The End of Money: Take Power Back From the Money and Banking Monopoly

Alternet has just published another one of my articles, The End of Money: Take Power Back From the Money and Banking Monopoly.

The dysfunctional nature of the dominant global system of money and banking has for a long time been apparent to anyone who has cared to look at it. Now, in light of the present financial meltdown, it has become painfully obvious to virtually everyone. What most people have failed to recognize is that, regardless of the nominal form of their government, their political power has been neutralized and exhausted by the privatization and misallocation of credit money.

The political money and banking system disempowers communities and enables a small elite to use the present centralized control mechanisms to their own advantage and purpose. It misallocates credit, making it both scarce and expensive for the productive private sector while enabling central governments to circumvent, by deficit spending, the natural limits imposed by its above-board revenue streams. more..

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2 responses to “The End of Money: Take Power Back From the Money and Banking Monopoly

  1. A monopoly on legal tender is usually assumed for Greenbacks.

    Suppose, however, there was no legal tender law, Also, suppose that the govt funded itself solely by printing money and spending it into circulation. All state employees were paid in state scrip, and all contractors as well. Would the scrip have any value?

    I believe it would. In a depressed economy, state spending would be a significant portion of the economy. So long as the state printing press was used for real output, there would be no inflationary fear.

    It would also be very handy. If the state got to be too large and obtrusive. the people would only have to discount the scrip to rein the govt in.

  2. Nice article. I like your critique of the Greenbackers. I hadn’t thought of it before, but of course it is obvious that the problem of centralization of power would remain, not to mention deficit spending/inflation, call it the legal tender abuse paradigm. Monetary solutions (such as the Greenbackers) assume “our people” are in power, but the beauty of your solution is that it devolves power.

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