Top post of 2014
James Skinner’s: Privileges of the private banking sector distort the economy
Under the present monetary and banking system, governments have in effect ceded their right to create new money to the private banking sector. The supposed justification for this extraordinary state of affairs is that in the past bankers somehow gained a reputation for being better able to direct money where it is most needed.
The record of the past decade has demonstrated conclusively that this is no longer true – if it ever was.