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Helen's avatar

This is what I wrote in reply to a piece in the FT today;

We have reached a tipping point, do you sense it?

There will be no more major QE, the Central Banks, or rather the interests that control them, do not want/need this. Instead, there will be more interest rate rises.

They have facilitated/created so much sovereign debt that it is no longer sustainable; the problem needs to be "dealt with."

They will tell us that the invisible hand of the market, is just prone to these slips- they are unpredictable and unavoidable- nobody was really responsible.

(That has been the exact problem; nobody has been responsible, every politician who should have done something has just rolled over and done what they were told to.)

The Central Banks, or rather those whose interests the CBs serve, or the political mouth pieces, through which they speak, will tell us that they have a solution- ( let's trust those unregulated forces that have caused this problem, to introduce the solution!) -Central Bank Digital Currencies- nice programmable money, where what funds we have can be constantly surveilled. Where what we spend it on, and in what time frame (before it expires) can be controlled.

This will not all happen at the point they suggest this "solution," of course, but it will happen, and more quickly than you will believe.

Caveat lector...

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Steve Hummel's avatar

It is tremendously stupid that we give a single business model (Finance) a virtual monopoly to create the economic life's blood (money) of every individual and other commercial agent. But it is titanically stupid that we enable them a monopoly paradigm to create it ONLY as debt.

With that monopoly paradigm Finance has kept humanity on all fours for the entire history of civilization as Graeber and Hudson have well documented. And there's no conspiracy about it...because there's no need to conspire when you've been granted a monopoly paradigm which is the right to weield the power of the operant factor of an entire system/body of knowledge/pattern of thought. And unfortunately paradigms are like breathing, we're normally unconscious of them, and when you stack up 5000 years of acculturated unconsciousness it's no wonder even the most astute economists are unaware of the present monetary paradigm let alone be able to see the new concept that would beneficially and permanently change the entire character of money and economics.

It's past time we stood up on our own hind legs and demanded the monetary freedom that the last several centuries of our cultural inheritance of the ever increasing abundance of productive capabilities has bestowed upon us. A freedom that, all by itself, the present monetary and financial paradigm denies us.

And it's waaaay past time that we ended the bugaboo of inflation and the false orthodoxy that "inflation is always and everywhere a monetary phenomenon" by implementing beneficial price and asset deflation with a 50% Discount/Rebate policy at retail sale. That policy is powerful because it is the very expression of the new monetary and financial paradigm of Direct and Reciprocal Monetary Gifting.

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