Radical monetary reform is opposed by the most deeply entrenched unenlightened self-interest.
This political problem cannot be blithely ignored by monetary reformers as they design their "ideal" reformations. A workable solution must be politically do-able. It must accommodate the interests of all parties. Even if some parties think (as they in fact do think) that other parties' interests are perverse or illegitimate.
The default condition -- present reality -- is the bankers credit/debt monopoly. This system crashed in 2008 at The Astonishment. Uncollectable credit met unpayable debt and ran screaming in mindless horror at the specter. Now the nations' captive economies are paralyzed by financial seizure.
The kinds of 'solutions' proposed are irrational, emotional, moralistic, punitive, arithmetically illiterate. Monetary reform offers a coolly rational solution that is clearly visible from outside the mental straightjacket of the bankers' credit-debt monopoly.
Creditors want to get paid. Debtors want to get out of debt. Everybody wants the economy to "get back to normal". This is doable. But only by adding money sourced from outside the commercial banking system's credit-debt balance sheet. Central banks can add the needed positive money to resolve the present creditors vs debtors paralysis.
In Part 3 we will look at less radical reform that would leave the credit/debt system in place, but would judiciously add money to fill in the expanding credit/debt-gaps that periodically cause the bridge to collapse.
Ongoing operation of the commercial bank monetary monopoly produces credit-debt imbalances that inevitably Crash the system: Boom - Collapse - Depression; followed by World War or other extreme measures to pull the system out of its collapsed state.
In the collapsed eurozone, financial repression (dangling debtor nations over the chasm and threatening to drop them if they don't agree to pay up) has been adopted as the solution du jour. This is a somewhat less than 'satisfactory' solution for financially repressed debtors like Greece. But it's not much better for the creditors.
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