Neither Central Banks nor their toxic forms of Climate change creating money are required to solve the problems they have created. King made the following statements in 1999: "Will central banks exist at all? (p.1)" "Will future historians look back on central banks as a phenomenon largely of the twentieth century? (p. 25)" "Electronic transactions in real time hold out that possibility. There is no reason, in principle, why final settlements could not be carried out by the private sector without the need for clearing through the central bank. (p.26)" "Financial assets and real goods and services would be priced in terms of a unit of account. The choice of a unit of account (perhaps a commodity standard, which would produce broad stability in the price level) would be a matter for public choice and regulation, along the lines of existing weights and measures inspectors". (p.26) "The successors to Bill Gates would have put the successors to Alan Greenspan out of business." (p.27).
Establishing a stable index to tether the price for a medium of exchange would introduce highly democratic decentralised banking. Anyone could create self-liquidating ecological forms of money as and when required as a medium of exchange.
Money would become simplified like weights and measures. Savings and investments would require securities providing claims to definable property rights. This would massively shrink the financialization of the economy that inflates global financial assets who values cannot be defined or even represented by claims to any real property rights.
Trade and investments in circular self-reliant richly diverse wellbeing bioregional economies could thrive for eternity. Competition for survival in locally owned and controlled local bio-regional communities would enrich democracy, the environment and human wellbeing. The concept of economic value would become redundant as it is for self-governing living things.
Discuss in our Forums
See what other readers are saying about this article!
Click here to read & post comments.
8 posts so far.