The Truth Is Out: Money Is Just An IOU, And The Banks Are Rolling In It

Yep.

Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.

Source: The Truth Is Out: Money Is Just An IOU, And The Banks Are Rolling In It

United States Notes pegged exactly to real productivity is the answer. I've been saying this for years and years now. We could fund everything we want at no inflation or deflation. It's just been sitting there waiting for us to democratically decide to do it. We could pay off the National Debt in one swoop and also completely eliminate poverty. The Monetary Authority could be an algorithm open-source derived and open-source run. There would be no way for anyone to scam the system. There would be one bank only. The People's bank: The US Treasury. Banking at interest would become a thing of the past. The only economic and financial limits are the imaginations of the people.

Tom1

Tom Usher

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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