Monday, October 31, 2011

Why can’t everyone have a printing press?

Quotes from “Creating New Money”, by Joseph Huber and James Robertson.

“The cost to the state of issuing new money is only the cost of
producing banknotes and coins. The cost to the banks of issuing new money is virtually zero. The state receives public revenues from issuing cash, but banks make private profits. The benefits of the money system are therefore being captured by the financial services industry rather than shared democratically.” (p. iii)

“Allowing banks to create new money out of nothing enables them to cream off a special profit. They lend the money to their customers at the full rate of interest, without having to pay any interest on it themselves.” (p. 31)


Afterthought (1st Nov). More information about James Robertson here. (Hat tip to Gillian Swanson).


No comments:

Post a Comment