Debt Free & Interest Free Money (video)

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Dr Werner discloses facts about money creation that are at the core of every modern economy. About how the creation of the essential money that is needed to sustain growth is founded on debt.

Governments have huge debts, to banks, and few people realise that it does not have to be like this. Taxes are needed for paying for decades of past interest on government borrowing. Banking extracts resources from the economy, through interest payments and the taxation needed to cover the debt burden of the government.

Why borrow from banks and pay interest when there is an alternative way of money creation and allocation?

Governments* could create the money and allocate it into circulation through its spending programmes.

(*Please note that Positive Money’s proposal is to put the power to create money into the hands of a transparent, accountable body independent from government. More here)

 

Nearly 1000 years ago Winchester in England was the centre of such a money creation system – debt free and interest free. The tally stick system was used. It expanded the money supply needed by government and it was without debt. Tally sticks were accepted for tax payments. It worked for centuries.

With modern technology we have the possibility of launching an alternative money creation system without the burdens we suffer under, and which would be even better than the proven tally stick system.

 

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  • http://www.facebook.com/Leozexpat Leo Cooper

    The haves are on a win/win horse and the poor are in a lose/lose situation. This situation not sustainable, doomed to crumble. This situation going to crumble soon to an angry new tune, and understandably
     so. All this while we have been being scammed before our very eyes.

  • Robert Hutchings

    Except tally sticks is a great example of a debt based money system

    One party (the seller) held the tally stick asset half and the other (the buyer) the tally stick liability half. This liability is called DEBT. The tally stick asset half did not have value because it looked nice. It had value because the liability holder promised to make good in the future.

    • NickB

      True. But it’s not debt based in the sense of bank debt. The government had the power to create credit outside of the private banking system based on its ability to raise tax revenue, and it was not bearing interest to a private party. Similarly a government could spend into existence credits that it later accepts as tax payments.

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