… If no one borrowed, our capitalist economies would go into severe contraction because the vast majority of our money is created as debt. This is why financial elites were rattled during the global financial crisis: they feared credit would …
Covid ‐ 19 Capitalism, Neoliberal Debt & the Need for Sovereign Money
As early as 400 years ago, English goldsmiths began to create paper money by administering their customers’ gold coins and issuing a kind of certificate on them (indicating the amount of gold they had stored) and then lending it as …
I first paid little attention to Bitcoin, thinking that there are probably more Elvis Presley impersonators than there are people in the world who have traded or owned it. But seeing that central banks have issued policy statements on Bitcoin, …