I spoke at a conference on Reinventing the Economy in Glasgow last month. This is what I had to say:
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Great talk Richard just one question:
Is it true to say that ‘it’s the Government’s money’ given that we know 97% is bank created? If the money was Government issued (sovereign money creation) that would definitely be true. In a sense we’ve got a private money creation system at present although maybe your using the sense of ‘Government’s money’ in that it is backed by the treasury as guarantor?
Banks can only create this with government permission
That’s the reason permission can also be withdrawn!
Good clear and concise explanation. If only we could hear this from just one of the main parties.
BTW Couldn’t find your ‘terminal complaint’ in the taxonomy of disease! (Sorry, couldn’t resist it.)
While having a great deal of sympathy with your basic propositions, I fear that we are not going to get the horse back in the stable because someone shot it. So the essential question now is what to do with the remains and how to readjust to having to walk everywhere.
On your point about a Citizens Income; C.H. Douglas wanted to pay for a Citizens Income with debt free money as a device to make up for the revenue lost to the economy through bank interest?
Do you not agree with this?
I think there should be an MMT approach to the economy, use debt free money to build the economy up to capacity and tax the money back out of the system again. A form of savings bond or something to take enough liquidity back out of the system to keep the economy in balance (and help prevent too high inflation) would be worth trying as well.
I am working on this issue with Howard Reed
In the meantime, this is the best we have done http://classonline.org.uk/docs/2013_Policy_Paper_-_Richard_Murphy__Howard_Reed_(Social_State_-_Idleness.pdf
A good talk and I’m reading your paper now.
I used to read this blog a couple years back, it’s good to see you’re still providing concise explanations and solutions to our unenlightened economic times.
I’m probably still considered a youngster and tax is suddenly interesting.