The other solution, which is not unique to Lincoln either, and indeed goes back as far as the Land Value Tax to the mists of time when money first became part of human society, is Sovereign Money, issued by the government not a semi-private central bank, or the network of private banks (either here or in Greece). Money, as both Lincoln and George realized, is too important to be left solely in the control of the money monopolist banks. The banks only care about having their debts repaid, not about the people or countries paying them, and not about the health of the economy. In fact, as former Finance Minister Yanis Varoufakis is finding out now, they will turn viciously on anyone who challenges their money monopoly.
The long knives are out for Varoufakis now: Supreme Court prosecutor takes action over Varoufakis affair.
And consultant and world-renowned economist, James Galbraith Jr. is named in a suit as well: Varoufakis facing treason charge for hacking accounts.
What's next? Will they go after journalists for covering the story (including bloggers like me who advocate for alternate currencies too)? Opednews? This is really getting to be insane, but that's what happens when money is monopolized by a completely unaccountable body dominated by the banks. This monopoly must be busted, and the way to do that goes beyond letting a few megabanks (aka Systemically Important Financial Institutions in the Fed's nomenclature"which raises the question: important to whom???) fail. The monopoly on money creation itself must be defeated. And with proper respect to the dangers of inflation, this is the track record of the private Federal Reserve to the value of the Federal Reserve Dollar since inception in 1913:
Has the Federal Reserve managed the value of the Federal Reserve dollar well? Before answering that, consider that another form of dollar, a United States Note, can be bought for more than twice face value on eBay, and it's that expensive precisely because it is so rare. So much for the government over-issuing money when it had the chance. The reality is precisely the opposite.
So, knowing of these two solutions, when president of the Henry George School, Andy Mazonne and I interviewed Yanis Varoufakis a year before he became Finance Minister for Greece, I asked him about issuing Sovereign Money.
I wrote in an earlier article: Will Greece or the EU Blink First, about that exchange:
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