Everybody gets the same amount of new central bank positive money. Greece gets out of debt. Germany gets cashed up. Nobody gains at the expense of anybody else. Win-win. Which is what "moderate" monetary reformers advocate.
I cite Friedman because he understood the credit-debt problem and the money solution; and because he is a hero of monetary and fiscal conservatives everywhere; and because this macroeconomically literate "arch-conservative" advocated monetary revolution. The most radical socialist (public money) subversion against the existing (privately owned) monetary order: operating money as a socially and economically beneficial public utility rather than as the private property of commercial bankers.
But I don't agree that radical monetary system reform can work as a realistic solution. Attempts to put an end to the bankers' swell racket induce a lot of pushing off and blowing up of bridges, but so far have yielded no actual monetary reforms. I think we should shoot for a more limited reform: a tweak, collapse-proofing the bridge. I am not alone.
In Part 3.2 we'll look at Adair Turner's proposals for implementing politically realistic monetary 'tweaks' that can solve the credit-debt imbalances to "get us out of this mess".
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