We need a radical overhaul of the monetary system itself, and that means rethinking what money is and how it enters the economy.
We need a new economic model, one designed to elicit the abundance of which the economy is capable. Implementing that sort of systemic change is not as radical as it sounds. Over the course of three centuries, US money has evolved from government-issued scrip in the American colonies to government-minted coins when the colonies became a nation, to nearly all privately issued money today. Dissatisfaction with an extractive and outdated banking system, along with revolutionary developments in software technology, have prompted a wave of proposals for redesigning the monetary system and the currencies it uses.
This book looks at how our banking system really works, the inherent contradictions in the model, and why regulation has not worked to fix them. It then explores some new developments and proposes a model that bypasses exploitation for private profit, turning banking into a public utility that serves the people and the economy.
Continue reading “Worth a Look: Ellen Brown, New Book Banking on People”
