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Greece’s Debt — 1 Comment

  1. Ellen’s comments are sound – given the present debt-based ‘fractional reserve’ system of private-bank-created money. But this system itself needs to be changed. Instead of a permanently circulating, debt-free money supply, we have a system in which only 2-3% has been created ‘debt-free’, so our ‘economy’ is debt-driven. Almost all of those debts should not exist. If all our money entered circulation when a government body created it and the government spent, not lent, it into circulation, and the total amount in circulation at any time was adjusted by that body to meet society’s needs, there would be very little need to borrow, and the ‘need’ for ‘economic growth’ would be removed. We urgently need to cut back on resource-use, and we have the physical capacity to meet everyone’s reasonable needs without waste. As well as money-reform, we need fair distribution of entitlement to goods and services. Basic Incomes are needed. Also the capture by society of the value of all natural resources; we need resource taxation, to include the rental value of privately owned land.

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