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A comment I made in the Economist 2 years ago.



The source of denial

This article as far as it goes is a promising start then here comes the "BUT" and a very big but it is too.
Any amount of austerity is a self defeating prophesy as all money is currently created as debt and only enough is produced to cover the initial principal not the interest and there you have it the Western obsession with growth rates and inflation the whole partisan political farce is based on a fallacy the system is based on debt and there not being enough money to redeem it.
What is required is a return to sound and Honest money where the means of exchange is issued and regulated by Governments not private banking Companies(Institutions?).
The current system ran out of road in 2007 and stupidly we bailed it out instead of tackling the root problem a further false Golden Goose was made in the image of the old one and we were all encouraged to believe we had not been seduced. Start looking at the Means of Production and human potential and consider money as the means to an end not an end in itself and a measure of the potential of production of Nations and their populations and then consider the current means of Exchange, Debt money and ask if it is truly fit for the purpose. Governments should take the management of the means of exchange back in house these farcical bail outs and ratings agencies are all perpetuating a fundamentally flawed system that exploits Tax payers rather than providing services for them Governments and Banks should function to serve the people not the other way around.
For some solid reading on these issues I can recommend.
There are a host of other level headed and objective analysis of the Nature of Money and the provision of a sustainable means of exchange such as Positive Money and Michael. Taking a purely customer driven and making a decision on the greatest available utility for the Customer/Taxpayer it does seem very silly indeed for a Nation to both underwrite , Bail out and then pay interest on something that it is its own inalienable right to manage free of interference by private interests. This is an outsourcing that has resulted in the tail wagging the dog it is time to cure the problem, of course the banking monopolists will be less than pleased but how many second chances do you see them handing out. They do not deserve the umpteenth chance of making this work they are overpriced over rated and under performing.
At the very least we should not be paying for them twice over so remove the ability of banks to create debt money. Secondly the money which central Govenments produce should be enough to match the productive out put of the individual economies. The fledgling african money system which Libya and Iraq were at the forefront of establishing is an interesting model that bears study indeed much of Sharia finance can teach our own Plutocrats some ideas about the basics of Human decency.

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