Michele Wallis ... one for you :) ...the basis of a currency system that functions for the people... banks are not specifically mentioned, but it is a simple matter to legislate their role to that of their most basic, narrow role, essentially handling the payments system & simple lending to the economy... ie no investment banking, casino operations or proprietory trading etc. allowed... whatever financial investment activities that are deemed to be useful to the real economy are kept entirely separate from banks... (the separation that the Glass Steagle act made in the 1930s after the 1929 banking fraud crash.... repealed by Clinton in 1999 which was significantly responsible for the 2008 bust...) the important take away is to realise the power of public control over a sovereign fiat currency to deliver the best economic outcomes for everybody... money is an entirely human made construct essential to our way of living as a complex and highly numerous society...in this situation, money is not natural in any way.... it never has been, nor never could be, some simple commodity artifact...merely some barter means of exchange.... money as credit has always been much more significant... requiring a system and agreed rules of operation..... commodity based money, where that commodity is always produced and controlled by private interests, can never operate ultimately in anyones interests except those private interests.... this why money needs to be fiat and its issuance properly under the full control of the people of the society it serves... and for most of that means under the control of a functionally democratic government...
Posted on: Thu, 04 Dec 2014 02:01:08 +0000
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