Re: Grand Prize by Charlie Reese
Freeman - sure, getting money to be a medium of exchange only, might be nice.
There's numerous ways of trying to modify the current system, but I hope I could clarify the inherent limitations of it above.
The expanding nature of a money supply is what allows high growth economies like Japan or Germany or once the USA. They just turn up the volume on a bad system to get ahead of the feedback of the interest payments, which always inevitably come due.
There is no excuse for any national government to have a debt to private banks. Banks who never had a dime until the national government allowed them, by law, to create it as credit against collateral.
However, many well meaning people think that the solution to our bad system is to stop the growth of the money supply. Like taking a fish out of water, our near 100% credit system cannot continue without fresh supplies of increasing credit.
If credit creation stopped over night, our economy would tank quickly and the money supply would shrink towards zero.