Category

Money

Category

Still no idea why this wouldn’t work if you think big enough. One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined. The conjuring trick is to replace our system of private bank-created money — roughly 97pc of the money supply — with state-created money. We return to…