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Is full-reserve banking really that hard to understand? (A reply to John Aziz)

The week_response

It's been a busy week for journalists and economists criticising our proposals without bothering to a) read them or b) understand them. Jeremy Warner in the Telegraph claims we're in favour of allowing politicians to  "print money to their hearts' content", when we've clearly stated that we wouldn't trust politicians to be responsible with the power to create money than we would trust banks. But John Aziz's blog in The Week is this week's worst offender for inaccuracies and misconceptions.

Sovereign money: what it is and why it matters (nef)

nef

Our monetary system isn’t working. Only around 10% of new credit creation by banks goes to productive activity.  The current ‘recovery’ is being driven by increased and unsustainable lending for household consumption and mortgage lending – writes Josh Ryan Collins, Senior Researcher at New Economics Foundation in this excellent article.

New FutureYes but you do not address anywhere the fact that Western Central banks are controlled by Private Bankers, they are not sovereign banks and the Western Corporate Governments are controlled by these banks. The following book is about the Federal Reserve Bank, https://archive.org/details/Cr... but all...

May 2014

ScrotalyserTry to escape the system?Uncle Adolf's ran out of tanks.But the keyboard is mightier than the pen.For now....

May 2014

Sanjay MittalCushyglen,Your points are all dealt with and answered in PM literature. I suggest you read thru their book "Modernising Money"....

May 2014
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jake-Public banks/investment funds with a specific mandate to lend into local economies,for productive bussinesses.They wouldn't be allowed to invest their funds into land speculation,or any other speculative actvities.Loans would be low interest,and all interest recouped would be used to finance furthe...

May 2014

Mel"...an unelected committee of men to control money supply..." Isn't that what we already have except that those we have are largely faceless, unaccountable (except to the shareholders/the haves/and the have-mores as Bush put it) and do their dealings behind closed doors in cabals whilst voting thems...

May 2014

kavadiasAnn Pettifor confuses the case of base money of a gold standard, which are of fixed or limited variability, and the case of fiat base money, which are obviously unlimited.She challenges the case for a committee determining the added/subtracted quantity of base money, as compared to regulating privat...

May 2014
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