Imagine a world where banks are redundant … because everyone is a bank.
Read more here…
Tags: banking, credit, currency, debt slavery, endogenous, fractional reserve, jubileeus, legal tender, money, usury
Sounds like make belief to me…….. I have no problem imagining debt cancellation and closing all the banks, but the whole idea that we could all print our own money is just plain silly. It wouldn’t be worth ANYTHING…!
And what does this have to do with Barnaby?
Perhaps you might wish to read and ponder the linked essay.
Interesting ideas. You might find Norwegian Trond Andersen, Aussie prof Bill Mitchell and modern monetary theory/sovereignty interesting too?
I have time for these. However, my view is that a key flaw of MMT etc, is the failure to identify the need to decentralise the power over issuance of currency.
A world without banks is evolving right now.It is called Bitcoin.http://bitcoin.org/en/ It is a digital currency that relies on encryption and a computer network to record and verify all transactions.It enables peer to peer transfer without banks as middlemen.
Max Keiser has been promoting it and has made much money from it. http://maxkeiser.com/ Bitcoin does emphasise on its website that it is experimental. It is now worth over a $ billion and is now a bank in France. It is rapidly going up in value because of the printing of money by the central banks and the creation of new coins is limited by a mathematical formula.
My advice is to be cautious for two reasons.The central banks may buy into and trash it or the creators may take the money and do likewise since there appears to be no central body that can be made accountable.But that can be said about our present banking system.
Have a look and pay attention because it could be a future model for all humanity.
I’m not a fan of the Bitcoin concept at all, Ross. As explained in my essay on this topic area (The People’s NWO: Every Man His Own Central Banker), currency concepts such as Bitcoin are, IMHO, deeply flawed, for a number of reasons. In Bitcoin’s case, its key flaw as a currency is that it has limited supply (max. 21 million, IIRC). This causes a number of negative consequences, not least of which is its being seen as a store-of-value due to limited supply. This leads to hoarding, “price” (in what? USD?) volatility, attempts at market manipulation to profit from the volatility, and other ills. A currency cannot function in an ideal manner as a currency (ie, as a medium-of-exchange) if it can also be perceived as a store-of-value. This is also one of the many reasons why usury (interest) is so damaging – the offering of interest by banks on deposits, to attract “savers”, causes even fiat (ie, intrinsically worthless) currency to be considered a store-of-value too, rather than just a pure medium-of-exchange. As such, it causes some of the total currency to be withdrawn from circulation, and later released in bulk, etc etc … meaning, the economic “cycle” can be manipulated to the benefit of insiders, simply by the raising and lowering of interest (usury) rates. The only way IMHO to avoid these far-reaching problems, is to design a currency system that cannot … ever … be perceived as both a medium-of-exchange and a store-of-value. Those functions need to be explicitly separated in order for there to be any hope of each function working properly, and without manipulation.
It is worth noting very carefully your own comments here – “Max Keiser has been promoting it and has made much money from it”. See what I mean?
TBI.I take your point about Bitcoin’s present narrow spectrum in creating a hoarding mentality rather than allowing for a freeflow of lquidity which facilitates economic activity. We should however look at wider uses of this concept to see if it evolve into benefiting all everyone.Bill Still and Webster Tarpley agree with you.
People hoarding money in the form of precious metals has a similar effect.It reduces the liquidity in our economies and dampens activity.
Currently they are using derivatives to force down the price of metals while they buy up the real stuff aggressively.The price ratio of gold to silver has widened from 50:1 to 60:1 but silver is only 10 times more abundant than gold.Where’s the logic?
Our Govt should be printing large quantities of silver coins with only the weight on them ,then we could have a currency in this present crisis that goes up in value as they print more money.
I think the intent of the banking cartels is to collapse the $ US dollar and Euro and offer us their Global currency backed by their gold.That is their dream and will be our nightmare.
Scary stuff. And to think some people think conspiracy is the exclusive domain of the US!
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