J
Jimbo1
Guest
The fundamental problem is that in Ireland, and indeed all EU countries including the UK, up to 97% of the money supply, which is represented by the digital numbers on computers, is credit, created by private banks as interest-bearing debt. The remaining 3% of the money supply is cash, created by the Irish Central Bank, and approved by the European Central Bank.
The Irish State rightly benefits from the cash component of the money supply. This is called seigniorage. However, the Irish state currently gets no benefit by allowing private banks to issue the remaining 97% of the digital money supply.
This system is currently having enormous negative consequences on our society, with emigration once again and mass unemployment. In order to address this, complete reform and redesign of the process by which digital money is created must be recognised by Irish economists and politicians as the "greatest public policy challenge of the 21st century".
There is an alternative solution to our current banking system, and our system of money creation - which is known as fractional reserve banking.
The Irish State rightly benefits from the cash component of the money supply. This is called seigniorage. However, the Irish state currently gets no benefit by allowing private banks to issue the remaining 97% of the digital money supply.
This system is currently having enormous negative consequences on our society, with emigration once again and mass unemployment. In order to address this, complete reform and redesign of the process by which digital money is created must be recognised by Irish economists and politicians as the "greatest public policy challenge of the 21st century".
There is an alternative solution to our current banking system, and our system of money creation - which is known as fractional reserve banking.