About two months ago a book was published in Italy that has an entire chapter dedicated to monetary reforms, specifically Positive Money’s proposal…and the book is now a no.1 best seller in the Government section of Amazon.it.
The book “I padroni del mondo – Come la cupola della finanza mondiale decide il destino dei governi e delle popolazioni” (translated: “The masters of the world – How the global finance elite decides the fate of governments and populations) by Luca Ciarrocca is already in the 3rd print in only 45 days (15,000 copies!)
“Financial capitalism does not work because governments have given the responsibility for the creation of money to the banks. And not to central banks, but to private lenders, the large TBTF (too big to fail) banks.”
“There is no hope of living in a stable and prosperous economic scenario as long as the money supply is entirely dependent on the lending activities of banks. Bankers are always looking for short term gains. And politicians for votes.”
How to get out of this mess? The proposal exists and the author illustrates it. People would finally be freed from the dictats of finance, and governments should not cede the power to create money anymore. This would be “a revolution on the side of working people and the real economy.”
The proposed solution in “I padroni del mondo” is to reform the banking system and reduce the power of banks. We have to remove the “no longer tolerable medieval privilege of big commercial banks to manage the money supply”.
By taking away the special right to create money out of nothing from the banks, the dominance exercised by a class of a few thousand people on the rest of the population will be defeated, Ciarrocca claims.