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Greeks should find the nerve to outlaw fractional reserve banking

Screenshot 2015-07-01 11.30.50

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.

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 :-)...

Yesterday
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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...

5 days ago

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...

5 days ago

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...

2 weeks ago
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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 ...

Yesterday

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...

3 days 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...

3 days 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 ...

3 weeks ago
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Michael ThudénIt's a good thing that the media is starting yo catch up.But I think there's still some misunderstanding regarding what banks "lend out" to accounts. People in general, and even many money reformers, believes that banks "lend out" Pound to customer accounts. Most economists even believe i the multip...

4 weeks ago
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