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When Entire Economies are Held Hostage

economies held hostage

The recent dramatic events surrounding the Greek debt crisis had many of us on the edge of our seats as we witnessed history unfolding before our eyes. From the calling of the referendum, to the landslide No vote, to Tsipras’ subsequent capitulation under pressure from the Troika-- for many of us it was as gripping as it was occasionally demoralising (like watching the finals except the outcome actually matters). What I’m sure is lost on most, obscure as the mechanics of the monetary system are, is the crucial role of fractional reserve banking both in precipitating the crisis and in using it to strip the Greek people of their democratic sovereignty.

Peter PadfieldThen why is the UK government persistently declaring that first the deficit and then the debt must be reduced? Is that why there is currently "hell for many?" Is it a consequence of an inherently unstable system?...

October 2015

Harrison Tesoura SchultzThis is far and away the most straight forward and concise article I've read on the Greek Debt Crisis Spencer Veale!...

September 2015

keithfromashfordBanks, the banking industry and the monetary system have become a joke.Banks have become strange hybrid (private/state) institutions where the profits remain in private hands and the losses are socialised.They need “too big to fail” status because they know they can’t stand on their own two fe...

August 2015
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Kiril Mihaylovit is 100 % bank-created money not 97 % .... 90 % is private bank money and the other 10 % is central bank created money .... CBs are also private !!! the majority of people don't understand the system !!!!...

August 2015

disqus_mo8c3tVuI1Yes the system is not working...something has gone badly wrong and the culprits are bankers who think only profits driven by greed and no conscientiousness. Yes we do need a revolution but no any revolution but a Revolution of the Mind!...

July 2015

Auburn ParksYes, there is definitely a taboo against "creating money and spending it", you see it all the time when people talk about wanting to run budget surpluses and shrink the Govt's budget deficit. QE has nothing to do with this as QE is not printing money, all QE does is exchange balances in one type of ...

July 2015
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James MurrayWe are now watching Greece managing to promise anything to get their hands on the next tranche of their Euro-billons loan.Syriza know that the majority populace are still too afraid to leave the Euro but the previous ratio of two to one against is reducing all the time, and will continue to do so.Th...

July 2015

KeithGermany uses currencies complementary to the Euro called Regiogeld, and pegs them to the Euro. So why couldn't Greece issue a new Drachma complementary to the Euro? Germany's recent position has been "do as I say, not as I do." As for the ECB getting involved and "shutting that idea down", if tha...

July 2015

jonathanOk there's apparently a New Sunday now since the overwhelming No referendum result - a possible Grexit looms. What is the best perspective now? Still obviously speculation, of course, since nobody knows what will happen in coming weeks. (As Usual ^^) . One of saddest things here in Greece is that no...

July 2015
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Grexit – Seize the Opportunity

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A Grexit might never happen, but it could also be just days away. If a Grexit does happen, is it all doom and gloom, or is there a glimmer of hope? The re-establishment of the World’s oldest currency could represent a new path for monetary reform. One which is fit for purpose and designed to meet the challenges of the 21st century.

Greeks should find the nerve to outlaw fractional reserve banking

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Greece must avoid replacing one myth with another - that returning to the drachma will be a panacea. If and when the drachma returns it will not be the notes and coins issued by the State free of debt which will be the problem, it will be the new drachma denominated debt issued by the privately controlled international banking system which will hobble Greece to its present masters, reads this BellaCaledonia article that is well worth reading.

Keith.Outlawing fractional reserve banking is not necessary in order to enjoy the benefits of sovereign money. Fractional reserve banking has proven very effective in creating money in massive quantity in short order. Why would we want to give up that? Outlawing fractional reserve banking would be a m...

July 2015

Mirrorof (y)OuregoI totally agree with this opinion. Just one question: Do the "positive moneyeers" have contact to financial minister Varoufakis or even PM Tsipras? Because "we, the people" can do nothing really essential in this case. I hope, they have :-)...

July 2015
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