Excellent post. The rationale I've heard for the current system is privately held banks are in a better position to identify value creation than government so they should be the ones to create money. Obviously this has the dramatic downside of allowing banks to literally own society.
This….
Excellent post. The rationale I've heard for the current system is privately held banks are in a better position to identify value creation than government so they should be the ones to create money. Obviously this has the dramatic downside of allowing banks to literally own society.