Nationalize Money, Not Banks

| September 13, 2016 | Leave a Comment

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Media Type: News / Op - Ed

Date of Publication: February 2013

Year of Publication: 2013

Publisher: Center for the Advancement of the Steady State Economy

Author(s): Herman Daly

Categories: ,

Herman Daly calls for money, which he identifies as a public utility, to be backed by 100% reserves. “This would put control of the money supply and seigniorage entirely with the government rather than largely with private banks.”

To dismiss such sound policies as “extreme” in the face of the repeatedly demonstrated colossal fraudulence of our current financial system is quite absurd. The idea is not to nationalize banks, but to nationalize money, which is a natural public utility in the first place. The fact that this idea is hardly discussed today, in spite of its distinguished intellectual ancestry and common sense, is testimony to the power of vested interests over good ideas. It is also testimony to the veto power that our growth fetish exercises over the thinking of economists today. Money, like fire and the wheel, is a basic invention without which the modern world is unthinkable. But today out-of-control money is threatening to “burn and run over” more people than both out-of-control fires and wheels

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