WHY EVEN THE FINANCIAL TIMES’ MOST INFLUENTIAL COMMENTATOR MARTIN WOLF WOULD SUPPORT THE NEW GREEK GOVERNMENT PRINTING ITS OWN MONEY
FLASHBACK TO APRIL 2014 WHEN MARTIN WOLF ARGUED THAT CREATING PRIVATE MONEY SHOULD BE “TERMINATED”
GREECE CAN AND SHOULD PRINT ITS OWN MONEY IMMEDIATELY, GREEK CENTRAL BANK SHOULD START TO PRINT OWN EUROS, STOP ALL DEBT PAYMENTS
Strip private banks of their power to create money
By Martin Wolf, Financial Times, April 24, 2014
The giant hole at the heart of our market economies needs to be plugged
“…creating private money is … the source of much of the instability of our economies. It could – and should – be terminated.
Banks create deposits as a byproduct of their lending. In the UK, such deposits make up about 97 per cent of the money supply.
A maximum response would be to give the state a monopoly on money creation. One of…
View original post 233 more words