EconoFiction

Covid ‐ 19 Capitalism, Neoliberal Debt & the Need for Sovereign Money

16 Apr , 2020  

… 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 dry up and credit    is   the   lifeblood    of     global    capitalism ...

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EconoFiction

The miraculous Credit Creation of Private Banks

12 Nov , 2019  

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 quasi-money, without any further savings being made. Since it rarely ...

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EconoFiction

Bitcoin: a Digital Alternative?

11 Apr , 2018  

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, that the FBI has ‘seized’ Bitcoin assets used by drug ...

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