Tag Archives: debt interest global economy

towards a stable global economy

On 5/2/11, at 11:22 PM, Thomas H. Greco wrote:> One can conceive of many “disasters” looming for the global economy– world peace, a cure for cancer, etc.

Thomas, I think your reference to the global economy is more the global compounding debt money banking pyramid scheme …

I think global economy and trade will of course continue and will be improved with more sound, equitable, and sustainable global currencies. In this realm, Ellen Brown’s recent posts about the role that national banks play has been really enlightening to me. If you look at the national debt more simply as the debit side of a mutual credit system, then Japan’s and the US’s huge debts owed to their central banks at or near zero interest are actually GOOD in terms of enabling a plentitude of circulating currency, assuming those debts remain interest-free. In thinking about national currency in this manner, I’ve been realizing that the “reform” of the money system is a lot closer and more attainable than I’d previously thought possible. The solution is more a matter of how the existing systems are managed, than any kind of a systemic overhaul. Japan seems to have it pretty well figured out. It’s strange though that the private credit rating system that is threatening to lower the US’s credit rating is actually the most at odds with this, because it treats the soveriegn credit issuer as a borrower, rather than as the source of the promise of value at the heart of the national mutual credit system. A stable global money system is so close at hand, and yet seemingly so far due mostly to ignorance or confusion about how the system could work so effectively …