The Financial System Limit by David Kauders;

Author:David Kauders;
Language: eng
Format: epub
Publisher: INscribe Digital
Published: 2021-12-03T00:00:00+00:00

2. Prevent banks creating credit: the privilege of creating private debt should be handed to governments. They would have a monopoly on credit creation just as they have a monopoly on printing banknotes.32

This proposal would continue creating debt and amplifying interest. It will not work because:

• It is total debt that matters – neither the particular kind of debt nor who supplies it is important.

• Redistributing debt does not reduce its cost: compliance costs and loan losses, described in Chapter 2, will be unaffected, unless governments impose simpler laws on themselves.

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