A recent crowdfunding campaign to bail out Greece does little more than obfuscate the role that energy shortages play in Greece’s systemic collapse.
According to a new study from Princeton University, American democracy no longer exists.
When prices are high, the debt-based Ponzi scheme functions; when prices sustain lows, the scheme unravels.
Money pervades our everyday economic interactions. But, despite its importance, it is also pervasively misunderstood. Here are three common monetary myths – frequently perpetuated by economists that need challenging.
Since the Bank of England published a paper earlier this year confirming that banks create money when they issue loans many more voices have joined the money creation debate.
The current financial system is addicted to growth, through such things as the debt-based creation of money, the charging of interest upon debts, and the growth assumptions embedded in the valuation of shares and other financial assets.
If our present banking system, in addition to fraudulent and corrupt, also seems “screwy” to you, it should. Why should money, a public utility (serving the public as medium of exchange, store of value, and unit of account), be largely the byproduct of private lending and borrowing? Is that really an improvement over being a by-product of private gold mining, as it was under the gold standard? The best way to sabotage a system is hobble it by tying together two of its separate parts, creating an unnecessary and obstructive connection. Why should the public pay interest to the private banking sector to provide a medium of exchange that the government can provide at little or no cost? And why should seigniorage (profit to the issuer of fiat money) go largely to the private sector rather than entirely to the government (the commonwealth)?