Understanding Money & Debt

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Lucian AerisWell put, Fran. Except, describing SMC as radical might not help to pull it into the Overton Window....

6 days ago

medialAxisJapan, who you might say was first to suffer from the practices of the banking sector, are leading the way in the take up of crypto-currency, which is likely a sure fire way to undermine the banks and make them change their ways (but not before the lobby against crypto I suspect). Japan's already ac...

2 weeks ago
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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...

4 weeks 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...

5 weeks 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...

5 weeks ago
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Zack, Positive MoneyThank you!...

3 weeks ago

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

5 weeks 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...

last month
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Money Creation & Interest: Is there enough money to pay off all the interest? (Part 2)

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This is the second part of our article dealing with the argument that bank lending must lead to escalating debt because banks don't create the money needed to pay the interest on the debt. Part 1 explained how the wrong conclusions have been drawn from the oft-repeated ‘banker on a desert island’ analogy. We showed that it is mathematically (and therefore logically) possible for both the principal and interest of a loan to be repaid.

MarijkeAt this moment I'm lost and having a big headache, because I thougt that I started to understand the system. But now I am lost.My only hope is that Draghi as the biggest moneymaker and illusionist ever wil be dismissed, why he never should have been placed in the position of ECB as former GoldmanSac...

last month

Roger Glyndwr LewisThe mechanism for the accelerated growth of indebtedness and corresponding monetary assets – a veritable infernal machine – is described in full detail in “The Money Syndrome” by Helmut Creutz.http://www.themoneysyndrome...The following graph is taken from the book “The Money Syndrome“. ...

last month

Bob WelhamAn old PM blog from 2012 that attempts to illustrate the pernicious nature of our commercially issued, debt-based money system, using the maligned "desert island economy" thought experiment. There is no mention of the "is there enough money to pay all the interest" red herring. The real danger is sh...

last month
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Zack, Positive MoneyThanks for linking the Steve Keen article and the comments section there, it was an interesting read....

3 weeks ago

Roger Glyndwr LewisTest Comment for Zack...

last month

Gregory SchoenmakersThere is no question that banks get seigniorage from the money they create but not from the customer deposits which are a liability but from profits on the assets they acquire to back these deposits....

last month
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