Good piece by the excellent Ellen Brown in Truthout writing this time about central banks instead of local state (regional) owned banks as she is wont. She seems to have understood the MMT (modern money theory) message of the advantages of truly sovereign currency and a central bank that responds to the peoples needs.
… Nothing to Fear But Fear Itself
We have been frightened into believing that government debt is a bad thing, but nearly all money today originates as debt. As Eccles observed in the 1930′s, “That is what our money system is. If there were no debts in our money system, there wouldn’t be any money.”
The public debt is the people’s money, and today, the people are coming up short. Shrinking the public debt means shrinking more than just the services the government is expected to provide. It means shrinking the money supply itself, along with the ability to provide the jobs, wages and purchasing power necessary for a thriving economy. (link to full article)
Note: Feasta is a forum for exchanging ideas. By posting on its site Feasta agrees that the ideas expressed by authors are worthy of consideration. However, there is no one ‘Feasta line’. The views of the article do not necessarily represent the views of all Feasta members.
mer O’Siochru is a qualified architect and valuation surveyor. She was a founder of Feasta and served on its executive committee for many years. She is director of EOS Future Design which designs and develops sustainable systems and settlements. She also manages the Feasta-led Smart Tax Network which is funded by the Department of the Environment, Heritage and Local Government to develop tax policies in areas related to the environment. She lives in Dublin.