The urgency of reform of the money-creation system is rapidly gaining recognition around the world, giving increasing hope that the elite controlling the system will at last realise tat it is in their own interestt as well as those of humanity and the biosphere in general to yeild to the growing poplar pressure, and allow a peaceful reform!
Meanwhile, we should do all we can to educate the general public on this issue. A video of under 8 minutes you might like to recommend to local Green Parties and others, on the case for monetary reform, is by James Robertson, whose latest book on it, linking it to the related, wider issues, I reviewed in the June issue of this newsletter. The video cannot, in that short time, cover the subject in depth, but it offers a mountain of ‘food for thought’ to get serious discussion going. It is at: http://youtu.be/tHs9xnuxLhU
Dr. Kumhof, Deputy Division Chief of the Modeling Division of the Research Department of the International Monetary Fund (IMF), presented the results of his study of the Chicago Plan (as reported in the last issue of ‘SustEc’) to the 8th annual AMI Monetary Reform Conference in Chicago Sept. 20-23. He did an advanced computerized “modeling” (mathematically predicting the results) of this Plan proposal. It can be viewed at http://www.monetary.org/wp-content/uploads/2012/08/ChicagoPlanRevisited.pdf
The AMI recommends: “Be sure to read the intro, especially page 13”.
Dr. Kumhof concluded that:
This ability to generate and live with zero steady state inflation is an important result, because it answers the somewhat confused claim of opponents of an exclusive government monopoly on money issuance, namely that such a monetary system would be highly inflationary. There is nothing in our theoretical framework to support this claim. And as discussed in Section II, there is very little in the monetary history of ancient societies and Western nations to support it either.”
Something to be repealed?: ”When exercising the powers and carrying out the tasks and duties conferred upon them by this Treaty and the Statute of the ESCB, neither the ECB, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body. The Community institutions and bodies and the governments of the Member States undertake to respect this principle and not to seek to influence the members of the decision-making bodies of the ECB or of the national central banks in the performance of their tasks.