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Transition to a public monetary system

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We need a serious public and political debate on the pros and cons of the current monetary system, the alternative of public money creation, and on how system change might happen. In particular, because many experts tell us the next crisis is already in the making. The consequences of such a crisis will be even more severe than those of the 2008 crisis. On the one hand because the latter is far from over, on the other because under the present monetary system governments will no longer have the means to limit the fall-out of such a collapse. Political parties but also civil society – trade unions, environmental organizations, associations representing the interests of small and medium enterprises – should insist on such a debate. The media should play an important role in facilitating such a discussion. Economists who are willing to think and work on developing alternatives can play a key role. Economists unable to push themselves beyond the out-of-hand rejection of system change and blocking an open discussion should, after being heard, be ignored.

CrashMost of us here understand the problems of the Eurozone but let me insist on asking you about what issues you have with PM's analysis and where do you diverge?I understand what you are trying to say, that the UK Govt could just spend new money into existence and remove the reserves through issuing b...

3 weeks ago

RJ"It looks like you're trying to help, but by frequently commenting on singular posts on bits and pieces without conveying a complete picture of your understanding you are not helping PM's cause at all,"Maybe not for you. But people are getting the point now. Slowly one by one. I have even seen a mas...

3 weeks ago

CrashRJ, I'm not going to accuse you of trolling as at least on the surface you seem to have a grasp of many of the concepts talked about here; and informed criticism is what PM needs the most to strenghten their arguments and possibly refine their agenda.However, you are conflating your arguments with c...

3 weeks ago
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Marco SabaThe debt of the issuer of the money is versus the sovereign (the people), not the other way around......

3 weeks ago

solutreanWhen the British government deficit spends, new money is NOT created RJ. Deficit spending (in Britain) merely recycles existing bank money through bond issuance from those who purchase the bonds to those who receive the government payments. The situation is similar in the case of taxation, no NEW mo...

4 weeks ago

James Murray"It's time to stop believing in untruths. Interest free money is possible. Bond free money likewise. But not debt free. The real world though offers scope right now as the system currently operates. People just need to get over their irrational fear of Govt debt."So, RJ, your 'answer' is just to kee...

4 weeks ago
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Vince RichardsonThis is very encouraging,and also a very good example of the forces we have to overcome to get our ideas over to the great and good.The first reaction seems to be horror,but the thing is ordinary people understand the idea very well and love it.You can see the financial institutions struggling with ...

5 weeks ago
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solutreanI’m glad that you now seem to have calmed down and are no longer using abusive language, did you take my advice then?Warren and yourself are both referring to the Fed system. If you read my post more carefully you will see that I am referring to the British banking system.The Bank of England IS co...

4 weeks ago

RJWhat temper. You clearly are not being serious (you can't be this confused) Warren is very very very clear in this book as to what he means.From his bookDeadly Innocent Fraud #1:The federal government must raise funds through taxation or borrowing in order to spend. In other words, government spendi...

4 weeks ago

solutreanThe above quote is taken directly from Moslers Seven Deadly Innocent Frauds of Economic Policy. If you have a problem with it blame Warren not me.You really should control that temper of yours RJ or you may blow a gasket. Why not nip down to the pub and have a few pints with the lads, I’m sure it ...

4 weeks ago
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