One would hope that Cameron and Osborne fully understand the mechanics of modern money creation (although a recent survey by Positive Money shows 90% of their fellow MPs do not). Most of our money is created by private banks when they make loans. It doesn’t have to be this way. Another world is possible.
The capitalist class regards us all as nothing more than thieving scroungers, ever ready to skive if we are given half a chance. And it is not the payment of benefits that really irks the rich – it is the refusal to put our human capital – our minds and bodies – into their service that enrages them. How dare we not work to fatten their wallets.
If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. . . . It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People.
The ideas and vision that Jeremy Corbyn represents, for so long buried beneath a ton weight of Thatcherite ideology, have risen from their slumber and are now part of the mainstream political discourse again, breathed new life by thousands of young people who demand a real and humane alternative to the thin gruel that passes for reality today.
People’s quantitative easing is instead a highly directed process where the debt that is repurchased has been deliberately created and issued either by a green investment bank or by local authorities, health trusts and other such agencies for the specific purpose of funding new investment in the economy at the time when big business and financial markets are completely failing to deliver the scale of investment that is needed to get the UK working again and to restore our financial prosperity.
The Greek government was thus broken Mafia-style at the knees, until it was forced to abandon its national sovereignty and watch its public treasures sold off piece by piece. Suspicious minds might infer that this was a calculated plot designed from the beginning to throw Greece’s prized assets onto the auction block, a hostile takeover and asset stripping for the benefit of those well-heeled entities in a position to purchase them, including the very banks, hedge funds and speculators instrumental in driving up Greek debt and destroying the economy.
Like Blair and the rest of the establishment, the Guardian and other corporate media claim their motivation is to preserve Labour’s electability, rather than to attack any and all politics that stray off the ‘centrist’, ‘modernising’ path. In reality, it could hardly be more obvious that this collection of profit-seeking, corporate enterprises – grandly and laughably proclaiming themselves ‘the free press’ – is opposing a threat to their private and class interests.
The 35 MPs who nominated Corbyn are ‘morons’ according to New Labour-era apparatchik John McTernan – basic underlying argument: you can’t actually give voters a choice, because then they might choose the wrong one. You can’t let a candidate who vaguely represents the reasons people join the Labour Party slip into the contest – because we don’t represent those views, and have built entire careers around leading a group of people we fundamentally disagree with.
Longtime critic of the Eurozone’s destructive commitment to austerity, Italian comedian-turned-political activist Beppe Grillo has launched what one news outlet called a “full-throated attack” on the single currency, saying his country should throw off that “anti-democratic straitjacket” by nationalizing its banks and taking a stronger stance against the demands of elite financial interests.
For Greece, leaving the EU may be perilous; but it opens provocative possibilities. The government could nationalize its insolvent banks along with its central bank, and start generating the credit the country desperately needs to get back on its feet. If it chose, it could do this while still using the euro, just as Ecuador uses the US dollar without being part of the US.
Europeans who have been completely misled about the Greek crisis, and who are shielded from its consequences, are willing to endorse their governments’ cruelty toward Greeks. German officials have openly boasted about how well protected its economy is against collapse in Greece – not an empty boast given the reality of the past several years. People who believe in democracy assume that it gives voters the most influence on decisions that impact them the most. That is why nobody would endorse the citizens of Athens electing the mayor of Berlin and contemptuously disregarding what Berliners think. Anyone who claims that Germany and its allies are acting with democratic legitimacy in Greece are endorsing that kind of nonsense.
Chris Black concludes that a “court would also have to consider whether the contract was ever valid in the first place; that is – did both sides get real consideration for their part in the bargain….It is clear that the moneys lent did not actually flow into the Greek economy but were nominal loans to the Greek nation, but actually went from one lenders bank to another and back again, so that it was really a scam to steal the wealth of the Greek people…. The Greek could legally argue their way out of all these contracts and loans, but of course behind the contracts sits the German army and behind them the US army – and so it not (so much) a legal matter but a political one. Argentina and Iceland made a political decision and repudiated these contracts. Greece can do the same.”
