other now as we use bank credit) and our money (and abolish bank credit = our money). Rather we would use reserves.So rather than having-Reserves as higher level money-Bank credit a...

last month

Peter J. MorganAllan, in a Sovereign Money system there are NO reserves, there being only ONE kind of money -- issued by the state as a fiat currency in all three forms (coins, notes and digital), backed by the productive capacity of the people of the nation-state. A Sovereign Money system is NOT the same as a 100...

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Lack of money – Understanding our monetary system

lack of money

The past hundred years have brought us unprecedented development, especially through ever-evolving technology. In consequence never in history have so many people have lived so well. Yet our society and humanity as a whole are facing huge problems. Since the 1980s lower and middle incomes have barely risen, despite the fact that technology and productivity have continued to develop. The benefits of this development are going mostly to corporations and to the highest income groups, leading to an increasingly large and still growing gap between rich and poor. Especially after the 2008 crisis persistent unemployment and declining livelihoods are leading to impoverishment, with major social and psychological consequences. On top of that people are faced with higher costs of and decreased access to public services such as health care and education.

Nomatrix"no matter how much money we bring into existance, this doesn't make a difference for a society." - that's what you said. But it's not about money being brought into existence, or plenty of money, but about debt being brought into existence. Result: lack of cash, increasing debt, and banktsters and ...

last month

Tertius WehmeyerMoney is credit, an IOU as the bank of England states in the document on their site. The problem is with interest raised on IOUs. Google The Credit Theory of Money by A Mitchell Innes.Example: I get a loan from a bank and buy a house. The seller deposit the banks IOU in a bank and can then use it to...

last month

Tertius WehmeyerRead the Credit Theory of Money by A Mitchell-Innes. Money is like beads on an abacus. It keeps track of the exchanges of the value of goods and services, nothing more. It is an accounting system. The current one is very corrupt. It steals assets from others in the form of interest and gambling on t...

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John PerrymanI genuinely don't know to be honest; I hope I'm right in a way - but I wouldn't at all be surprised if you were!! How pleased were you guys at PM with Carswell's intervention; obviously in some ways great that he raises such an important issue, but I mean more the way he did so... Reminded me a lot ...

4 weeks ago

Fran GriffithsI agree, but can he really be so unknowing or does he affect not to know in order to avoid controversy? I heard that a PM supporter once managed to slip in a question about money creation as a supplementary, at one of the Question Times. Dimbleby turned to Tim Fallon and said "I don't know what sh...

5 weeks ago

John PerrymanI thought Dimbleby's response showed just how narrowly defined most peoples 'political experience' really is. Terrifying and depressing all at the same time. This is a man who has immersed himself in Westminster politics his entire life as far as I can tell; yet he is utterly blind to such an import...

5 weeks ago
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FWHMyersGood interview. Although I'd accept that it wasn't necessarily Fran's job to make this point, there was a notable omission in the piece, no mention of anonymity and the libertarian arguments against state run cashless systems. This is at least worthy of a mention, as it should in my opinion be part ...

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