#coinagesovereignty — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #coinagesovereignty, aggregated by home.social.
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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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"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.😏