In among the sand and swimming and playing tennis and admiring the BI Wellness summer program and the joy of having family over here to stay and reconnect with the BI family, I have noticed that stuff has happened in Greece and China and various other places, that may not be so conducive to wellbeing.
So I am lucky, and grateful, and happy. Look beyond the pictures for my current information on WORLD ECONOMICS. We need to get all our politicians and governments interested AND BETTER INFORMED.
If you are interested, the two organizations I have found most enlightening when trying to understand economics and the need for a reform of the world monetary system are in USA: The American Monetary Institute and in UK: Positive Money Their articles, books etc are deeply researched – as far as I can tell – and broadly similar. Both start from the conviction that in the present world system most money, in UK 97%, is created by PRIVATE banks and further that it is created as DEBT to individuals, other businesses and also to governments, so that production in the real economy has to always increase in order that debt can be repaid. [private = undemocratic, unelected profit making organizations] Further, in recent times, the debt increases at rates that cripple the capacity to repay, hence successive crises, and tax income is drained off to repay debt rather than execute policy decisions.
Whether government is left, right or even central as in China, is not the issue here. Each kind of political administration is crucially hampered in its policy decision making and execution by the need to service increasing debt. Neither governments nor individuals have control over money management. [one example here of our lack of control that is easily corrected if politicians understood the system better]
Both AMI and PM organizations, and linked international organizations propose that the money creation power be removed from banks and returned to governments. That is, as well as the legislative, executive, and judicial functions of government, governments should take the power to create money. [USA reformers say the constitution mandates the first three and allows but does not mandate for a monetary function. In UK where there is no constitution they advocate a central monetary committee, to prevent misuse of the power. Greece was prevented from managing its own money because if it stayed in the euro, the eurozone cannot manage its own money system either, so in fact all member countries in EU, except UK which kept the British pound, would have to rethink and agree their ‘euro management’. In China, right now, is the chinese government taking monetary power with international consequences, or is it trying to adjust its own internal affairs inside a more powerful international monetary system? I do not know enough about what China is doing to give an answer to this question!]
The AMI solution includes their article on The Need for Monetary Reform
In UK, a recent ‘answer to common critiques’ [thanks Dora] supposes that the need is already acknowledged, and addresses frequent criticisms of the reform proposals. Unfortunately, I do not see that the need is generally acknowledged at all.
There is an awful lot of reading, especially if you follow up the many links in the ‘common critiques’ or start searching the sites such as IMF articles on its own loan policies or blogs from Yanis Varoufakis, former Greek Finance minister, and previously author of a really informative book on economics, The Global Minotaur.
There is also a lot of watching available of variable quality, but two detailed full length documentaries, from different political stripe, show that “Sovereign Money” has a long historical background and that our present international monetary system [a fractional reserve banking system where banks create money as debt] is not only not necessary, it is damaging. If you, one of 99%, have lots of time in between the escalating stress and efforts needed to service your own debts in this crazy system at present crucifying the entire world, its human population and its ecology, try watching these, below, and then
Think how to act to get our politicians and representatives informed.