Opposition to the corporatization of money creation is going mainstream — at least in the United Kingdom.
When the chief financial writer of the equivalent of the Wall Street Journal in the UK equates private (banking) money creation to the devil, the power elite banking corporations must be worried. The gig is about to be up. The secrecy, complexity and legitimacy of banking corporations creating money out of thin air to benefit, well, other banking corporations and the 1% is headed for widespread public opposition.
Wolf realizes this. He also realizes that the perversion of corporate money creation has distorted the economy is a multitude of ways, included public and private debt, stock prices, interest, wealth, income, consumer spending, small business creation/expansion, taxes, among other economic arenas. It’s unsustainable.
It’s also a huge and growing threat to wait remains of political self-governance by those who don’t own or lead banking corporations.
Wolf isn’t the only prominent Brit calling for rethinking of private/corporate money creation.
Ten days ago Steve Baker, a member of the British Parliament, requested a public debate in the Chamber for “Money Creation and Society.”
The last time there was a significant debate on the creation of money in Parliament: 1844.
“I believe that this is a problem that is absolutely at the heart of our society and what is wrong with our economy. The organisation Positive Money has helped me to campaign on this issue… I want it to be on money creation and society to flesh out both the problem and the range of possible solutions,” Baker said.
Time to expand Wolf’s interest in and Baker’s commitment to debate this topic in our country.