In Part 3 we will continue looking at monetary reform proposals. And we will see why the kind of wholesale "radical" reform advocated by Fisher, Friedman, Zarlenga/Kucinich, Benes/Kumhof, and others, has utterly failed to produce any actual reform. The bank-debt money monopoly stands unscathed, more dominant than ever.
We will look at the politically realistic monetary "tweaks" that are presently being advocated by British Lord Adair Turner -- among others -- and which I personally agree with.
Revolution -- monetary or military -- destroys the existing order then builds a new order over the ruins. Virtually all of us depend for our daily necessities of life on the complex money-activated global economy. The global banking system operates the global money payments system. If money stops moving from buyers to sellers, goods stop moving from producers/sellers to consumers/buyers. If you collapse the existing financial system in order to rebuild it, you also collapse the existing economy that is activated by the paying of money. And in the interregnum -- in the long run -- we are all dead.
The bankers who presently possess the money issuance and allocation power have successfully thwarted every attempt to wrest that power into public hands (with the limited exception of some public banking). To try to take it by force is a declaration of War. A War on Money. Economies are destroyed and millions of people die in wars. It may be necessary, but not yet.
Turner is trying a diplomatic solution -- a solution that serves everybody's interests -- and he is making progress. As von Clausewitz observed, "War is diplomacy, carried on by other means." Now that knowledge and understanding of the arithmetic nature of money is reaching the highest monetary and fiscal policymaking echelons, there is a chance that diplomacy might produce the needed reform. A tweak is enough: some central bank issuance and fiscal giving of non-repayable money. So let's try that first, before we Cry Havoc! And let slip the dogs of war.
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