Comments on: Essay of the Day: Should we go back to the Public Creation of Money?

By: Dan Sullivan

Dan Sullivan — Sat, 03 Mar 2012 21:36:54 +0000

There is no such thing as a free market in money and credit issuance so long as government accepts some moneys and not others in the payment of taxes and debts. For government to demand that a tax be paid in a currency that government did not create is to enslave taxpayers to the private parties on whose currencies they must rely.

Absolutely, create the money publicly. Here is what early American progressives (Benjamin Butler and Terence Powderly) had to say about it.

http://savingcommunities.org/docs/butlerbenjaminf/finance.html

http://savingcommunities.org/docs/powderly.terence/30years09.html

By: Tom Crowl

Tom Crowl — Thu, 01 Mar 2012 16:37:42 +0000

I don’t even know why its a question… (other than the inertia and power of vested interests)…

Credit creation favors the creators of credit. NO centralized, self-interested group can achieve “objectivity” in the process… (which is the fantasy justifying the creation of privately-owned and narrowly-governed central banks along with the IMF, World Bank, etc.)

Sooner-or-later this will have to be addressed. However, here again the devil will be in the details.

There’s a problem is scaling here… and once again its root is in the altruism problem… and the failure to recognize, study and address it in any rigorous way.

Issues in Scaling Civilization: The Altruism Problem
http://culturalengineer.blogspot.com/2012/02/issues-in-scaling-civilization-altruism.html

By: Robert Searle

Robert Searle — Thu, 01 Mar 2012 15:43:48 +0000

Yes, it is good to see that Hudson makes the VITAL POINT that money can be created electronically. Infact, MONEY = ELECTRONIC DATA. Ofcourse, people including economists do not like to talk, or write about it in these terms. The reason is largely psychological rather than rational. We “hate” to think that something as valuable as our money is just electronic data in the main. This stark reality though must be faced, and the implications are fantastic if we are able to understand TRANSFINANCIAL ECONOMICS which I believe will revolutionize the future….if humanity does indeed have a future…..