Paying for promises. On defecits Political promises and Patronage.

Greece is in the news, my opinion is I wish they would get on and do an Iceland. Iceland are also looking at adopting sovereign money. The Icelanders got burned at the same time as the rest of us in 2008/9. The Icelander did however create moral hazard and have charged some of their offending bankers with the crimes they are alleged to have committed. Not so in The Euro Zone or the UK or US. All arguments in modern political Economy stem from the question of Where is the money coming from to pay for it? this is an interesting question but also ask, What resources do we have where is the wealth of the nation what are out talents and what means do we have to feed, clothe house and keep ourselves warm. Thought of this way we begin to realise that absent money the means of meeting out needs remain its a question of how we marshal them and endure they are fairly distributed to meet the needs of the common wealth. Tokens for our contribution and due to our essential stake-holding in our own societies can take many forms, Money can be democratic and a tool with great benefits or it can also become a MASTER used as a tool to serve the wishes of a minority. How should we structure our social relationships of commerce and exchange how should our money be designed by whom and for whom. That is the question its not just a Guns or Butter argument although again that is an interesting question in public policy for Political economy as well.

 Dig a little deeper and question not only where the Politicians are getting the money from but who ultimately is putting the money into play who are they answering to is it you and me or is it the ´´´Gnomes of Zurich´´´´The Masters of the Universe´´ ´´The City of London´´´´Wall Street Banks´´´´The Bank of International Settlements´´´´The IMF´ ´´The OWrld Bank´´´´Goldman Sachs´´,, You get the idea. Happy googling.