#coinagesovereignty — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #coinagesovereignty, aggregated by home.social.
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Actually there's a third option that every country with #CoinageSovereignty has - which doesn't involve the rich at all.
Simply create debt-free money.
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Governments should create money, but nowadays, they by-and-large borrow it from banks - thereby creating a regressive redistribution racket - insofar as taxes are used to finance interest payments that disproportionately go to the already wealthy.
That's why #CoinageSovereignty matters so much.
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There's a term for it:
'The coinage sovereignty of the state is a second source of power from which the state can directly cover its money requirement. Nobody contests the state's right to mint coins or to issue treasury notes, indeed beyond that the state has, by virtue of its sovereignty, produced money from every possible source. From copper, nickel, iron, porcelain, aluminium and, above all, from - paper.... we have to state here only that the state can actually cover its need by virtue of its coinage sovereignty, and that it is not forced "to borrow money on interest from those of its citizens who have more of it than they themselves can use".'
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@glynmoody
As D. Stuckler and S. Basu noted in 'The Body Economic', page 65, health care and education spending tends to have a high fiscal multiplier (above 3) which means that an increase in such spending by a given amount increases the economy by three times that amount. Cutting such spending is one of the most stupid things a government can do.However, there's a deeper misconception underlying the entire austerity campaign - namely the assumption that financial figures reflect reality - i.e. that the financial system accurately reflects the state of the economy. As a matter of fact, it doesn't: instead, it understates the economy's capability - a point that I discussed with my friend Dr. Oliver Heydorn last year, which prompted him to write the following:
Social Credit and the Categories of Constraint
Wider appreciation of this point, (as well as of #CoinageSovereignty) would go a long way towards avoiding disastrous economic policies.
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Typical MMT gatekeeping, to preclude radical (and wiser) options such as:
'The proposal, therefore, is that the Government should issue the necessary money to the banks in exchange for the borrowers' collateral, so that henceforth these borrowers owe, not the banks, but the nation which, not the banks, has supplied the goods. They can then repay their debts without destroying the nation's currency and making it impossible for them to find the money to pay. For as the loans fall due and are repaid, the Government should put the money back into circulation (or into the pound-for-pound deposits of cheque users) by buying with it National Debt securities and destroying them. Thus an equivalent of interest-bearing National Debt would be destroyed for the non-interest bearing National Debt that is money.'
Frederick Soddy, The Role of Money.
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Frederick Soddy provided an elegant solution nearly a century ago:
'The proposal, therefore, is that the Government should issue the necessary money to the banks in exchange for the borrowers' collateral, so that henceforth these borrowers owe, not the banks, but the nation which, not the banks, has supplied the goods. They can then repay their debts without destroying the nation's currency and making it impossible for them to find the money to pay. For as the loans fall due and are repaid, the Government should put the money back into circulation (or into the pound-for-pound deposits of cheque users) by buying with it National Debt securities and destroying them. Thus an equivalent of interest-bearing National Debt would be destroyed for the non-interest bearing National Debt that is money.'
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See:
Why Is There So Much Debt?
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Creating debt means borrowing money - and it's ridiculous that a government should borrow money when it possesses #CoinageSovereignty .
As for getting rid of debt, Frederick Soddy provided a solution:
'The proposal, therefore, is that the Government should issue the necessary money to the banks in exchange for the borrowers' collateral, so that henceforth these borrowers owe, not the banks, but the nation which, not the banks, has supplied the goods. They can then repay their debts without destroying the nation's currency and making it impossible for them to find the money to pay. For as the loans fall due and are repaid, the Government should put the money back into circulation (or into the pound-for-pound deposits of cheque users) by buying with it National Debt securities and destroying them. Thus an equivalent of interest-bearing National Debt would be destroyed for the non-interest bearing National Debt that is money.'
Frederick Soddy, The Role of Money, pages 68-69.
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@yogthos They'll never mention the fourth option - exercising #CoinageSovereignty and simply creating money.
Governments saying 'Money is tight' is as absurd as people saying 'We've run out of numbers!'
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Whenever the plutocrats whimper about debt, it's worth remembering this:
Why is there so much Debt?
The solution to debt was, is and will likely always be, the issue of debt-free money, though the exercise of #CoinageSovereignty.
Of course, because debt is fundamentally an instrument of control, this is not done. For more, see the following website:
https://www.heritech.com/yamaguchy/
(I'd particularly recommend David Astle's 'The Babylonian Woe' and Arthur Kitson's 'The Money Problem'.)
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These nefarious organisations, (along with their godfather, the Bank for International Settlements) owe their power to the simple fact that national governments do not exercise #CoinageSovereignty and don't adopt sensible economic nationalism.
Petitioning the Bretton Woods institutions is therefore a total waste of time - one does not defeat an enemy by petitioning him.
Convincing the national authorities to literally make money would be better: unfortunately, it seems these are already in globalist hands.
That leaves the option of breaking the power of money directly by promoting everything that is free - from free software to free public transport. The less people need money in order to live, the better.
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"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
― Lord Acton
Good to know which side the Republicans are on.😏
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@OccuWorld The question that needs to be asked is why the government is borrowing money from the banks when it has #CoinageSovereignty ?
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CW: The National Debt is really the National Money
@dcjohnson
Worth viewing in this context:Given that governments - outside the eurozone at least - have #CoinageSovereignty - there's no reason why they should be borrowing money from the banks at all. As Major C. H. Douglas pointed out a century ago:
'Now, it must be perfectly obvious to anyone who seriously considers the matter that the State should lend, not borrow, and that in this respect, as in others, the Capitalist usurps the function of the State.'
Economic Democracy.
https://archive.org/details/econdemocracy00dougiala
Of course, the debt is almost never repaid, but its very existence has a very sinister political impact. If governments don't want something, they simply point to the debt and say 'Sorry, can't afford it'. And if they do want something, they engage in apocalyptic rhetoric to justify overlooking the impact on the debt.
Chris Floyd identified this over a decade ago:
The God That Failed
http://www.srilankaguardian.org/2008/10/god-that-failed.html
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Chris Floyd nailed that lie over a decade ago:
https://www.globalresearch.ca/the-god-that-failed-the-30-year-lie-of-the-market-cult/10622