There exists today a slavish devotion to conventional wisdom. We see it in our elected officials, main steam media, TV pundits, and unfortunately, our academic elites. Fortunately, the Internet provides a mostly uncensored medium through which an infinite stream of opinions, facts, and hypotheses can be presented, debated, supported or, discarded.
Here we take a devil's advocate position on monetary policy. That is, who dares to challenge the Federal Reserve's practice of charging the Federal Government interest on "fiat" money?
I re-post articles that challenge and indeed contradict received wisdom from government agencies, and other "self proclaimed authorities."
Please feel free to leave a comment in the Blog Section and even recommend articles that fit this site.
Thanks for spending a few moments examining the other side of the coin.
Humaneconomist.com writes,"By concealing the fact that sovereign governments can issue debt-free currency, and thus provide debt-free liquidity, private banks protect their market share and defend their bottom line. The incentive is natural, and predictable, as the system is built in such a way that makes it inevitable. The most powerful opposition to government deficit spending during times of high unemployment, recession, or depression, is inevitably fueled by private banks. As long as banks compete directly with the government in the liquidity market, this opposition will remain. It is inescapable."
Why don't they teach our children, high school students, college and graduate students about the history of money? They learn about some of the principles of money and banking as currently practiced, and that is predominantly --Classical Capitalism, gold standard rubrics and only Keynesian deficit spending. But literally nothing on how, for centuries, the abundance or lack of money was and remains the fundamental cause of the fall of civilizations. Nothing about alternative economic systems, some of which are as good or better than American Capitalism.
Stephen Zarlenga's "The Lost Science of Money" is an excellent starting point since it is the only book which thoroughly presents the subject of money's role in world civilization---the good, the bad, and the ugly.
How such an important factor---as money---in the development of civilizations is now excluded from curricula is not a mystery....it was planned and the plan has worked to keep 99% of Americans in debt slavery, so that they never give thought to the likelihood of a better alternative.
Dr. Ellen H. Brown's "The Web of Debt" is a cogent, entertaining, and creative analysis of how nations have been beguiled into surrendering their sovereignty over their right to issue their own national currency. She presents a brilliant proof on how private banking cartels, having hijacked that sovereignty, then create conditions which rob the nations of its assets, as was done in the Great Depression and, now, during this Great Recession.
L Randal Wray's seminal work "Understanding Modern Money: The Key to Full Employment and Price Stability" is the modern day bible for policy formulation in sovereign currency nations.
Prof. Wray describes the essential policy components needed to achieve levels of national prosperity without inflation and without untenable debt.