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I don't doubt that Zarlenga is sane, if that is what you mean by
"sound." I don't think his proposal is sound. One of the things I like
about the banking system here in the United States is how decentralized it has
managed to remain. And this ability of money creation at the city-regional and
local level is empowering, and potentially even more powerful than it is
now.
And with all due respect to Zarlenga, I while I do entertain the idea that
government directly creates money it seems to me that if our federal government
were the sole creator of money that important checks and balances against
irresponsible and tyranical behavior on the part of the federal government would
be missing. Therefore I prefer that the power of money creation be a
shared power....and the more power to the people in their specific communities
the better.
In a message dated 9/3/2008 3:32:38 P.M. Central Daylight Time,
johngrawson@hotmail.com writes:
I also
note Zarlenga's intention to stop "commercial banks creating money". I wonder
if he can stop breathing! I know what he means, and I've used the
concept myself publicly, until I worked out it can not be done. Just
makes me wonder if he is 100%
sound
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Re: [socialcredit]
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