Irish Times: Every euro minted in the European economy comes into being as a debt

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Screen Shot 2013-01-15 at 15.47.27’’Every euro minted in the European economy comes into being as a debt’’, reads Irish Times in the article “The fiscal cliff is a harbinger of the earthquakes to come” on Fri 11th January 2013.

Extracts rom the article:

 ‘’For these purposes, [Economics] created a money system without grounding, in which the means of exchanging and storing wealth were farmed out to private operators, who generated what purported to be money but was really an alias for debt, offered cheaply to the public in lieu of escalating incomes.’’
‘’Since there is no way of generating financial resources other than this money-as-debt model, it is impossible for all of these escalating charges to be met by everyone upon whom they are levied.’’
‘’They [Politicians] share with the bankers and stock-jobbers a simple desire that the present system, however derelict, splutter onwards for another while.’’
The full article can be read here.

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