Saturday, March 14, 2009
G20 Monetary Reform
In a country like the UK, 95% of the national money supply is created out of thin air as debt by commercial banks and written into their customers' accounts as loans. The proverbial visitor from Mars and Adam Smith's "impartial spectator" would both see these arrangements as daft. The stability, efficiency and justice of national and international "financial architecture" would be greatly improved if the money on which they are founded was created debt-free by central monetary authorities serving the interest of everyone who uses it.