[p2p-research] The Advantages of Debt

[Michel Bauwens]

you make it sound like it is an objective matter, that governments choose
rationally, instead of a matter of social and political power,

see Michael Hudson on the wholesale abdication of national sovereignity, now
to be seen in Europe, under extreme neoliberalism:
http://michael-hudson.com/

and ellen woods insights: http://webofdebt.wordpress.com/

she writes: http://webofdebt.wordpress.com/monetary-proposal/

*We no longer have a government “of the people, by the people, for the
people.” We have a government run by and for Big Business, and Big Business
has gotten control because its affiliated banks have monopolized the
business of issuing the national money supply, a function the Constitution
delegated solely to Congress.  What hides behind the banner of “free
enterprise” today is a system in which giant corporate monopolies have used
their affiliated banking trusts to generate unlimited funds to buy up
competitors, the media, and the government itself, forcing truly independent
private enterprise out. Big private banks are allowed to create money out of
nothing, lend it at interest, foreclose on the collateral, and determine who
gets credit and who doesn’t. They can advance massive loans to their
affiliated corporations and hedge funds, which use the money to raid
competitors and manipulate markets. If some players have the power to create
money and others don’t, the playing field is not “level” but allows some
favored players to dominate and coerce others. These giant cartels can be
brought to heel only by cutting off their source of power – the power to
create money — and returning it to its rightful sovereign owners, the people
themselves.                             *

On Sat, Jul 17, 2010 at 7:54 PM, Patrick Anderson <agnucius at gmail.com>wrote:

> Every nation on earth could issue money for itself, but most all
> choose to borrow instead.
>
> What are some of the benefits of entering into debt in this way
> instead of remaining solvent?
>
> If you were president of a country, would you borrow money from
> private banks, or would you issue the money your citizens need without
> the advantages of debt?
>
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