Monday, February 4, 2019

Peter May — Parallel currencies can also be powerful

Considering the modern state perhaps we should add that it also needs to have the right to create its own currency....
To many this will seem to exclude Eurozone countries as modern states. But in the video (below) Warren Mosler is surely correct when he suggests that any country unhappy with the Euro should not exit it at all but should simply introduce a parallel currrency (which is entirely legal), and which the national government would accept in taxes. New government spending in the parallel currency would ensure that it entered into the economy quickly.…
Indeed, I consider that with local authorities in the UK facing their worst ever budget cuts, they should be doing something similar – preferably through the Local Government Association so that it has national importance.
Progressive Pulse
Parallel currencies can also be powerful
Peter May

1 comment:

Andrew Anderson said...

Sounds like accounts for all at the Central Bank which then allows all other privileges for depository institutions to be abolished, such as government-provided deposit insurance.